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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the U.S. Securities and
Exchange Commission on May 27, 2022.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM&nbsp;S-1<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>Inkstone
Feibo Acquisition Corporation<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>88-2278037</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or Other Jurisdiction of <BR>
Incorporation or Organization)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial <BR>
Classification Code Number)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.&nbsp;Employer <BR>
Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>221
W 9th St, PMB 235 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Wilmington, DE 19801<BR>
(425) 365-2933<BR>
</B>(Address,&nbsp;Including&nbsp;Zip&nbsp;Code,&nbsp;and&nbsp;Telephone&nbsp;Number,&nbsp;Including&nbsp;Area&nbsp;Code,&nbsp;of&nbsp;Registrant&rsquo;s&nbsp;Principal&nbsp;Executive&nbsp;Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>I-Fa Chang<BR>
Chief Executive Officer<BR>
Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>221 W 9th St, PMB 235</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Wilmington, DE 19801<BR>
Telephone Number: (425) 365-2933<BR>
</B>(Name, Address,&nbsp;Including Zip Code, and Telephone Number,&nbsp;Including Area Code, of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Arila E.&nbsp;Zhou,&nbsp;Esq. <BR>
Anna Jinhua Wang, Esq.<BR>
Robinson&nbsp;&amp; Cole LLP <BR>
666 Third Avenue, 20<SUP>th</SUP> Floor <BR>
New&nbsp;York, NY&nbsp;10017 <BR>
Tel: (212)&nbsp;451-2908</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 51%; padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fang Liu, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VCL Law LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1945 Old Gallows Road, Suite&nbsp;630</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vienna, VA 22182</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: (703) 919-7285</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Approximate date of commencement of proposed
sale to the public:<BR>
As soon as practicable after the effective date of this registration statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to
Rule&nbsp;415 under the Securities Act&nbsp;of&nbsp;1933 check the following box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities
Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering.&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller
reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange&nbsp;Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; padding-left: 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 29%; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging&nbsp;growth&nbsp;company</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities
Act.&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The Registrant hereby
amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance
with Section&nbsp;8(a)&nbsp;of the Securities Act&nbsp;of&nbsp;1933, as amended, or until the Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Red">The information
in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Red">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>Preliminary
    Prospectus</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt"><FONT STYLE="color: Red">&nbsp;</FONT></TD>
    <TD STYLE="width: 58%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>Subject
    to Completion, dated May 27, 2022</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="rc001_img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$60,000,000<BR>
<FONT STYLE="font-size: 10pt">INKSTONE FEIBO ACQUISITION CORPORATION<BR>
</FONT>6,000,000&nbsp;Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Inkstone Feibo Acquisition
Corporation is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout
this prospectus as our initial business combination or our business combination. We have not selected any business combination
target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business
combination target. Although we may pursue a business combination in any industry, sector, or geographical location, we intend
to leverage the knowledge, expertise, capabilities and deep industry relationships of our management team and board of directors
to focus on biotechnology and green technology companies with the potential to capitalize on the growing sectors in North America
or Taiwan. We shall not undertake our initial business combination with any company being based in or having the majority of the
company&rsquo;s operations in China (including Hong Kong and Macau). Our Certificate of Incorporation to be adopted upon the effectiveness
of the registration statement of which this prospectus forms a part will prohibit us from undertaking our initial business combination
with any company being based in or having the majority of the company&rsquo;s operations in China (including Hong Kong and Macau).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><I>(Prospectus cover continued
on the following page.)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are an &ldquo;emerging
growth company&rdquo; under applicable federal securities laws and will be subject to reduced public company reporting requirements.
Investing in our securities involves a high degree of risk. See the section of this prospectus entitled &ldquo;Risk Factors&rdquo;
beginning on page 35 for a discussion of information that should be considered in connection with an investment in our securities.
Investors will not be entitled to protections normally afforded to investors in Rule&nbsp;419 blank check offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Neither the SEC nor
any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Unit</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-indent: -10pt; padding-left: 10pt">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">60,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting discounts and commissions<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,300,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Proceeds, before expenses, to Inkstone Feibo Acquisition Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">56,700,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Includes $0.35 per unit, or $2,100,000 (or up to $2,415,000 if the underwriters&rsquo; over-allotment&nbsp;option
is exercised in full) in the aggregate payable to the underwriters for deferred underwriting commissions to be placed in a trust
account located in the United&nbsp;States as described herein. The deferred commissions will be released to the underwriters only
on completion of an initial business combination, as described in this prospectus. See the section of this prospectus entitled
&ldquo;Underwriting&rdquo; for a description of compensation and other items of value payable to the underwriters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our CFO is also the
Managing Director and Head of Capital Markets of US Tiger. As a result, US Tiger Securities, Inc. (&ldquo;US Tiger&rdquo; or the
&ldquo;Representative&rdquo;), as a representative to the underwriters of this offering and a member of the Financial Industry
Regulatory Authority, or FINRA, is an affiliate of us. Therefore, US Tiger has a &ldquo;conflict of interest&rdquo; within the
meaning of Rule 5121 of the Conduct Rules of FINRA. Accordingly, this offering will be made in compliance with the applicable provisions
of FINRA Rule 5121, which requires that a &ldquo;qualified independent underwriter,&rdquo; as defined by the FINRA rules, participate
in the preparation of the registration statement and exercise the usual standards of due diligence with respect to the registration
statement that an underwriter would exercise on its own behalf. [ ] (&ldquo;[ ]&rdquo;) is acting as the qualified independent
underwriter and will receive $[ ] as compensation for serving as qualified independent underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Of the proceeds we receive from this offering and the sale of the private units described in this prospectus, $61,200,000
or $70,380,000 if the underwriters&rsquo; over-allotment option is exercised in full ($10.20 per unit) will be deposited into
a U.S.-based trust account with Continental Stock Transfer &amp; Trust Company, acting as trustee, and $1,090,000 will be available to pay fees and expenses (excluding
underwriting commissions) in connection with the closing of this offering and $650,000 will be available for working capital
following this offering. Except with respect to interest earned on the funds held in the trust account that may be released
to us to pay our tax obligations, the proceeds from this offering and the sale of the private units that are deposited in
the trust account will not be released from the trust account until the earliest to occur of (a) the completion of our initial
business combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to
amend our certificate of incorporation (i) 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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus) or (ii) with respect to any other provision relating to shareholders&rsquo; rights or pre-initial
business combination activity and (c) the redemption of our public shares if we are unable to complete our business combination
within 12 months from the closing of this offering, subject to applicable law (or up to 18 months, if we extend the time to
complete a business combination as described in this prospectus). The proceeds deposited in the trust account could become
subject to the claims of our creditors, if any, which could have priority over the claims of our public shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriters are
offering the units for sale on a firm commitment basis. The underwriters expect to deliver the units to the purchasers on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Sole Book-Running Manager</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tiger Brokers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2022 (25&nbsp;days after the date of this prospectus), all dealers that buy, sell or trade shares of our common stock, whether
or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers&rsquo; obligation
to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>(Prospectus cover continued from preceding
page.)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This is an initial public
offering of our securities. Each unit has an offering price of $10.00 and consists of one share of our Class&nbsp;A common stock
and one-half of warrant. We will not issue fractional shares. As a result, you must exercise warrants in multiples
of one whole warrant.&nbsp;Each whole warrant entitles the holder thereof to purchase one share of our Class&nbsp;A common stock
at a price of $11.50&nbsp;per share, subject to adjustment as described in this prospectus, and only whole warrants are exercisable.
The warrants will become exercisable on the later of 30&nbsp;days after the completion of our initial business combination or 12&nbsp;months
from the closing of this offering, and will expire five&nbsp;years after the completion of our initial business combination or
earlier upon redemption or liquidation, as described in this prospectus. Subject to the terms and conditions described in this
prospectus, we may redeem the warrants once the warrants become exercisable. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. We have also granted the underwriters a 45-day option to purchase up to an additional
900,000&nbsp;units to cover over-allotments, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will provide
our public shareholders with the opportunity to redeem all or a portion of their shares of our Class&nbsp;A common stock 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 described below as of two&nbsp;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 for
working capital purposes or to pay our taxes, divided by the number of then outstanding shares of Class&nbsp;A common stock
that were sold as part of the units in this offering, which we refer to collectively as our public shares throughout this
prospectus, subject to the limitations described herein. If we are unable to complete our business combination within 12
months (or up to 18 months from the consummation of this offering if we extend the period of time to consummate a business
combination as described in more detail in this prospectus), we will redeem 100% of 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 and not previously released to us to pay for taxes (less up to $75,000 of interest to pay
dissolution expenses), divided by the number of then outstanding public shares, subject to applicable law and as further
described herein. However, if we anticipate that we may not be able to consummate our initial business combination within 12
months from closing of this offering, we may, but are not obligated to, extend the period of time to consummate a business
combination up to two times by an additional three-month period each time for a total of up to 18 months to complete a
business combination. Pursuant to the terms of our certificate of incorporation and the trust agreement to be entered into
between us and Continental Stock Transfer &amp; Trust Company on the date of this prospectus, in order to extend the time
available for us to consummate our initial business combination, our sponsor, upon at least five&nbsp;days advance notice
prior to the applicable deadline, must deposit into the trust account for each three-month extension, $600,000, or $690,000
if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of
$1,200,000 or $1,380,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.20 per unit in either
case), on or prior to the date of the applicable deadline. The sponsor will receive a non-interest bearing, unsecured
promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a
business combination unless there are funds available outside the trust account to do so. Such notes would either be paid
upon consummation of our initial business combination, or, at the lender&rsquo;s discretion, converted upon consummation of
our business combination into additional private placement units at a price of $10.00 per unit. Our public shareholders will
not be afforded an opportunity to vote on our extension of time to consummate an initial business combination from 12 months
to up to 18 months described above or redeem their shares in connection with such extensions. If in the future, we need
additional time beyond the deadline provided in our charter, we have to seek approval from our shareholders to amend our then
existing amended and restated certificate of incorporation to further extend the time that we need to complete our initial
combination and offer public shareholder the opportunity to redeem their shares in connection with such amendment and
extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our sponsor, Inkstone
Feibo Acquisition Sponsor LLC (which we refer to as our sponsor throughout this prospectus) has committed to purchase an aggregate
of 414,000 private placement units (or 450,000 private placement units if the over-allotment option is exercised in full) at a
price of $10.00 per unit ($4,140,000 in the aggregate, or $4,500,000 if the over-allotment option is exercised in full) in a private
placement that will close simultaneously with the closing of this offering. We refer to these units as the &ldquo;private units&rdquo;
throughout this prospectus. Private units are identical to the units sold in this offering subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following the closing of this offering, our officers and directors
are located in the United States except certain officer and director. As a result, it may be difficult, or in some cases not possible,
for investors in the United States to enforce their legal rights, to effect service of process upon those directors or management
members located outside the United States, to enforce judgments of United States courts predicated upon civil liabilities and criminal
penalties on them under United States securities laws. See &ldquo;Risk Factors &ndash;Risks Related to Our Management&mdash;Following
the closing of this offering, certain of our executive officers and directors will be located in Taiwan; therefore, investors may
not be able to enforce federal securities laws or their other legal rights upon those officers and directors located outside the
United States&rdquo; on page 51 of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial shareholders,
including our sponsor, our officers and directors, collectively own 1,725,000 shares of our Class&nbsp;B common stock (up to 225,000
shares of which are subject to forfeiture depending on the extent to which the underwriter&rsquo;s over-allotment option is exercised).
We refer to our initial shareholders as our &ldquo;founders&rdquo; and these shares of Class&nbsp;B common stock as the &ldquo;founder
shares&rdquo; throughout this prospectus. The holders of Class&nbsp;B common stock have the right to elect all of our directors
prior to our initial business combination and the shares of Class&nbsp;B common stock will automatically convert into shares of
Class&nbsp;A common stock at the closing of our initial business combination on a one-for-one basis, subject to adjustment as provided
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Currently, there is
no public market for our units, Class&nbsp;A common stock or warrants. We have applied to list our units on the Nasdaq Global Market,
or Nasdaq, under the symbol &ldquo;[ ]&rdquo; on or promptly after the date of this prospectus. We cannot guarantee that our securities
will be approved for listing on Nasdaq. The Class&nbsp;A common stock and warrants comprising the units will begin separate trading
on the 52<SUP>nd</SUP>&nbsp;day following the date of this prospectus unless the representatives inform us of their decision to
allow earlier separate trading, subject to our filing a Current Report on Form&nbsp;8-K with the Securities and Exchange Commission,
or the SEC, containing an audited balance sheet reflecting our receipt of the gross proceeds of this offering and issuing a press
release announcing when such separate trading will begin. Once the securities comprising the units begin separate trading, we expect
that the Class&nbsp;A common stock and warrants will be listed on Nasdaq under the symbols &ldquo;[ ]&rdquo; and &ldquo;[ ],&rdquo;
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We are responsible
for the information contained in this prospectus. We have not authorized anyone to provide you with different information, and
we take no responsibility for any other information others may give to you. We are not, and the underwriters are not, making an
offer to sell securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information
contained in this prospectus is accurate as of any date other than the date on the front of this prospectus.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 88%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Note&nbsp;Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Policy</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed Business</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Shareholders</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">123</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Relationships and Related Party Transactions</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United&nbsp;States Federal Income Tax Considerations</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    (conflict of interest)</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">156</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">156</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find Additional Information</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">156</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index to Financial Statements</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 3pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>This summary only
highlights the more detailed information appearing elsewhere in this prospectus. As this is a summary, it does not contain all
of the information that you should consider in making an investment decision. You should read this entire prospectus carefully,
including the information under the section of this prospectus entitled &ldquo;Risk&nbsp;Factors&rdquo; and our financial statements
and the related notes included elsewhere in this prospectus, before investing.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><I>Unless otherwise stated in
this prospectus, or the context otherwise requires, references to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><I>&ldquo;common stock&rdquo; are to our Class&nbsp;A
common stock and our Class&nbsp;B common stock, collectively, par value $0.0001 per share;</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;company&rdquo; or &ldquo;our company&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;are
to Inkstone Feibo Acquisition Corporation;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;DGCL&rdquo; is to the Delaware General Corporation Law;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;equity-linked securities&rdquo; are to any securities of our company which are convertible
into or exchangeable or exercisable for, common stock of our company, including but not limited to a private placement of equity
or debt;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;founder shares&rdquo; are to shares of our Class&nbsp;B common stock initially purchased
by our founders in the aggregated price of $25,000 in a private placement prior to this offering, and the shares of our Class&nbsp;A
common stock issued upon the conversion thereof as provided herein;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;founders&rdquo; are to holders of our founder shares prior to this offering and holders
of our private units upon the consummation of this offering which include our sponsor, officers and directors; and/or their designees;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;initial shareholders&rdquo; are to our founders (and/or their designee) who either hold
founder shares;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;management&rdquo; or our &ldquo;management team&rdquo; are to our officers and directors;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;private shares&rdquo; are to the shares of our Class&nbsp;A common stock included in
the private units to be issued to our sponsor in a private placement simultaneously with the closing of this offering and the exercise
of over-allotment option by the underwriters as applicable;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;private warrants&rdquo; are to the warrants included in the private units to be issued
to our sponsor in a private placement simultaneously with the closing of this offering and the exercise of over-allotment option
by the underwriters as applicable;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;private units&rdquo; are to the units to be issued to our sponsor in a private placement
simultaneously with the closing of this offering and the exercise of over-allotment option by the underwriters as applicable;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;public shares&rdquo; are to shares of our Class&nbsp;A common stock sold as part of the
units in this offering (whether they are purchased in this offering or thereafter in the open market);</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;public shareholders&rdquo; 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&rsquo;s and member of our management team&rsquo;s status as a &ldquo;public shareholder&rdquo;
shall only exist with respect to such public shares;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;public warrants&rdquo; are to our redeemable warrants sold as part of the units in this
offering (whether they are purchased in this offering or thereafter in the open market);</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;sponsor&rdquo; is to Inkstone Feibo Acquisition Sponsor LLC, a Delaware limited liability
company; and</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>&ldquo;warrants&rdquo; are to our private warrants and public warrants, as applicable.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Registered trademarks
referred to in this prospectus are the property of their respective owners. Unless we tell you otherwise, the information in this
prospectus assumes that the underwriters will not exercise their over-allotment option.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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<DIV STYLE="padding: 3pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSED BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a newly organized
blank check company incorporated as a Delaware corporation on April&nbsp;20, 2022 for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which
we refer to throughout this prospectus as our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To date, our efforts
have been limited to organizational activities and activities related to this offering. We have not selected any specific business
combination target and we have not, nor has any person on our behalf, engaged in any substantive discussions, directly or indirectly,
with any business combination target with respect to an initial business combination with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we may pursue
a business combination in any industry, sector, or geographical location, we intend to leverage the knowledge, expertise, capabilities
and deep industry relationships of our management team and board of directors to focus on opportunities in biotechnology and green
technology industries with an emphasize on Environmental, Social and Governance (&ldquo;ESG&rdquo;) practices in the United States
and Taiwan. Notwithstanding the foregoing, we will not undertake our initial business combination with any company being based
in or having the majority of the company&rsquo;s operations in China (including Hong Kong and Macau). All of our management are
located outside of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Our sponsor is
Inkstone Feibo Sponsor LLC, managed by I-Fa Chang.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
officers and directors have accumulated comprehensive experiences in technology-focused investments and consultation, as well as
biotechnology-related operation, management and investments. With the rise of social responsibility and awareness, investors and
businesses around the world increasingly put ESG practices on the top of their investment checklists. We believe that the businesses
promote the broad social good will bring long term value to investors, consumers and communities, in particular, companies that
explicitly focus on making a positive social impact will be better positioned to succeed and grow as a group of united people sharing
this goal. We aim to find companies with such emphasize in the industries that members of management have expertise with. It may
be challenging to find a sustainable business model with ongoing focus on ESG that can reliably create social, environmental and
economic value, however, we believe there are significant, attractive opportunities to invest in businesses committed to this goal.
Businesses in the biotechnology and green technology sectors often help achieve these values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe in the ability
of our officers and directors to add significant value to a target company from a commercial, operating, strategic and sustainability
perspective. We will seek to acquire a business that has existing environmental sustainability practices or enforceable business
plan for such practices, or that may benefit, both operationally and economically, from our management team&rsquo;s commitment
and expertise in executing such practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Management Team</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will be guided by
a cross-functional team comprised of our officers and board of directors. Our managing officers consists of our Chief Executive
Officer, Mr. I-Fa Chang and our Chief Financial Officer, Mr.&nbsp;Tony Tian. Our board of directors will consist of Mr. Chang,
the Chairman, Mr. Tian, an executive director and three independent director nominees: Dr. Hangzhong (Han) Li, Dr. Teng-Wei Chen
and Mr. Kevin Vassily. We believe the collective expertise, experience and network of our cross-functional team gives us unique
advantages in sourcing and evaluating compelling business combination targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Mr. I-Fa Chang </B>has
been the Chairman of our board of directors and our Chief Executive Officer since the inception of our Company. Mr. Chang has more
two decades of investment management and advisory experience. In 2012, Mr. Chang founded Inkstone Capital Co., Ltd., a technology-focused
investment advisory firm (&ldquo;Inkstone Capital&rdquo;) serving clients in Mainland China, Hong Kong and Taiwan, and has served
as its chief executive officer ever since. He has also served as an independent director of Sichuan Tianfu Bank, a regional
bank based in Southeast China since 2015. Between October 2017 and June 2018, Mr. Chang served as a director and finance control
officer for Finconn Inc., a subsidiary of the Taiwanese electronic manufacturing conglomerate, Foxconn. Before founding Inkstone
Capital, Mr. Chang had extensive experience in financial and investment management across different sectors. Between June 2006
to December 2008, Mr. Chang served as a financial consultant for Chengdu Jiannanchun Shengbo Technology Co., Ltd., an IT solution
company. He also served as a managing director for ARC China Investment Corporation, an investment management company from April
2007 to July 2011, and as a managing director for Xiamen Dazhou-ARC Investment Management Co., Ltd., a joint venture between ARC
China and Dazhou Holding Group, a multi-industry conglomerate based in Xiamen, Fujian Province, PRC, from August 2011 to October
2012. Mr. Chang received his MBA in Finance from National Pingtung Science and Technology University in Taiwan, and his B.A. in
Management Information System from California State University, San Bernardino.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Mr. Xuedong (Tony)
Tian</B> has been our Chief Financial Officer and a member of our board of directors since the inception of our Company. Mr. Tian
has served as a managing director and head of capital markets at US Tiger Securities, Inc. since October 2020. From May 2012 to
October 2020, Mr. Tian was the founder and president of Weitian Group LLC, a corporate advisory and investor relations firm. Prior
to that, Mr. Tian served as a sell-side equity analyst at various investment banks, including managing director covering China
at Merriman Capital, Inc. from June 2013 to January 2016; executive director and lead analyst covering China Industrials and IT
outsourcing at Oppenheimer &amp; Co. Inc. from May 2011 to May 2012; vice president and lead China analyst at Ladenburg Thalmann
&amp; Co. Inc. from May 2010 to April 2011; senior associate covering Networking, Hardware &amp; IT Supply Chain at Ticonderoga
Securities LLC from October 2009 to May 2010; and associate covering Semiconductor &amp; Semiconductor Capital Equipment at Pacific
Crest Securities LLC (now part of KeyBanc) from April 2008 to September 2009. Mr. Tian holds an MBA degree from New York University,
a M.A. degree in Economics from the University of Connecticut and M.S. and B.S. degrees in Land Resources and Management from China
Agricultural University. Mr. Tian is a CFA charter holder and currently holds Series 7, 24, 63, and 79 licenses. Since March 2022,
Mr. Tian has been the Chief Executive Officer of Feutune Light Acquisition Corporation, a special purpose acquisition company to
be listed on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Dr. Hanzhong (Han)
Li</B> will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part. Dr. Li has more than two decades of investment, operational and management experience in biotechnology industry. Since&nbsp;February 2019, Dr. Li has served as the senior vice president for Corporate Development
at Eureka Therapeutics, a clinical stage biotechnology company developing antibody-TCR T-Cell therapies for oncology treatment
based in California. In this role, Dr. Li is responsible for a variety of initiatives on finance, corporate and business development
for the company. Before joining Eureka, Dr. Li spent two years as the chief financial officer at Ascentage Pharma Group. Between
2010 and 2017, Dr. Li served as deputy director in the strategy and portfolio management group at Bayer Pharmaceuticals (FWB: BAYN),
a German pharmaceutical company. Earlier in his career, Dr. Li served as an equity research analyst at Morgan Stanley, Suntrust
Robinson Humphrey and Stanford Financial Group in New York, covering biotech and biopharmaceutical companies for the period between
2002 and 2009. He also worked as a research scientist at Genentech, Inc., where he served as lead inventor of three patents
on novel cytokines. Dr. Li received his Ph.D. in Pharmacology from the Boston University School of Medicine and MBA from
the Anderson School of Business at UCLA.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Dr. Teng-Wei Chen
</B>will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part. Dr. Chen is an active start-up and early-stage investor in Southern Taiwan. Dr. Chen has served as managing director
at You-Ci Management Consulting Co., Ltd., an investment company based in Pingtung, Taiwan, since 2015. Since 2018, Dr. Chen has
been a director of New-shine Biomedical Co., Ltd., a Taiwanese biotechnology company of which he was also an investor. In 2019,
he founded iDentist Business Space Co., Ltd., a provider of coworking and shared conferencing space provider in Pingtung, Taiwan.
In 2021, Dr. Chen founded You-Cheng Internet Information Co., Ltd., an IT solution company based in Pingtung, and has served as
its Chairman and CEO since then. As a dentist by training, Dr. Chen has been the chief dentist and manager of Sunshine Dental
Clinic, in Pingtung, Taiwan since September 2015. From August 2012 to March 2014, Dr. Chen was a visiting dental specialist at
Tainan Hospital, Ministry of Health and Welfare, Taiwan. Dr. Chen finished his residency at National Cheng Kung University Hospital,
Taiwan, in July 2012, where he was a resident dentist for six years. Dr. Chen received his D.D.S. in Dentistry from China Medical
University, Taiwan, in 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Mr. Kevin Vassily</B>
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus forms a part<B>.
</B>Mr. Vassily has extensive working experience as a senior management team member serving private and public companies. In January
2021, he was appointed Chief Financial Officer, and in March 2021, became a member of the board of directors of iPower Inc. (Nasdaq:
IPW), a leading online hydroponic equipment retailer and supplier. Prior to joining iPower, from 2019 to January 2021, Mr. Vassily served
as Vice President of Market Development for Facteus, a financial analytics company focused on the Asset Management industry. From March
2019 through 2020, he served as an advisor at Woodseer, a financial technology firm providing global dividend forecasts. From Oct 2018
through its acquisition in 2020, Mr. Vassily served as an advisor at Go Capture, where he was responsible for providing strategic, business
development, and product development advisory services for the company&rsquo;s emerging &ldquo;Data as a Service&rdquo; platform. Since
February 2020, Mr. Vassily has served as a director of Zhongchao Inc. (Nasdaq: ZCMD), a provider of healthcare information, education
and training services to healthcare professionals and the public in China. Since July 2018, Mr. Vassily has also served as an advisor
at Prometheus Fund, a Shanghai- based merchant bank/PE firm focused on the &ldquo;green&rdquo; economy. And from 2015 through 2018, Mr.
Vassily served as an associate director of research at Keybanc Capital Markets, and helped to co-manage the Technology Research vertical.
From 2010 to 2014, he served as the director of research at Pacific Epoch (a wholly owned subsidiary of Pacific Crest Securities), where
he was responsible for a complete overhaul of product and a complete business model restart post acquisition, re focusing the firm around
a &ldquo;data-first&rdquo; research offering. From 2007 to 2010, he served as the Asia Technology business development representative
and as a senior analyst at Pacific Crest Securities, responsible for establishing the firm&rsquo;s presence and relevance covering Asia
Technology. From 2003 to 2006, he served as senior research analyst in the semiconductor technology group at Susquehanna International
Group, responsible for research in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily served as the vice president
and senior research analyst for semiconductor capital equipment at Thomas Weisel Partners, responsible for publishing research and maintaining
financial models on each of the companies under coverage. Mr. Vassily began his career on Wall Street in 1998, as a research associate
covering the semiconductor industry at Lehman Brothers. He holds a B.A. in liberal arts from Denison University and an M.B.A. from the
Tuck School of Business at Dartmouth College. Mr. Vassily is a director of Denali Capital Acquisition Corp., a special purpose acquisition
company listed on Nasdaq and a director nominee of two additional special purpose acquisition companies seeking listing on Nasdaq: Fortune
Joy International Acquisition Corporation and Feutune Light Acquisition Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe our management
team&rsquo;s operating and transaction experience and relationships with businesses will provide us with access to a large number
of potential business combination targets. Over the course of their careers, the members of our management team have developed
a broad network of contacts and corporate relationships in green/environmental technology and biotechnology sectors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notwithstanding the
foregoing, the past performance of our management team is not a guarantee either (i)&nbsp;that we will be able to identify a suitable
candidate for our initial business combination or (ii)&nbsp;of success with respect to any business combination we may consummate.
You should not rely on the historical performance record of our management team as indicative of our future performance. Additionally,
in the course of their respective careers, members of our management team have been involved in businesses and deals that were
unsuccessful. Our officers and directors may have conflicts of interest with other entities to which they owe fiduciary or contractual
obligations with respect to initial business combination opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following the closing
of this offering, Mr. Chang, our CEO and Dr. Chen, our independent director will be located in Taiwan. As a result, it may be difficult,
or in some cases not possible, for investors in the United States to enforce their legal rights, to effect service of process upon
those officer and director located outside the United States, to enforce judgments of United States courts predicated upon civil
liabilities and criminal penalties on them under United States securities laws. See &ldquo;Risk Factors &ndash;Risks Related to
Our Management&mdash;Following the closing of this offering, certain of our executive officers and directors will be located in
Taiwan; therefore, investors may not be able to enforce federal securities laws or their other legal rights upon those officers
and directors located outside the United States&rdquo; on page 51 of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Members of our management
team are not obligated to devote any specific number of&nbsp;hours to our matters, but they intend to devote as much of their time
as they, in the exercise of their respective business judgement, deem necessary to our affairs until we have completed our initial
business combination. The amount of time that any member of our management team will devote in any time period will vary based
on whether a target business has been selected for our initial business combination and the current stage of the business combination
process. We do not have an employment agreement with any member of our management team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Industry Opportunity and Acquisition
Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we may pursue
a business combination in any industry, sector, or geographical location, we intend to leverage the knowledge, expertise, capabilities
and deep industry relationships of our management team and board of directors to focus on opportunities in biotechnology and green
technology industries with an emphasize on Environmental, Social and Governance (&ldquo;ESG&rdquo;) practices in the United States
and Taiwan. Notwithstanding the foregoing, we will not undertake our initial business combination with any company being based
in or having the majority of the company&rsquo;s operations in China (including Hong Kong and Macau). All of our management are
located outside of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">According to the latest
Refinitiv Lipper data, as of November 30, 2021, $649 billion were invested into ESG-focused funds worldwide compared to $542 billion
and $285 billion that flowed into these funds in 2020 and 2019, respectively. ESG funds now account for 10% of worldwide fund assets.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">United States was the
largest ESG Region among the world&rsquo;s top five markets, accounting for 48% of the global sustainable investing assets in 2020. Between
2018 and 2020, the total ESG investment in the United States reached $17.1 trillion, up from $12 trillion, according to the Forum for
Sustainable and Responsible Investment&rsquo;s 2020 trends report. The latter number represents 33% of the $51.4 trillion in total U.S.
assets now under professional management. Referred to Morningstar&rsquo;s report &ldquo;Sustainable Funds U.S. Landscape Report&rdquo;,
as of December 31, 2021, there were 534 sustainability funds in the United States with $357 billion in assets, four times as many as
three years ago.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Taiwan is leading Asia
in terms of share of ESG assets and ESG disclosure. According to Fitch Ratings, Taiwan had the largest share of ESG mutual fund and exchange-traded
fund (ETF) assets in Asia at the end of third quarter of 2020. Taiwan and Taipei Stock Exchanges and Financial Supervisory Commission
encourage listed companies to report on their Corporate Social Responsibility (CSR) activities. In 2020, Taiwan Depository &amp; Clearing
Corporation, the central securities depository, launched a dashboard providing market participants with ready access to ESG rating information.
According to the latest Bloomberg Environment, Social and Governance (ESG) disclosure scores, Taiwan ranks number one in ESG disclosure
in Asia, ahead of markets like Australia and Japan.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We believe that investment
in ESG-focused businesses will continue to grow, driven by factors such as: a number of countries and companies announcing carbon reduction
targets in alignment with the Paris Climate Accord; continued innovation in new technologies to reduce production costs; consumer and
investor pressure for major companies to improve environment impact disclosure and speed up zero-carbon transition, especially for companies
in traditionally resource-intensive or carbon-intensive sectors; regulation proposed by governments and authorities requiring securities
issuers to disclose information regarding climate-change related risks.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The anticipated growth
in the number of ESG-focused businesses and related sectors in US and Taiwan will present a substantial number of opportunities that
fits our acquisition criteria.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Within the following
two sectors, we believe there are superior acquisition opportunities that may be identified and secured through our
management&rsquo;s network and connections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Biotechnology</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The biotechnology sector is vast, encompassing
fast-growing industries that include artificial intelligence, big data, gene editing, precision medicine, and biomanufacturing,
to name just a few&nbsp; beyond the traditional confine of pharmaceutical and medical device industries. Opportunities for innovation
and investment within this sector are significant. Globally, the biotechnology market exceeded $627 billion in 2020, and is expected
to grow at a CAGR, or compound annual growth rate, of 8.57% between 2022 and 2026, according the Global Biotechnology Market Report
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, the industry
is still catching up with the ESG investment trend just now. Although traditional, major players continued to dominate the pharmaceutical
and medical device sectors, as a May 2022 report by Fortune &nbsp;pointed out, many emerging companies in the United States at
the cross-section of ESG and biotechnology are not publicly traded. ESG investment in the biotech sector is an area worth exploring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our management team&rsquo;s
expertise in the medical and biotech sectors make them uniquely positioned to identify biotech companies that ride the tide in
providing ESG-focused solutions. Biotech and bioscience solutions have emerged man areas in addressing key ESG issues, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Sustainable Manufacturing. </I></B>Biotechnology has tremendous potential in addressing manufacturing
and packaging issues. According to a report by the Biotechnology Innovation Organization, manufacturing of everyday products, like
apparel, plastics, packaging, carpet and cosmetics, is a major greenhouse gas emitter, responsible for 22% of total GHG emissions.
Biotechnology &nbsp;can dramatically reduce these emissions by making their building blocks from renewable feedstocks rather than
fossil fuels; in many cases, biology allows drop-in replacements of existing building blocks, enabling faster adoption throughout
our economy with homegrown solutions. For &nbsp;example, use of enzymes and microorganism in manufacturing can reduce 80% in consumer
products manufacturing; applying silk proteins can create edible protective layer to prolong food packaging while reducing plastic
needs; using CRISPR gene-editing technology can make food more resistant to diseases and resilient amid climate change.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Carbon Capture. </I></B>Biotechnology also provide first-class solutions in providing lower-carbon
products and enhancing carbon sequestration. The success story of first-generation biofuels in reducing U.S. transportation-sector
GHG emissions in the past decades have been a strong restatement to the potential for providing low-carbon products, as the biofuel
sector contributed 980 million tons in CHG emission reduction over the past thirteen years, equivalent to taking roughly 16 million
vehicles off the road, or 19 coal-fired power plants offline, for that period. Biotech innovations in feedstocks, processing, co-products,
and carbon recycling have shown great success in lowering their carbon intensity of the food and agriculture sectors as well, such
as production &nbsp;of plant-based meats, algae feed ingredients, and anaerobic digestion of animal waste.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Green and Environmental
Technology</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Green and environmental
technology investments benefit the natural environment by both reducing pollution and waste, and encouraging sustainable and renewable
energy alternatives. These forward-looking technologies include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Green Transportation. </I></B>Electric vehicles and EV charging infrastructure are rapidly
growing technologies that can help reduce burning fossil fuels and its attendant pollution. According to a KPMG survey, automobile
executives expect 52% of new vehicle sales to be all-electric by 2030&nbsp;. By the end of the decade, all public buses in Taiwan
are expected to go electric, according to the Ministry of Transportation and Communications&nbsp;. And in the U.S., the number
of EV-charging stations is expected to grow dramatically, to between 800,000 and 1.7 million, according to the International Energy
Agency.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Pollution Control and Waste Management.</I></B> From reducing greenhouse gas emissions on
industrial power plants, minimizing the emissions that come out of the tailpipe of your car, to increasing efficiency in recycling
waste and used utility, the pollution control and waste management industries are on the rise. The growing market for improving
biological and biomedical waste management practices alone is a booming sector, with development driven by several key factors,
most recently the tens of thousands of tons of extra medical waste from the response to the COVID-19 pandemic. This surging problem,
coupled with an expanding public awareness of the threats that medical waste pose to human and environmental health, create favorable
growth trends for biological and biomedical waste management investment opportunities. The global medical waste management market&mdash;valued
at $7.2 billion in 2020&mdash;is projected to reach $12.8 billion by 2030, registering a CAGR, or compound annual growth rate,
of 5.8% from 2021 to 2030, according to Allied Market Research&nbsp;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Green Agriculture. </I></B>Farming and livestock are major contributors to carbon dioxide
emission. Agricultural Fertilizers and pesticides also have significant environmental and ecological consequences. Increasingly,
green agriculture has become an emerging ESG investment target areas, with a 2017 &nbsp;Global Impact Investing Network report
listing that 63% of impact investors expressing interests in the food and agriculture industries. Ag-tech companies providing organic
farming, aquaculture, and other green agriculture solutions have become key investment targets for ESG investors to fight climate
change. According to a 2020 report by US SIF: The Forum for Sustainable and Responsible Investment, surveyed investors have identified
sustainable agriculture as one of the top five criteria for ESG investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that the
experience of our management and board of directors in investing and company-building will enable us to source and evaluate the
highest-quality targets that have the potential to capitalize on the growing global ESG-related technology industry generally and
the biotechnology and green/environmental sectors particularly. We will leverage the access provided by our management and board
of directors to identify a wide range of opportunities focusing on ESG solutions in biotech and environmental and green technology
sectors, utilizing their network of relationships with public and private companies, private equity sponsors, public investors
and intermediaries including investment bankers, lenders, attorneys, accountants, and other advisors. Given our profile and industry
expertise, we anticipate that target business candidates may be brought to our attention from various unaffiliated sources, including
investors in other private and public companies in our networks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon completion of this
offering, management team will immediately begin the active search for a target business by communicating with our network of relationships
and other interested parties to articulate our initial business combination criteria, including the parameters of our search for
a target business, and will begin the process of pursuing and reviewing potential opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Competitive Advantages</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our management team
has a proven track record of executing investment strategies, growing and managing businesses and generating returns for investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our broad network of contacts and corporate
relationships enable us to efficiently:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Source and evaluate businesses</I>. Mr. Chang, our Chairman and CEO, has over 20 years&rsquo; experience in business strategy,
finance and investment management. He has also led Inkstone Capital in investing in biotech-related companies in the past. Mr.
Tian, our CFO and an original member of our Board, has extensive experience as a financial analyst, corporate advisor and investor
relations consultant, with expertise in land resources and management. Two independent director nominees, Dr. Li and Dr. Chen,
both developed their career from a medical background, enabling them to understand and evaluate the fundamentals of biotechnology
companies. The combined team has a successful track record of understanding public capital markets and leading the transition of
private companies to public markets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I><U>Negotiate and execute transactions in a timely and professional manner.</U></I> Our management team&rsquo;s experience
and professionalism in providing investment management and financial advisory services has helped create value for investors. We
have a wellspring of expertise in negotiating and closing major business transactions. Mr. Chang and Dr. Chen has experience in
closing dozens of deals in their investment careers with technology companies. Mr. Vassily has served on various special purpose
acquisition companies and public companies, with experience in identifying and executing transactions efficiently and effectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Acquisition Criteria</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are not limited to
a particular geographic region for purposes of consummating an initial business combination except that we will not undertake our
initial business combination with any company being based in or having the majority of the company&rsquo;s operations in China
(including Hong Kong and Macau).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with our
acquisition strategy and objectives, we have identified the following criteria that we believe are important in evaluating prospective
target businesses. We may, however decide to enter into our initial business combination with a target business that does not meet
these criteria. We currently intend to acquire a company that we believe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">is developing products or services with existing environmental sustainability practices or enforceable
business plan for such practices, or that may benefit, both operationally and economically, from our management team&rsquo;s commitment
and expertise in executing such practices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">has a platform with potential for multiple long-term growth drivers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">has significant potential across the U.S. and Taiwan commercial markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">has a defensible position within its target market as a result of differentiated products, proprietary
technology, supply chains or distribution channels, or other competitive advantages;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">is ready to go public, with a strong and experienced management team and with corporate governance
and reporting policies in place; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">can benefit from being a public company with access to capital markets to support future growth.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These criteria are not
intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination may be based, to
the extent relevant, on these general guidelines as well as other considerations, factors and criteria that our management team
may deem relevant. In the event that we decide to enter into our initial business combination with a target business that does
not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder
communications related to our initial business combination, which, as discussed in this prospectus, would be in the form of tender
offer documents or proxy solicitation materials that we would file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial business
combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of
the assets held in the trust account (excluding deferred underwriting commissions payable to our underwriters and taxes payable)
at the time of the agreement to enter into the initial business combination. If our board is not able to independently determine
the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm
that is a member of the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;), or an independent accounting firm with respect
to the satisfaction of such criteria. Our shareholders may not be provided with a copy of such opinion, nor will they be able to
rely on such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We shall not undertake
our initial business combination with any company being based in or having the majority of the company&rsquo;s operations in China
(including Hong Kong and Macau). Our Amended and Restated Certificate of Incorporation to be adopted upon the effectiveness of
the registration statement of which this prospectus forms a part will prohibit us from undertaking our initial business combination
with any company being based in or having the majority of the company&rsquo;s operations in China (including Hong Kong and Macau).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The net proceeds of
this offering and the sale of the private units released to us from the trust account upon the closing of our initial business
combination may be used as consideration to pay the sellers of a target business with which we complete our initial business combination.
If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust
account are used for payment of the consideration in connection with our initial business combination or used for redemption of
our public shares, we may use the balance of the cash released to us from the trust account following the closing for general corporate
purposes, including for maintenance or expansion of operations of the post-transaction businesses, the payment of principal or
interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or
for working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we may
be required to obtain additional financing in connection with the closing of our initial business combination to be used following
the closing for general corporate purposes as described above. There is no limitation on our ability to raise funds through the
issuance of equity or 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 agreements we may enter into following consummation
of this offering. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with
the completion of our initial business combination. At this time, we are not a party to any arrangement or understanding with any
third party with respect to raising any additional funds through the sale of securities or otherwise. None of our founders is required
to provide any financing to us in connection with or after our initial business combination. We may also obtain financing prior
to the closing of our initial business combination to fund our working capital needs and transaction costs in connection with our
search for and completion of our initial business combination. Our amended and restated certificate of incorporation will provide
that, following this offering and prior to the consummation of our initial business combination, we will be prohibited from issuing
additional securities that would entitle the holders thereof to (i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote
as a class with our public shares (a)&nbsp;on any initial business combination or (b)&nbsp;to approve an amendment to our certificate
of incorporation to (x)&nbsp;extend the time we have to consummate a business combination beyond 12 months from the closing of
this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or
(y)&nbsp;amend the foregoing provisions, unless (in connection with any such amendment to our certificate of incorporation) we
offer our public shareholders the opportunity to redeem their public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Acquisition Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will utilize the
diligence, rigor, and expertise of our managements&rsquo; respective platforms to evaluate potential targets&rsquo; strengths,
weaknesses, and opportunities to identify the relative risk and return profile of any potential target for our initial business
combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We currently do not
have any specific business combination under consideration. Our officers and directors have not individually selected a target
business. Our management team is continuously made aware of potential business opportunities, one or more of which we may desire
to pursue for a business combination, but we have not (nor has anyone on our behalf) had any substantive discussions, directly
or indirectly, with any business combination target with respect to an initial business combination with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each of our officers
and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly, if
any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he
or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations
to present such opportunity to such entity. Our management team is continuously made aware of potential investment opportunities,
one or more of which we may desire to pursue for a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will have
until 12 months from the consummation of this offering to consummate our initial business combination. However, if we
anticipate that we may not be able to consummate our initial business combination within 12 months from closing of this
offering, we may, but are not obligated to, extend the period of time to consummate a business combination up to two time by
an additional three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant to
the terms of our amended and restated certificate of incorporation and the trust agreement to be entered into between us and
Continental Stock Transfer &amp; Trust Company on the date of this prospectus, in order to extend the time available for us
to consummate our initial business combination, our sponsor, upon at least five&nbsp;days advance notice prior to the
applicable deadline, must deposit into the trust account for each three-month extension, $600,000, or $690,000 if the
underwriters&rsquo; over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of
$1,200,000 or $1,380,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.20 per unit in either
case), on or prior to the date of the applicable deadline. Our public shareholders will not be afforded an opportunity to
vote on our extension of time to consummate an initial business combination from 12 months to 18 months described above or
redeem their shares in connection with such extensions. The sponsor will receive a non-interest bearing, unsecured promissory
note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business
combination unless there are funds available outside the trust account to do so. Such notes would either be paid upon
consummation of our initial business combination, or, at the lender&rsquo;s discretion, converted upon consummation of our
business combination into additional private units at a price of $10.00 per unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May 13, 2022, to Mr.
Xuedong (Tony) Tian, our Chief Financial Officer, acquired 60,000 founder shares for a purchase price of $869.57. Mr. Xuedong (Tony)
Tian is also the Managing Director and Head of Capital Markets of US Tiger. We may utilize Mr.&nbsp;Tian&rsquo;s affiliation with US
Tiger during our search for suitable targets, if that occurs, we may engage US Tiger to act as our advisor in connection with the marketing
of our business combination and pay to US Tiger a fee for such services upon consummation of our initial business combination. US Tiger
is also affiliated or associated with Tradeup Inc., a founder of TradeUP Acquisition Corp. (&ldquo;TradeUP Acquisition&rdquo;), a SPAC
listed on Nasdaq. If we engage US Tiger to assist with marketing of our business combination, we may compete with TradeUP Acquisition
for business opportunities, and certain members of management who presently has, and any of them in the future may have, additional fiduciary,
contractual or other obligations to US Tiger, TradeUP Acquisition or to clients of US Tiger, or other affiliates of our sponsor pursuant
to which such officer or director is or will be required to present a business combination opportunity. Additionally, certain of our
officers and directors have fiduciary and contractual duties&nbsp;to other SPACs listed or to be listed on Nasdaq including Denali Capital
Acquisition Corp. (&ldquo;Denali Capital&rdquo;), Feutune Light Acquisition Corporation (&ldquo;Feutune Light&rdquo;) and Fortune Joy
International Acquisition Corp. (&ldquo;Fortune Joy&rdquo;). Accordingly, if any of our officers or directors becomes aware of a business
combination opportunity which is suitable for an entity to which he or she has then current fiduciary, contractual or other obligations,
including TradeUP Acquisition, Feutune Light, Denali Capital or Fortune Joy, he or she will honor his or her fiduciary, contractual or
other obligations to present such opportunity to such entity and only present it to us if such entity rejects the opportunity and he
or she determines to present the opportunity to us (including as described above). These conflicts may not be resolved in our favor and
a potential target business may be presented to another entity prior to its presentation to us. However, we do not believe that the fiduciary
duties or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">Our officers may become an officer
or director of any other special purpose acquisition company with a class of securities registered under the Exchange&nbsp;Act, even before
we enter into a definitive agreement regarding our initial business combination or we have failed to complete our initial business combination
within 12 months after the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described
in this prospectus). Certain of our officers and directors have fiduciary and contractual duties to Denali Capital, Feutune Light and
Fortune Joy. Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition may compete with us for business combination opportunities.
If Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition decide to pursue any such opportunity, we may be precluded from
pursuing such opportunities. Subject to his or her fiduciary duties under Delaware law, none of the members of our management team who
are also employed by, or directors of, our sponsor or its affiliates have any obligation to present us with any opportunity for a potential
business combination of which they become aware. Our sponsor and directors and officers are also not prohibited from sponsoring, investing
or otherwise becoming involved with, any other blank check companies, including in connection with their initial business combinations,
prior to us completing our initial business combination. Our management team, in their capacities as directors, officers or employees
of our sponsor or its affiliates or in their other endeavors, may choose to present potential business combinations to the related entities
described above, current or future entities affiliated with or managed by our sponsor, or third parties, before they present such opportunities
to us, subject to his or her fiduciary duties under Delaware law and any other applicable fiduciary duties. Our amended &amp; restated
certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer
unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the company and
it is an opportunity that we are able to complete on a reasonable basis.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event we seek
to complete our initial business combination with a company that is affiliated with, or which there is a fiduciary, contractual
or other obligation by, our sponsor, officers or directors, we, or a committee of independent directors, will obtain an opinion
from an independent investment banking firm which is a member of the Financial Industry Regulatory Authority, or FINRA, or an independent
accounting firm that the consideration to be paid by us in the initial business combination is fair to our company from a financial
point of view.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Private Placement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May 13, 2022, our Chief Financial Officer and sponsor acquired an aggregate
of 1,725,000 shares of Class&nbsp;B common stock for an aggregate purchase price of $25,000, or the &ldquo;founder shares,&rdquo; from
us, of which: (i)&nbsp;Xuedong (Tony) Tian, our Chief Financial Officer and Director, acquired 60,000 shares of Class&nbsp;B common stock,
for a purchase price of $869.57; and (iii)&nbsp;our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares of Class&nbsp;B common
stock, for a purchase price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares that are subject
to forfeiture, including up to: (i)7,826 shares of Class&nbsp;B common stock under Mr.&nbsp;Tian&rsquo;s ownership, and (iii)&nbsp; 217,174
shares of Class&nbsp;B common stock under the sponsor&rsquo;s ownership, to the extent that the underwriters&rsquo; over-allotment option
is not exercised in full or in part, so that founder shares will represent 20% of our issued and outstanding shares after this offering
(excluding the sale of the private unites and assuming our founders do not purchase public shares in this offering). None of our founders
has indicated any intention to purchase public shares in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, our
sponsor has committed to purchase from us an aggregate of 414,000 units, or &ldquo;private units,&rdquo; (or up to 450,000
private units if our underwriters exercise the over-allotment option) at $10.00 per unit for a total purchase price of
$4,140,000 (or up to $4,500,000 if our underwriters exercise the over-allotment option). Each private unit consisting of one
shares of Class A common stock, or &ldquo;private share,&rdquo; and one-half of one warrant, or &ldquo;private
warrant.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The founder shares and
private shares are identical to the public shares. However, our initial shareholders have agreed (A)&nbsp;to vote their founder
shares and private shares in favor of any proposed business combination, (B)&nbsp;not to propose, or vote in favor of, prior to
and unrelated to an initial business combination, an amendment to our certificate of incorporation that would affect the substance
or timing of our redemption obligation to redeem all public shares if we cannot complete an initial business combination within
12 months of the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described
in this prospectus), unless we provide public shareholders an opportunity to redeem their public shares in conjunction with any
such amendment, (C)&nbsp;not to redeem any shares, including founder shares and private units, into the right to receive cash from
the trust account in connection with a shareholder vote to approve our proposed initial business combination or sell any shares
to us in any tender offer in connection with our proposed initial business combination, and (D)&nbsp;that the founder shares and
private shares shall not participate in any liquidating distribution upon winding up if a business combination is not consummated.
In addition, the founders, as the holders of Class&nbsp;B common stock, have the right to elect all of our directors prior to our
initial business combination&nbsp;and shares of the Class&nbsp;B common stock will automatically&nbsp;convert into shares of Class&nbsp;A
common stock at the closing of our initial business combination on a one-for-one&nbsp;basis, subject to adjustment as provided
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The founder shares
held by Mr. Xuedong (Tony) Tian, our CEO, who is a registered financial professional registered with FINRA and the Managing Director
and Head of Capital Markets of US Tiger, have been deemed compensation by FINRA and are therefore subject to a lock-up for a period
of 180 days immediately following the date of the commencement of sales in this offering pursuant to FINRA Rule 5110(e)(1). Pursuant
to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the
date of the commencement of sales in this offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a
period of 180 days immediately following the date of the commencement of sales in this offering except to any underwriter and selected
dealer participating in the offering and their officers, partners, registered persons or affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial shareholders
have agreed, subject to certain exception, (i)&nbsp;in the case of founder shares, not to transfer, assign or sell 50% of their
founder shares until the earlier to occur of: (A)&nbsp;six&nbsp;months after the date of the consummation of our initial business
combination, or (B)&nbsp;the date on which the closing price of our Class&nbsp;A common stock equals or exceeds $12.50 per share
(as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20&nbsp;trading days within any
30-trading&nbsp;day period commencing after our initial business combination and the remaining 50% of the founder shares may not
be transferred, assigned or sold until six&nbsp;months after the date of the consummation of our initial business combination,
or earlier, in either case, if, subsequent to our initial business combination, we consummate a subsequent liquidation, merger,
stock exchange or other similar transaction which results in all of our shareholders having the right to exchange their shares
for cash, securities or other property, and (ii)&nbsp;in the case of private units, and any units may be issued upon the conversion
of the working capital loans, or &ldquo;working capital units&rdquo; will not be transferable, assignable or salable until 30&nbsp;days
after the consummation our initial business combination (except as described herein under the section of this prospectus entitled
&ldquo;Principal Shareholders&nbsp;&mdash;&nbsp;Restrictions on Transfers of Founder Shares and Private Units&rdquo;). We refer
to such transfer restrictions throughout this prospectus as the lock-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The proceeds from the
private placement of the private units will be added to the proceeds of this offering and placed in a trust account in the United&nbsp;States
maintained by Continental Stock Transfer &amp; Trust Company, as trustee. If we do not complete our initial business combination within 12 months (or up to 18 months, if
we extend the time to complete a business combination as described in this prospectus), the proceeds from the sale of the private
units will be included in the liquidating distribution to the holders of our public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our executive offices
are located at 76833 SE 27<SUP>th</SUP> St., #268, Mercer Island, WA 98040 and our telephone number is (949) 468-7078.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are an &ldquo;emerging
growth company,&rdquo; as defined in Section&nbsp;2(a)&nbsp;of the Securities Act&nbsp;of&nbsp;1933, as amended, or the Securities
Act, as modified by the Jumpstart Our Business Startups Act&nbsp;of&nbsp;2012, or the JOBS Act. As such, we are eligible to take
advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not
&ldquo;emerging growth companies&rdquo; including, but not limited to, not being required to comply with the auditor attestation
requirements of Section&nbsp;404 of the Sarbanes-Oxley Act&nbsp;of&nbsp;2002, or the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our
securities and the prices of our securities may be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, Section&nbsp;107
of the JOBS Act also provides that an &ldquo;emerging growth company&rdquo; can take advantage of the extended transition period
provided in Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act for complying with new or revised accounting standards. In other
words, an &ldquo;emerging growth company&rdquo; can delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will remain an emerging
growth company until the earlier of (1)&nbsp;the last&nbsp;day of the fiscal year (a)&nbsp;following the fifth anniversary of the
completion of this offering, (b)&nbsp;in which we have total annual gross revenue of at least $1.07&nbsp;billion, or (c)&nbsp;in
which we are deemed to be a large accelerated filer, which means the market value of our Class&nbsp;A common stock that is held
by non-affiliates exceeds $700&nbsp;million as of the prior June&nbsp;30<SUP>th</SUP>, and (2)&nbsp;the date on which we have issued
more than $1.0&nbsp;billion in non-convertible debt securities during the prior three-year period. References herein to &ldquo;emerging
growth company&rdquo; shall have the meaning associated with it in the JOBS Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, we are
a &ldquo;smaller reporting company&rdquo; as defined in Item&nbsp;10(f)(1)&nbsp;of Regulation&nbsp;S-K.&nbsp;Smaller reporting
companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two&nbsp;years
of audited financial statements. We will remain a smaller reporting company until the last&nbsp;day of the fiscal year in which
(1)&nbsp;the market value of our common stocks held by non-affiliates exceeds $250&nbsp;million as of the end of that year&rsquo;s
second fiscal quarter, or (2)&nbsp;our annual revenues exceeded $100&nbsp;million during such completed fiscal year and the market
value of our common stocks held by non-affiliates exceeds $700&nbsp;million as of the end of that year&rsquo;s second fiscal quarter.
To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements
with other public companies difficult or impossible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>In making your decision
on whether to invest in our securities, you should take into account not only the backgrounds of the members of our management
team and advisors, but also the special risks we face as a blank check company and the fact that this offering is not being conducted
in compliance with Rule&nbsp;419 promulgated under the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;You will not be entitled to protections
normally afforded to investors in Rule&nbsp;419 blank check offerings. You should carefully consider these and the other risks
set forth in the section of this prospectus entitled &ldquo;Risk Factors.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities offered</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000&nbsp;units, at $10.00 per unit (or 6,900,000&nbsp;units if the underwriters&rsquo; option to purchase additional units is exercised in full), each unit consisting of:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;one share of Class&nbsp;A common stock; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;one-half of one warrant.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed Nasdaq symbols</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units: &ldquo;[ ]&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common Stock: &ldquo;[ ]&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants: &ldquo;[ ]&rdquo;</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading&nbsp;commencement&nbsp;and&nbsp;separation&nbsp;of <BR>
Class&nbsp;A common&nbsp;stock&nbsp;and&nbsp;warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> The units will begin trading on or promptly after the date of this prospectus. The Class&nbsp;A common stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP>&nbsp;day following the date of this prospectus unless the representatives inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading will begin. Once the shares of Class&nbsp;A common stock and warrants commence separate trading, holders will 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 shares of Class&nbsp;A common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, the units will automatically separate into their component parts and will not be traded after completion of our initial business combination.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separate&nbsp;trading&nbsp;of&nbsp;Class&nbsp;A&nbsp;common&nbsp;stock <BR>
and&nbsp;warrants&nbsp;is&nbsp;prohibited&nbsp;until&nbsp;we&nbsp;have <BR>
filed&nbsp;a&nbsp;Current&nbsp;Report&nbsp;on&nbsp;Form&nbsp;8-K</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
In no event will the Class&nbsp;A common stock and warrants be traded separately until we have filed a Current Report on Form&nbsp;8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form&nbsp;8-K promptly after the closing of this offering. If the underwriters&rsquo; over-allotment option is exercised following the initial filing of such Current Report on Form&nbsp;8-K, a second or amended Current Report on Form&nbsp;8-K will be filed to provide updated financial information to reflect the exercise of the underwriters&rsquo; over-allotment option.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 3pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units:</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number outstanding before this offering</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of private placement units to be sold in a private placement simultaneously with this offering</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
414,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number outstanding after this offering and private placement</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
6,414,000<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number outstanding before this offering</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,725,000 shares of Class&nbsp;B common stock<SUP>(3)(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number outstanding after this offering and private placement</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
6,414,000 shares of Class&nbsp;A common stock and 1,500,000 shares of Class&nbsp;B common stock<SUP>(1)(4)(6)(7)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number outstanding before this offering</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number outstanding after this offering and private placement</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
3,207,000<SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisability</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each whole warrant is exercisable to purchase one share of our Class&nbsp;A common stock and only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Therefore, you must separate units in multiples of two in order to receive a whole warrant.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">$11.50 per share, subject to adjustment
        as described herein.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if (x) we issue additional
        shares of Class A common stock or equity-linked securities at a Newly Issued Price of less than $9.20 per share of Class A common
        stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case
        of any such issuance to our founders or their affiliates, without taking into account any founder shares held by our founders or
        such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than
        60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date
        of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share,
        then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market
        Value and the Newly Issued Price, and the $16.50 per share redemption trigger price described above will be adjusted (to the nearest
        cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Assumes no exercise of the underwriters&rsquo; over-allotment option.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Represents 6,000,000 public units and 414,000 private placement units.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Includes up to 225,000 shares of Class&nbsp;B common stock that are subject to forfeiture by our
founders depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Includes 1,500,000 founder shares, 6,000,000 shares included in the public units and 414,000 private
shares included in the private units.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Represents 3,000,000 public warrants included in the public units and 207,000 private warrants
included in the private units.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">The shares of common stock included in the units are Class&nbsp;A common stock. Founder shares
are classified as shares of Class&nbsp;B common stock, which shares are convertible into shares of our Class&nbsp;A common stock
on a one-for-one basis, subject to adjustment as described below adjacent to the caption &ldquo;Founder shares conversion and anti-dilution.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">Assumes the forfeiture by our founders of 225,000 founder shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 19; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 3pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise period</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants will become exercisable on the later of:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;30&nbsp;days after the completion of our initial business combination, or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;12&nbsp;months from the closing of this offering;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided in each case that we have an effective
        registration statement under the Securities Act covering the shares of Class&nbsp;A common stock 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).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are not registering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 30&nbsp;business days after the closing of our initial business combination, we will use our reasonable best efforts to file, and within 60&nbsp;business days following our initial business combination to have declared effective, a registration statement covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants, to maintain a current prospectus relating to those shares of Class&nbsp;A common stock until the warrants expire or are redeemed; provided, that if our Class&nbsp;A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a &ldquo;covered security&rdquo; under Section&nbsp;18(b)(1)&nbsp;of the Securities Act, we may, at our option, require holders of warrants who exercise their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required to use our reasonable best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants will expire at 5:00&nbsp;p.m.,
        New&nbsp;York City time, five&nbsp;years after the completion of our initial business combination or earlier upon redemption or
        liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not placed in the trust
        account.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once the warrants become exercisable, we may redeem the outstanding warrants:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;in whole and not in part;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;at a price of $0.01 per warrant;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;upon a minimum of 30&nbsp;days&rsquo; prior written notice of redemption, which we refer to as the 30-day redemption period; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;if, and only if, the last sale price of our Class&nbsp;A common stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20&nbsp;trading days within a 30-trading&nbsp;day period ending on the third trading&nbsp;&nbsp;day prior to the date on which we send the notice of redemption to the warrant holders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class&nbsp;A common
stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class&nbsp;A common
stock is available throughout the 30-day redemption period, except if the warrants may&nbsp;be exercised on a cashless basis and
such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us,
we may exercise our redemption right on a cashless basis even if we are unable to register or qualify the underlying securities
for sale under all applicable state securities laws. Please see the section of this prospectus entitled &ldquo;Description of
Securities&nbsp;&mdash;&nbsp;Redeemable Warrants&rdquo; for additional information.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder shares</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 13, 2022, our Chief Financial Officer and sponsor acquired an aggregate
of 1,725,000 shares of Class&nbsp;B common stock for an aggregate purchase price of $25,000 , or the &ldquo;founder shares,&rdquo; from
us, of which: i)&nbsp;Xuedong (Tony) Tian, our Chief Financial Officer and Director, acquired 60,000 shares of Class&nbsp;B common stock,
for a purchase price of $869.57; and (iii)&nbsp;our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares of Class&nbsp;B common
stock, for a purchase price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares that are subject
to forfeiture including up to: (i)7,826 shares of Class&nbsp;B common stock under Mr.&nbsp;Tian&rsquo;s ownership, and (iii)&nbsp; 217,174
shares of Class&nbsp;B common stock under the sponsor&rsquo;s ownership, to the extent that the underwriters&rsquo; over-allotment option
is not exercised in full or in part, so that founder shares will represent 20% of our issued and outstanding shares after this offering
(excluding the sale of the private unites and assuming our founders do not purchase public shares in this offering). None of our founders
has indicated any intention to purchase public shares in this offering. In addition, our sponsor has committed to transfer an aggregated
amount of 60,000 founder shares to certain of our directors, officers, or their designees prior to the consummation of this offering at
the original purchase price. Prior to the initial investments in the company by our sponsor, the company had no assets, tangible or intangible.
The per share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate
number of founder shares issued. The number of founder shares issued was determined based on the expectation that the founder shares would
represent 20% of the outstanding shares after this offering (excluding the sale of the private shares and assuming our founders do not
purchase public shares in this offering). As such, our initial shareholders will collectively own 24.18% of our issued and outstanding
shares after this offering (including founder shares and private shares and assuming they do not purchase any units in this offering).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The founder shares are identical to the shares of Class&nbsp;A common stock included in the units being sold in this offering, except that:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;the founder shares are shares of Class&nbsp;B common stock that automatically convert into shares of our Class&nbsp;A common stock at the closing of our initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;the holders of founder shares have the right to elect and remove, with or without cause, all of our directors prior to our initial business combination;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;the founder shares are subject to certain transfer restrictions, as described in more detail below;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;our initial shareholders have agreed to vote any founder shares, private shares held by them and any public shares purchased during or after this offering in favor of our initial business combination. As a result, in the event that only the minimum number of shares representing a quorum is present at a shareholders&rsquo; meeting held to vote on our initial business combination, in addition to our initial shareholders&rsquo; founder shares and private shares, we would need only 64,501 </FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or 1.08%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or units or shares in the after-market). In the event that all shares of our outstanding common stock are voted, we would need 2,043,001 or 34.05%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or units or shares in the after-market);</FONT></FONT></TD></TR>
</TABLE>
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</DIV>


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    <TD STYLE="width: 28%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;our initial shareholders will enter into a letter agreement with us, pursuant to which they will agree (i)&nbsp;to&nbsp;waive their redemption rights with respect to any founder shares, private shares and any public shares held by them in connection with the completion of our initial business combination, (ii)&nbsp;waive their redemption rights with respect to their founder shares, private shares and public shares in connection with a shareholder vote to approve an amendment to our then existing amended and restated certificate of incorporation (A)&nbsp;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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (B)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity and (iii)&nbsp;to waive their rights to liquidating distributions from the trust account with respect to any founder shares and private units held by them if we fail to complete our initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), 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 the prescribed time frame. If we submit our initial business combination to our shareholders for a vote, we will complete our initial business combination only if a majority of the then outstanding shares of common stock present and entitled to vote at the meeting to approve the initial business combination are voted in favor of the initial business combination; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;the founder shares are subject to registration rights.</FONT></TD></TR>
</TABLE>
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</DIV>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer&nbsp;restrictions&nbsp;on&nbsp;<BR>
founder&nbsp;shares</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our initial shareholders have agreed not to transfer, assign or sell 50% of their founder shares until the earlier to occur of: (A)&nbsp;six&nbsp;months after the date of the consummation of our initial business combination, or (B)&nbsp;the date on which the closing price of our Class&nbsp;A common stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20&nbsp;trading days within any 30-trading&nbsp;day period commencing after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned or sold until six&nbsp;months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of our public shareholders having the right to exchange their shares of common stock for cash, securities or other property (except as described herein under the section of this prospectus entitled &ldquo;Principal Shareholders&nbsp;&mdash;&nbsp;Restrictions on Transfers of Founder Shares and Private Units&rdquo;). We refer to such transfer restrictions on founder shares, private units and working capital units throughout this prospectus as the lock-up. </FONT><FONT STYLE="font-size: 10pt">Further, the founder shares held by Mr.&nbsp;Xuedong (Tony) Tian, our CFO, who is a registered financial professional registered with FINRA and the Managing Director and Head of Capital Markets of US Tiger, will be subject to lock-up and resale registration restrictions in compliance with FINRA Rule&nbsp;5110.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder shares conversion and anti-dilution rights</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares of Class&nbsp;B common stock will automatically convert into shares of our Class&nbsp;A common stock at the closing of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class&nbsp;A common stock or equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of shares of Class&nbsp;A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of this offering (excluding the sale of the private units and assuming our founders do not purchase public shares in this offering), plus the total number of shares of Class&nbsp;A common stock 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 shares of Class&nbsp;A common stock or equity-linked securities exercisable for or convertible into shares of Class&nbsp;A common stock issued, or to be issued, to any seller in the initial business combination and any private placement-equivalent warrants issued to our sponsor, officers or directors upon conversion of working capital loans (including extension notes); provided that such conversion of founder shares will never occur on a less than one for one basis.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders of the Class&nbsp;A common stock and holders of the Class&nbsp;B common stock will vote together as a single class on all matters submitted to a vote of our shareholders, except as required by law. Each share of common stock will have one vote on all such matters. However, the holders of the founder shares have the right to elect and remove, with or without cause, all of our directors prior to our initial business combination.</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private units</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 414,000 (or 450,000 if the over-allotment option is exercised in full) units, or the &ldquo;private units&rdquo;, at $10.00 per unit ($4,140,000 in the aggregate or $4,500,000 in the aggregate if the over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of this offering. Each private unit consists of one share of Class&nbsp;A common stock, and one-half of one warrant. The private units are identical to the units sold in this offering. However, the holder of the private units will be entitled to registration rights. In addition, the private units and the underlying securities may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder until 30&nbsp;days after the completion of our initial business combination. A portion of the purchase price of the private units will be added to the proceeds from this offering to be held in the trust account such that at the time of closing $61,200,000 (or $70,380,000 if the underwriters exercise their over-allotment option in full), representing $10.20 per unit, will be held in the trust account.</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer restrictions on private units</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The private units and the underlying securities will not be transferable, assignable or salable until 30&nbsp;days after the completion of our initial business combination (except as described under the section of this prospectus entitled &ldquo;Principal Shareholders&nbsp;&mdash;&nbsp;Restrictions on Transfers of Founder Shares and Private Units&rdquo;).</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds to be held in trust account</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The rules&nbsp;of Nasdaq provide that at least 90% of the gross proceeds from this offering and the sale of the private units be deposited in a trust account. Of the net proceeds of this offering and the sale of the private units, $61,200,000, or $10.20 per unit ($70,380,000, or $10.00 per unit, if the underwriters&rsquo; over-allotment option is exercised in full) will be placed into a U.S.-based trust account with Continental Stock Transfer &amp; Trust Company, acting as trustee. These proceeds include $2,100,000 (or $2,415,000 if the underwriters&rsquo; over-allotment option is exercised in full) in deferred underwriting commissions.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering and the sale of the private units that are deposited in the trust account will not be released from the trust account until the earliest of (a)&nbsp;the completion of our initial business combination, (b)&nbsp;the redemption of any public shares properly submitted in connection with a shareholder vote to amend our then existing amended and restated certificate of incorporation (i)&nbsp;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 12 months from the closing of this offering (for a total of up to 18 months to complete a business combination) or (ii)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity and (c)&nbsp;the redemption of our public shares if we are unable to complete our business combination within 12 months from the closing of this offering, subject to applicable law (for a total of up to 18 months to complete a business combination). The proceeds deposited in the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public shareholders. However, if we anticipate that we may not be able to consummate our initial business combination within 12 months from closing of this offering, we may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional three- month period each time (for a total of up to&nbsp;18 months to complete a business combination). Pursuant to the</FONT></TD></TR>
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    <TD STYLE="width: 28%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terms of
                                                our amended and restated certificate of incorporation to be adopted immediately prior to the effectiveness of the
                                                registration statement of which this prospectus forms a part to and the trust agreement to be entered into between us and
                                                Continental Stock Transfer &amp; Trust Company on the date of this prospectus, in order to extend the time available for us
                                                to consummate our initial business combination, our sponsor, upon at least five&nbsp;days advance notice prior to the
                                                applicable deadline, must deposit into the trust account for each three-month extension, $600,000, or $690,000 if the
                                                underwriters&rsquo; over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of
                                                $1,200,000 or $1,380,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.20 per unit in either
                                                case), on or prior to the date of the applicable deadline. The sponsor will receive a non-interest bearing, unsecured
                                                promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a
                                                business combination unless there are funds available outside the trust account to do so. Such notes would either be paid
                                                upon consummation of our initial business combination, or, at the lender&rsquo;s discretion, converted upon consummation of
                                                our business combination into additional private units at a price of $10.00 per unit.</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anticipated expenses and funding <BR>
sources</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> Except as described above with respect to the payment of taxes, unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our use. The proceeds held in the trust account will be invested only in U.S.&nbsp;government securities with a maturity of 185&nbsp;days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S.&nbsp;government treasury obligations. We will disclose in each quarterly and annual report filed with the SEC prior to our initial business combination whether the proceeds deposited in the trust account are invested in U.S.&nbsp;government treasury obligations or money market funds or a combination thereof. Based upon an assumed interest rate of 0.05%, we expect the trust account to generate approximately $30,600 of</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif">interest annually.</FONT></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless and until we complete our initial business combination, we may pay our expenses only from:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;the net proceeds of this offering and the sale of the private units not held in the trust account, which will be approximately $650,000 in working capital after the payment of approximately $1,090,000 in expenses (excluding underwriting commissions) relating to this offering; and</FONT></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;any loans or additional investments from our founders or their affiliates, although they are under no obligation to advance funds or invest in us, and provided that any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of our initial business combination.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to completing our initial business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no limitation on our ability to raise funds privately or through loans in connection with our initial business combination. Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding deferred underwriting commissions and interest income earned on the trust account that is released for working capital purposes or to pay taxes) at the time of the agreement to enter into the initial business combination.</FONT></TD></TR>
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</DIV>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 28%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If our board is not able to independently determine the fair market value of the target business or businesses or we are considering an initial business combination with an affiliated entity, we will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm. We anticipate structuring our initial business combination so that the post-transaction company in which our public shareholders own shares will own or acquire 100% of the equity interests or assets of the target business or businesses.</FONT></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may, however, structure our initial business combination such that the post-transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain objectives of the target management team or shareholders or for other reasons. However, we will only complete such business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient for the post-transaction company not to be required to register as an investment company under the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to the business combination may collectively own a minority interest in the post business-combination company, depending on valuations ascribed to the target and us in the business combination transaction. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% of net assets test, provided that in the event that the business combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the target businesses and we will treat the target businesses together as the initial business combination for purposes of a tender offer or for seeking shareholder approval, as applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted purchases of public shares by our affiliates</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 initial shareholders, advisors or their affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. There is no limit on the number of shares our initial shareholders, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and the rules&nbsp;of Nasdaq. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation&nbsp;M under the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934, as amended, or the Exchange&nbsp;Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules&nbsp;under the Exchange&nbsp;Act or a going-private transaction subject to the going-private rules&nbsp;under the Exchange&nbsp;Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules.</FONT></TD></TR>
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    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption rights for public shareholders upon completion of our initial business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 as of two&nbsp;business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.20</FONT><FONT STYLE="font-size: 10pt">&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif">per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by deferred underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial business combination with respect to our warrants. Our initial shareholders will enter into a letter agreement with us, pursuant to which they will agree to waive their redemption rights with respect to any founder shares and private shares held by them and any public shares they may acquire during or after this offering in connection with the completion of our business combination or otherwise and to waive their redemption rights with respect to their founder shares, private shares and public shares in connection with a shareholder vote to approve an amendment to our then existing amended and restated certificate of incorporation (A)&nbsp;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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (B)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manner of conducting redemptions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 either (i)&nbsp;in connection with a shareholder meeting called to approve the business combination or (ii)&nbsp;by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirements. Asset acquisitions and stock purchases would not typically require shareholder approval, while direct mergers with our company where we do not survive and any transactions where we issue more than 20% of our outstanding common stock or seek to amend our then existing amended and restated certificate of incorporation would require shareholder approval. We intend to conduct redemptions without a shareholder vote pursuant to the tender offer rules&nbsp;of the SEC unless shareholder approval is required by law or stock exchange listing requirements or we choose to seek shareholder approval for business or other legal reasons. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with such rules.</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a shareholder vote is not required and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation:</FONT></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;conduct the redemptions pursuant to Rule&nbsp;13e-4 and Regulation&nbsp;14E under the Exchange&nbsp;Act, which regulate issuer tender offers, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation&nbsp;14A under the Exchange&nbsp;Act, which regulates the solicitation of proxies.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the public announcement of our business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we or our initial shareholders will terminate any plan established in accordance with Rule&nbsp;10b5-1 under the Exchange&nbsp;Act to purchase shares of our Class&nbsp;A common stock in the open market, in order to comply with Rule&nbsp;14e-5 under the Exchange&nbsp;Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20&nbsp;business&nbsp;days, in accordance with Rule&nbsp;14e-1(a)&nbsp;under the Exchange&nbsp;Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on public shareholders not tendering more than a specified number of public shares, which number will be based on the requirement that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters&rsquo; fees and commissions (so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. If public shareholders tender more shares than we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.</FONT></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, however, shareholder approval of the transaction is required by law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other legal reasons, we will:</FONT></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation&nbsp;14A under the Exchange&nbsp;Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;file proxy materials with the SEC.</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we seek shareholder approval, we will complete our initial business combination only if a majority of the then outstanding shares of common stock present and entitled to vote at the meeting to approve the initial business combination are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority (more than 50%) of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting. Our initial shareholders will count towards this quorum and have agreed to vote their founder shares and private units and any public shares purchased during or after this offering in favor of our initial business combination. As a result, in the event that only the minimum number of shares representing a quorum</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif">is present at a shareholders&rsquo; meeting held to vote on our initial business combination, in addition to our initial shareholders&rsquo; founder shares and private shares, we would need only 64,501 or 1.08%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or units or shares in the after-market). In the event that all shares of our outstanding common stock are voted, we would need 2,043,001 or 34.05%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or units or shares in the after-market).</FONT></FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to give approximately 30&nbsp;days (but not less than 10&nbsp;days nor more than 60&nbsp;days) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorums and voting thresholds, and the voting agreements of our initial shareholders may make it more likely that we will consummate our initial business combination. Each public shareholder may elect to redeem its public shares irrespective of whether they vote, do not vote or abstain, and if they do vote, irrespective of whether they vote for or against the proposed transaction, and irrespective of whether they were a public shareholder on the record date for the general meeting held to approve the proposed transaction.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo; to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to such holders, or up to two&nbsp;business days prior to the vote on the proposal to approve the business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically. We believe that this will allow our transfer agent to efficiently process any redemptions without the need for further communication or action from the redeeming public shareholders, which could delay redemptions and result in additional administrative cost. If the proposed business combination is not approved and we continue to search for a target company, we will promptly return any certificates delivered, or shares tendered electronically, by public shareholders who elected to redeem their shares.</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our amended and restated certificate of incorporation will provide that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters&rsquo; fees and commissions (so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed business combination may require: (i)&nbsp;cash consideration to be paid to the target or its owners, (ii)&nbsp;cash to be transferred to the target for working capital or other general corporate purposes or (iii)&nbsp;the retention of cash to satisfy other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration we would be required to pay for all shares of Class&nbsp;A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares, and all shares of Class&nbsp;A common stock submitted for redemption will be returned to the holders thereof.</FONT></TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on redemption rights of shareholders holding 15% or more of the shares sold in this offering if we hold shareholder vote</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
<BR>
Notwithstanding the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13 of the Exchange&nbsp;Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering. We believe the restriction described above will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public shareholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights against a business combination if such holder&rsquo;s shares are not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By limiting our shareholders&rsquo; ability to redeem to no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our shareholders&rsquo; ability to vote all of their shares (including all shares held by those shareholders that hold more than 15% of the shares sold in this offering) for or against our business combination.</FONT></TD></TR>
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    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption rights in connection with proposed amendments to our certificate of incorporation</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some other blank check companies have a provision in their charter which prohibits the amendment of certain charter provisions. Our amended and restated certificate of incorporation will provide that any of its provisions related to pre-business combination activity (including the requirement to deposit proceeds of this offering and the private placement of warrants into the trust account and not release such amounts except in specified circumstances, and to provide redemption rights to public shareholders as described herein) may be amended if approved by holders of 65% of our common stock entitled to vote thereon, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our common stock entitled to vote thereon. In all other instances, our amended and restated certificate of incorporation may be amended by holders of a majority of our outstanding common stock entitled to vote thereon, subject to applicable provisions of the Delaware General Corporation Law, or DGCL, or applicable stock exchange rules. We may not issue additional securities that can vote on amendments to our then existing amended and restated certificate of incorporation or in our initial business combination or that would entitle holders to receive funds from the trust account. Our initial shareholders, who will beneficially own 24.18% of our common stock upon the closing of this offering (assuming they do not purchase any units in this offering), will participate in any vote to amend our amended and restated certificate of incorporation and/or trust agreement and will have the discretion to vote in any manner they choose. Our initial shareholders have agreed, pursuant to a letter agreement with us (filed as an exhibit to the registration statement of which this prospectus forms a part), that they will not propose any amendment to our then existing amended and restated certificate of incorporation (i)&nbsp;that would 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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (ii)&nbsp;with respect to any other material provision relating to shareholders&rsquo; rights or pre-initial business combination activity, unless we provide our public shareholders with the opportunity to redeem their shares of Class&nbsp;A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable and amounts released to us for working capital purposes) divided by the number of then outstanding public shares. Our initial shareholders will enter into a letter agreement with us pursuant to which they will agree to waive their redemption rights with respect to any founder shares and private units and any public shares held by them in connection with the completion of our initial business combination and to waive their redemption rights with respect to their founder shares and private units and public shares in connection with a shareholder vote to approve an amendment to our then existing certificate of incorporation (A)&nbsp;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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (B)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity.</FONT></TD></TR>
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    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release of funds in trust account&nbsp;on closing&nbsp;of&nbsp;our initial business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> On the completion of our initial business combination, all amounts held in the trust account will be released to us. We will use these funds to pay amounts due to any public shareholders who exercise their redemption rights as described above under &ldquo;Redemption rights for public shareholders upon completion of our initial business combination,&rdquo; to pay the underwriters their deferred underwriting fee, to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination. If our initial business combination is paid for using equity or debt instruments, or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other assets, companies or for working capital.</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of public shares and distribution and liquidation if no initial business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our amended and restated certificate of incorporation will provide that we will have only 12 months from the closing of this offering to complete our initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination within 12 months from closing of this offering, we may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation and the trust agreement to be entered into between us and Continental Stock Transfer &amp; Trust Company on the date of this prospectus, in order to extend the time available for us to consummate our initial business combination, our sponsor, upon at least five&nbsp;days advance notice prior to the applicable deadline, must deposit into the trust account for each three-month extension, $600,000, or $690,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of $1,200,000 or $1,380,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.20 per unit in either case), on or prior to the date of the applicable deadline. The sponsor will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our initial business combination, or, at the lender&rsquo;s discretion, converted upon consummation of our business combination into additional private units at a price of $10.00 per units. Our public shareholders will not be afforded an opportunity to vote on our extension of time to consummate an initial business combination from 12 months to up to 18 months described above or redeem their shares in connection with such extensions.</FONT></TD></TR>
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    <TD STYLE="width: 28%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we are unable to complete our initial business combination within such time period, we will: (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten&nbsp;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 and not previously released to us for working capital purposes or to pay our taxes (less up to $75,000 </FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete our business combination within the 12-month (or up to 18-month, as applicable) time period.</FONT></FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our initial shareholders have waived their rights to liquidating distributions from the trust account with respect to any founder shares and private units held by them if we fail to complete our initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus). However, if our initial shareholders acquire public shares in or after this 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 allotted time period.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The underwriters have agreed to waive their rights to their deferred underwriting commissions held in the trust account in the event we do not complete our initial business combination and subsequently liquidate and, in such event, such amounts will be included with the funds held in the trust account that will be available to fund the redemption of our public shares.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited payments to insiders</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There will be no finder&rsquo;s fees, reimbursements or cash payments made to our founders or their affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination although we may consider cash or other compensation to officers or advisors we may hire subsequent to this offering to be paid either prior to or in connection with our initial business combination. In addition, the following payments will be made to our founders or their affiliates, none of which will be made from the proceeds of this offering held in the trust account prior to the completion of our initial business combination:</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;Repayment of an aggregate of up to $500,000</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif">in loans made to us by our sponsor;</FONT></FONT></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;Repayment of loans which may be made by our founders or an affiliate of our founders to finance transaction costs in connection with an intended initial business combination and/or to finance the extensions of the deadline that we need to complete our initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $3,000,000 of such loans may be convertible into working capital units, at a price of $10.00 per unit at the option of the lender. The working capital units would be identical to the private units sold in the private placement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our audit committee will review on a quarterly basis all payments that were made to our founders or their affiliates.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Committee</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will establish and maintain an audit committee, which will be composed entirely of independent directors to, among other things, monitor compliance with the terms described above and the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to immediately take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section of this prospectus entitled &ldquo;Management&nbsp;&mdash;&nbsp;Committees of the Board of Directors&nbsp;&mdash;&nbsp;Audit Committee.&rdquo;</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflicts of Interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our CFO is also the Managing Director and
        Head of Capital Markets of US Tiger. As a result, US Tiger, as a representative to the underwriters of this offering and a member
        of the Financial Industry Regulatory Authority, or FINRA, is an affiliate of us. Therefore, US Tiger have a &ldquo;conflict of
        interest&rdquo; within the meaning of Rule 5121 of the Conduct Rules of FINRA. Accordingly, our initial public offering will be
        made in compliance with Rule 5121 of FINRA&rsquo;s Conduct Rules, which prohibits US Tiger from making sales to discretionary accounts
        without the prior written approval of the account holder and requires that a &ldquo;qualified independent underwriter,&rdquo; as
        defined by FINRA participate in the preparation of the registration statement and exercise the usual standard of due diligence
        with respect to such document. We have engaged [ ] to be the qualified independent underwriter and participate in the preparation
        of the registration statement and exercise the usual standards of &ldquo;due diligence&rdquo; in respect thereto. We agreed to
        indemnify [ ] against certain liabilities incurred in connection with acting as a qualified independent underwriter, including
        liabilities under the Securities Act. [ ] will receive $[ ] as compensation for serving as qualified independent underwriter in
        connection with this offering. In addition, no underwriter with a conflict of interest will confirm sales to any account over which
        it exercises discretionary authority without the specific prior written approval of the account holder.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we do not believe any conflict
        currently exists between us and our founders or their affiliates, our founders or their affiliates may compete with us for acquisition
        opportunities. If such entities decide to pursue an opportunity, we may be precluded from procuring such opportunity. None of our
        founders or their respective affiliates will have any obligation to present us with any opportunity for a potential business combination
        of which they become aware, unless presented to such member specifically in his or her capacity as an officer or director of the
        Company. Our management team, in their capacities as employees or affiliates of our founders or in their other endeavors, may be
        required to present potential business combinations to future founders&rsquo; affiliates or third parties, before they present
        such opportunities to us.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 13, 2022, Mr. Xuedong (Tony) Tian,
our Chief Financial Officer, acquired 60,000 founder shares for a purchase price of $869.57 prior to the offering. Mr. Xuedong (Tony)
Tian is also the Managing Director and Head of Capital Markets of US Tiger. We may utilize Mr.&nbsp;Tian&rsquo;s affiliation with US
Tiger during our search for suitable targets, if that occurs, we may engage US Tiger to act as our advisor in connection with the marketing
of our business combination and pay to US Tiger a fee for such services upon consummation of our initial business combination. US Tiger
is also affiliated or associated with Tradeup Inc., a founder of TradeUP Acquisition Corp. (&ldquo;TradeUP Acquisition&rdquo;), a SPAC
listed on Nasdaq. If we engage US Tiger to assist with marketing of our business combination, we may compete with TradeUP Acquisition
for business opportunities, and certain members of management who presently has, and any of them in the future may have, additional fiduciary,
contractual or other obligations to US Tiger, TradeUP Acquisition or to clients of US Tiger, or other affiliates of our sponsor pursuant
to which such officer or director is or will be required to present a business combination opportunity. Additionally, certain of our
officers and directors have fiduciary and contractual duties to other SPACs listed or to be listed on Nasdaq including Denali Capital,
Feutune Light and Fortune Joy. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which
is suitable for an entity to which he or she has then current fiduciary, contractual or other obligations, including TradeUP Acquisition,
Denali Capital, Feutune Light or Fortune Joy, he or she will honor his or her fiduciary, contractual or other obligations to present
such opportunity to such entity and only present it to us if such entity rejects the opportunity and he or she determines to present
the opportunity to us (including as described above). These conflicts may not be resolved in our favor and a potential target business
may be presented to another entity prior to its presentation to us. However, we do not believe that the fiduciary duties or contractual
obligations of our officers or directors will materially affect our ability to complete our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0; font: 10pt Times New Roman, Times, Serif">Our officers may become an officer or director of any other special purpose
acquisition company with a class of securities registered under the Exchange&nbsp;Act, even before we enter into a definitive agreement
regarding our initial business combination or we have failed to complete our initial business combination within 12 months after the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus). Certain
of our officers and directors have fiduciary and contractual duties to Denali Capital, Feutune Light and Fortune Joy. Denali Capital,
Feutune Light, Fortune Joy and TradeUP Acquisition may compete with us for business combination opportunities. If Feutune Light and TradeUP
Acquisition decide to pursue any such opportunity, we may be precluded from pursuing such opportunities. Subject to his or her fiduciary
duties under Delaware law, none of the members of our management team who are also employed by, or directors of, our sponsor or its affiliates
have any obligation to present us with any opportunity for a potential business combination of which they become aware. Our sponsor and
directors and officers are also not prohibited from sponsoring, investing or otherwise becoming involved with, any other blank check companies,
including in connection with their initial business combinations, prior to us completing our initial business combination. Our management
team, in their capacities as directors, officers or employees of our sponsor or its affiliates or in their other endeavors, may choose
to present potential business combinations to the related entities described above, current or future entities affiliated with or managed
by our sponsor, or third parties, before they present such opportunities to us, subject to his or her fiduciary duties under Delaware
law and any other applicable fiduciary duties. Our amended and restated certificate of incorporation will provide that we renounce our
interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely
in his or her capacity as a director or officer of the company and it is an opportunity that we are able to complete on a reasonable basis.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or by a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below (i)&nbsp;$10.20 per public share or (ii)&nbsp;such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor&rsquo;s only assets are securities of our company. We have not asked our sponsor to reserve for such indemnification obligations. None of our officers will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Risk
Factors Summary</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a newly incorporated
company that has conducted no operations and has generated no revenues. Until we complete our initial business combination, we
will have no operations and will generate no operating revenues. In making your decision whether to invest in our securities, you
should take into account not only the background of our management team, but also the special risks we face as a blank check company.
This offering is not being conducted in compliance with Rule&nbsp;419 promulgated under the Securities Act. Accordingly, you will
not be entitled to protections normally afforded to investors in Rule&nbsp;419 blank check offerings. For additional information
concerning how Rule&nbsp;419 blank check offerings differ from this offering, please see &ldquo;Proposed Business&nbsp;&mdash;&nbsp;Comparison
of This Offering to Those of Blank Check Companies Subject to Rule&nbsp;419.&rdquo; You should carefully consider these and the
other risks set forth in the section entitled &ldquo;Risk Factors&rdquo; of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Such risks include,
but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our public shareholders may not be afforded an opportunity to vote on our proposed business combination,
which means we may complete our initial business combination even though a majority of our public shareholders do not support such
a combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If we seek shareholder approval of our initial business combination, our initial shareholders have
agreed to vote their founder shares and private units in favor of such initial business combination, regardless of how our public
shareholders vote.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Your only opportunity to affect the investment decision regarding a potential business combination
will be limited to the exercise of your right to redeem your shares from us for cash, unless we seek shareholder approval of the
business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The ability of our public shareholders to exercise redemption rights with respect to a large number
of our shares may not allow us to complete the most desirable business combination or optimize our capital structure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our search for a business combination, and any target business with which we ultimately consummate
a business combination, may be materially adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt
and equity markets, as well as protectionist legislation in our target markets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The requirement that we complete our initial business combination within 12 months of the closing
of our IPO (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) may give
potential target businesses leverage over us in negotiating a business combination and may decrease our ability to conduct due
diligence on potential business combination targets as we approach our dissolution deadline.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We may not be able to complete our initial business combination within the prescribed time frame,
in which case we would cease all operations except for the purpose of winding up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">You will not have any rights or interests in funds from the trust account, except under certain
limited circumstances. To liquidate your investment, therefore, you may be forced to sell your public shares or warrants, potentially
at a loss.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If our securities are approved for listing, Nasdaq may delist our securities from trading on its
exchange, which could limit investors&rsquo; ability to make transactions in our securities and subject us to additional trading
restrictions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If we seek shareholder approval of our initial business combination and we do not conduct redemptions
pursuant to the tender offer rules, and if you or a &ldquo;group&rdquo; of shareholders are deemed to hold in excess of 15% of
our common stock, you will lose the ability to redeem all such shares in excess of 15% of our common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Because of our limited resources and the significant competition for business combination opportunities,
it may be more difficult for us to complete our initial business combination and our warrants will expire worthless.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

</DIV>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<DIV STYLE="padding: 3pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We are not registering the shares of common stock issuable upon exercise of the warrants under
the Securities Act or any state securities laws at this time, and such registration may not be in place when an investor desires
to exercise warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We may seek acquisition opportunities in industries or sectors which may or may not be outside
of our management&rsquo;s area of expertise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Because we are not limited to a particular industry, sector or any specific target businesses with
which to pursue our initial business combination, you will be unable to ascertain the merits or risks of any particular target
business&rsquo;s operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We are not required to obtain an opinion from an independent investment banking firm or from an
independent accounting firm, and consequently, you may have no assurance from an independent source that the price we are paying
for the business is fair to our company from a financial point of view.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We may issue additional common stock or preferred stock to complete our initial business combination
or under an employee incentive plan after completion of our initial business combination, which would dilute the interest of our
shareholders and likely present other risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our officers and directors may allocate their time to other businesses and may become officers
or directors of any other special purpose acquisition companies, thereby causing conflicts of interest in their determination as
to how much time to devote to our affairs and whether to present potential target&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
us instead of to our competitors. This conflict of interest could have a negative impact on our ability to complete our initial
business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our founders and their respective affiliates may have competitive pecuniary interests that conflict
with our interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We may be unable to obtain additional financing to complete our initial business combination or
to fund the operations and growth of a target business, which could compel us to restructure or abandon a particular business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We are an emerging growth company and a smaller reporting company within the meaning of the Securities
Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies and smaller
reporting companies, this could make our securities less attractive to investors and may make it more difficult to compare our
performance with other public companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If we complete our initial business combination with a company with operations or opportunities
outside of the United&nbsp;States, we would be subject to a variety of additional risks that may negatively impact our operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 3pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Summary
Financial Data</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
summarizes the relevant financial data for our business and should be read with our financial statements, which are included in
this prospectus. We have not had any significant operations to date, so only balance sheet data is presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 16, 2022</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Actual</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As Adjusted</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Balance Sheet Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital (deficiency)<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(95,521</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">674,479</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total assets<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,874,479</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">95,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,100,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value of common stock subject to possible conversion/tender<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&rsquo; equity<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24,479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,425,521</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The &ldquo;as adjusted&rdquo; calculation includes net proceeds received from the sale of the units
in this offering and the sale of the private placement units held outside of the trust account, after repaying the promissory note
loaned to us by our sponsor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The &ldquo;as adjusted&rdquo; calculation includes $61,200,000 of
cash held in trust from the proceeds of this offering and the sale of the private units, plus the working capital of $674,479 as
of May 16, 2022.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">The &ldquo;as adjusted&rdquo; calculation includes $2,100,000 for the underwriters&rsquo; deferred
underwriting commissions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">The &ldquo;as adjusted&rdquo; calculation equals the redemption value of the 6,000,000 shares of
Class A common stock purchased in this offering ($10.00 per share), presented as temporary equity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">The &ldquo;as adjusted&rdquo; calculation equals the &ldquo;as adjusted&rdquo; total assets, less
the &ldquo;as adjusted&rdquo; total liabilities, less the redemption value of shares of Class A common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If no business combination
is completed within 12 months (or up to 18 months, if extended) from the closing of this offering, the proceeds 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 (less up to $75,000 of interest to pay dissolution expenses), will be used to fund the redemption of our public shares.
However, if we anticipate that we may not be able to consummate our initial business combination within 12 months from closing
of this offering, we may, but are not obligated to, extend the period of time to consummate a business combination for up to two
times by an additional three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant
to the terms of our amended and restated certificate of incorporation and the trust agreement to be entered into between us and
Continental Stock Transfer &amp; Trust Company on the date of this prospectus, in order to extend the time available for us to consummate our initial business combination,
our sponsor, upon at least five&nbsp;days advance notice prior to the applicable deadline, must deposit into the trust account
for each three-month extension, $600,000, or $690,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.10
per unit in either case), up to an aggregate of $1,200,000 or $1,380,000 if the underwriters&rsquo; over-allotment option is exercised
in full ($0.20 per unit in either case), on or prior to the date of the applicable deadline. Our public shareholders will not be
afforded an opportunity to vote on our extension of time to consummate an initial business combination from 12 months to 18 months
described above or redeem their shares in connection with such extensions. The sponsor will receive a non-interest bearing, unsecured
promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business
combination unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation
of our initial business combination, or, at the lender&rsquo;s discretion, converted upon consummation of our business combination
into additional working capital units at a price of $10.00 per unit. Our initial shareholders have agreed to waive their rights
to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our
initial business combination within such time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>An investment in
our securities involves a high degree of risk. You should consider carefully all of the risks described below, together with the
other information contained in this prospectus, before making a decision to invest in our units. If any of the following events
occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading
price of our securities could decline, and you could lose all or part of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Risks Related to our Search for, Consummation
of, or Inability to Consummate, a Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are a newly formed company with no
operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a newly formed
company with no operating results, and we will not commence operations until obtaining funding through this offering. Because we
lack an operating history, you have no basis upon which to evaluate our ability to achieve our business objective of completing
our initial business combination with one or more target businesses. We have no plans, arrangements or understandings with any
prospective target business concerning a business combination and may be unable to complete our business combination. If we fail
to complete our business combination, we will never generate any operating revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our independent registered public accounting
firm&rsquo;s report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a &ldquo;going
concern.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of May 16, 2022, we had a working capital deficiency of $(95,521)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">.
Further, we expect to incur significant costs in pursuit of our acquisition plans. Management&rsquo;s plans to address this
need for capital through this offering are discussed in the section of this prospectus titled &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations.&rdquo; Our plans to raise capital and to consummate
our initial business combination may not be successful. These factors, among others, raise substantial doubt about our
ability to continue as a going concern. The financial statements contained elsewhere in this prospectus do not include any
adjustments that might result from our inability to consummate this offering or our inability to continue as a going
concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our public shareholders may not be afforded
an opportunity to vote on our proposed business combination, which means we may complete our initial business combination even
though a majority of our public shareholders do not support such a combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may not hold a shareholder
vote to approve our initial business combination unless the business combination would require shareholder approval under applicable
law or stock exchange listing requirements or if we decide to hold a shareholder vote for business or other legal reasons. Except
as required by law, the decision as to whether we will seek shareholder approval of a proposed business combination or will allow
shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a
variety of factors, such as the timing of the transaction and whether the terms of the transaction would otherwise require us to
seek shareholder approval. Accordingly, we may complete our initial business combination even if holders of a majority of our public
shares do not approve of the business combination we complete. Please see the section of this prospectus entitled &ldquo;Proposed
Business&nbsp;&mdash;&nbsp;Shareholders May&nbsp;Not Have the Ability to Approve our Initial Business Combination&rdquo; for additional
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we seek shareholder approval of our
initial business combination, our initial shareholders have agreed to vote in favor of such initial business combination, regardless
of how our public shareholders vote.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unlike many other blank
check companies in which the initial shareholders agree to vote their founder shares in accordance with the majority of the votes
cast by the public shareholders in connection with an initial business combination, our initial shareholders have agreed to vote
their founder shares and private shares, as well as any public shares purchased during or after this offering, in favor of our
initial business combination. A quorum for such a vote will consist of the holders present in person or by proxy of shares of outstanding
capital stock of the company representing a majority (more than 50%) of the voting power of all outstanding shares of capital stock
of the company entitled to vote at such meeting. As a result, in the event that only the minimum number of shares representing
a quorum is present at a shareholders&rsquo; meeting held to vote on our initial business combination, in addition to our initial
shareholders&rsquo; founder shares and private shares, we would need only 64,501 or 1.08%, of the 6,000,000 public shares sold
in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved
(assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or
units or shares in the after-market). In the event that all shares of our outstanding common stock are voted, we would need 2,043,001
or 34.05%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order
to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders
do not purchase any units in this offering or units or shares in the after-market). Our founder shares and private shares will
represent 24.18% of our outstanding shares of common stock immediately following the completion of this offering, assuming no exercise
of over-allotment option. Accordingly, if we seek shareholder approval of our initial business combination, it is more likely that
the necessary shareholder approval will be received than would be the case if our founders agreed to vote their founder shares
and private shares in accordance with the majority of the votes cast by our public shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Your only opportunity to affect the
investment decision regarding a potential business combination will be limited to the exercise of your right to redeem your shares
from us for cash, unless we seek shareholder approval of the business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At the time of your
investment in us, you will not be provided with an opportunity to evaluate the specific merits or risks of one or more target businesses.
Since our board of directors may complete a business combination without seeking shareholder approval, public shareholders may
not have the right or opportunity to vote on the business combination, unless we seek such shareholder vote. Accordingly, if we
do not seek shareholder approval, your only opportunity to affect the investment decision regarding a potential business combination
may be limited to exercising your redemption rights within the period of time (which will be at least 20&nbsp;business days) set
forth in our tender offer documents mailed to our public shareholders in which we describe our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The ability of our public shareholders
to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which
may make it difficult for us to enter into a business combination with a target.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may seek to enter
into a business combination transaction agreement with a prospective target that requires as a closing condition that we have a
minimum net worth or a certain amount of cash. If too many public shareholders exercise their redemption rights, we would not be
able to meet such closing condition and, as a result, would not be able to proceed with the business combination. Furthermore,
we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon
consummation of our initial business combination and after payment of underwriters&rsquo; fees and commissions (so that we are
not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement which may
be contained in the agreement relating to our initial business combination. Consequently, if accepting all properly submitted redemption
requests would cause our net tangible assets to be less than $5,000,001 upon completion of our initial business combination or
such greater amount necessary to satisfy a closing condition, each as described above, we would not proceed with such redemption
and the related business combination and may instead search for an alternate business combination. Prospective targets will be
aware of these risks and, thus, may be reluctant to enter into a business combination transaction with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The ability of our public shareholders
to exercise redemption rights with respect to a large number of our shares may not allow us to complete the most desirable business
combination or optimize our capital structure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At the time we enter
into an agreement for our initial business combination, we will not know how many shareholders may exercise their redemption rights,
and therefore will need to structure the transaction based on our expectations as to the number of shares that will be submitted
for redemption. If our business combination agreement requires us to use a portion of the cash in the trust account to pay the
purchase price, or requires us to have a minimum amount of cash at closing, we will need to reserve a portion of the cash in the
trust account to meet such requirements, or arrange for third-party financing. In addition, if a larger number of shares are submitted
for redemption than we initially expected, we may need to restructure the transaction to reserve a greater portion of the cash
in the trust account or arrange for third-party financing. Raising additional third-party financing may involve dilutive equity
issuances or the incurrence of indebtedness at higher than desirable levels. The above considerations may limit our ability to
complete the most desirable business combination available to us or optimize our capital structure. The amount of deferred underwriting
commissions payable to the underwriters will not be adjusted for any shares that are redeemed in connection with a business combination.
The per-share amount we will distribute to shareholders who properly exercise their redemption rights will not be reduced by deferred
underwriting commissions and after such redemptions, the per-share value of shares held by non-redeeming shareholders will reflect
our obligation to pay deferred underwriting commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The ability of our public shareholders
to exercise redemption rights with respect to a large number of our shares could increase the probability that our initial business
combination would be unsuccessful and that you would have to wait for liquidation in order to redeem your stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If our business combination
agreement requires us to use a portion of the cash in the trust account to pay the purchase price, or requires us to have a minimum
amount of cash at closing, the probability that our initial business combination would be unsuccessful is increased. If our initial
business combination is unsuccessful, you would not receive your pro rata portion of the trust account until we liquidate the trust
account. If you are in need of immediate liquidity, you could attempt to sell your stock in the open market; however, at such time
our stock may trade at a discount to the pro rata amount per share in the trust account. In either situation, you may suffer a
material loss on your investment or lose the benefit of funds expected in connection with our redemption until we liquidate or
you are able to sell your stock in the open market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Our
search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially
adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt and equity markets, as well as protectionist
legislation in our target markets</B></FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
outbreak of COVID-19 has resulted in a widespread health crisis that has and may continue to adversely affect the economies and
financial markets worldwide, and the business of any potential target business with which we may consummate a business combination
could be materially and adversely affected. Furthermore, we may be unable to complete a business combination if continued concerns
relating to COVID-19 restrict travel, limit the ability to have meetings with potential investors or the target company&rsquo;s
personnel, vendors and services providers are unavailable to negotiate and consummate a transaction in a timely manner. In addition,
countries or supranational organizations in our target markets may develop and implement legislation that makes it more difficult
or impossible for entities outside such countries or target markets to acquire or otherwise invest in companies or businesses deemed
essential or otherwise vital. The extent to which COVID-19 impacts our search for and ability to consummate a business combination
will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge
concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. </FONT>Since March 2020,
as different variants and subvariants of COVID-19 developed and spread in various regions across the United States and East Asia,
some regional and local governments in our targeted geographic locations have imposed various forms of lockdowns, mass testing
and contact tracing measures for extended periods of time. <FONT STYLE="font-family: Times New Roman, Times, Serif">If the disruptions
posed by COVID-19 or other matters of global concern continue for an extensive period of time, and result in protectionist sentiments
and legislation in our target markets, our ability to consummate a business combination, or the operations of a target business
with which we ultimately consummate a business combination, may be materially adversely affected. In addition, our ability to consummate
a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by COVID-19 and other events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>As the number of special purpose acquisition
companies evaluating targets increases, attractive targets may become scarcer and there may be more competition for attractive
targets. This could increase the cost of our initial business combination and could even result in our inability to find a target
or to consummate an initial business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In recent&nbsp;years,
the number of special purpose acquisition companies that have been formed has increased substantially. Many potential targets for
special purpose acquisition companies have already entered into an initial business combination, and there are still many special
purpose acquisition companies seeking targets for their initial business combination, as well as many such companies currently
in registration. As a result, at times, fewer attractive targets may be available, and it may require more time, more effort and
more resources to identify a suitable target and to consummate an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, because
there are more special purpose acquisition companies seeking to enter into an initial business combination with available targets,
the competition for available targets with attractive fundamentals or business models may increase, which could cause targets companies
to demand improved financial terms. Attractive deals could also become scarcer for other reasons, such as economic or industry
sector downturns, geopolitical tensions, or increases in the cost of additional capital needed to close business combinations or
operate targets post-business&nbsp;combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This could increase the cost of, delay
or otherwise complicate or frustrate our ability to find and consummate an initial business combination, and may result in our
inability to consummate an initial business combination on terms favorable to our investors altogether.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Changes in the market for directors
and officers liability insurance could make it more difficult and more expensive for us to negotiate and complete an initial business
combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In recent&nbsp;months,
the market for directors and officers liability insurance for special purpose acquisition companies has changed. Fewer insurance
companies are offering quotes for directors and officers liability coverage, the premiums charged for such policies have generally
increased and the terms of such policies have generally become less favorable. There can be no assurance that these trends will
not continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increased cost and
decreased availability of directors and officers liability insurance could make it more difficult and more expensive for us to
negotiate an initial business combination. In order to obtain directors and officers liability insurance or modify its coverage
as a result of becoming a public company, the post-business&nbsp;combination entity might need to incur greater expense, accept
less favorable terms or both. However, any failure to obtain adequate directors and officers liability insurance could have an
adverse impact on the post-business&nbsp;combination&rsquo;s ability to attract and retain qualified officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, even after
we were to complete an initial business combination, our directors and officers could still be subject to potential liability from
claims arising from conduct alleged to have occurred prior to the initial business combination. As a result, in order to protect
our directors and officers, the post-business&nbsp;combination entity may need to purchase additional insurance with respect to
any such claims (&ldquo;run-off&nbsp;insurance&rdquo;). The need for run-off&nbsp;insurance would be an added expense for the post-business&nbsp;combination
entity, and could interfere with or frustrate our ability to consummate an initial business combination on terms favorable to our
investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The requirement that we complete our
initial business combination within the prescribed time frame may give potential target businesses leverage over us in negotiating
a business combination and may decrease our ability to conduct due diligence on potential business combination targets as we approach
our dissolution deadline, which could undermine our ability to complete our business combination on terms that would produce value
for our shareholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any potential target
business with which we enter into negotiations concerning a business combination will be aware that we must complete our initial
business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete
a business combination as described in this prospectus). Consequently, such target business may obtain leverage over us in negotiating
a business combination, knowing that if we do not complete our initial business combination with that particular target business,
we may be unable to complete our initial business combination with any target business. This risk will increase as we get closer
to the timeframe described above. In addition, we may have limited time to conduct due diligence and may enter into our initial
business combination on terms that we would have rejected upon a more comprehensive investigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may not be able to complete our initial
business combination within the prescribed time frame, in which case we would cease all operations except for the purpose of winding
up and we would redeem our public shares and liquidate, in which case our public shareholders may only receive $10.20 per share,
or less than such amount in certain circumstances, and our warrants will expire worthless.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will provide that we must complete our initial business combination within 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus).
If we are unable to complete our business combination within the completion period, we may seek approval from our shareholders
holding no less than 65% or more of the votes to approve an amendment to our then existing amended and restated certificate of
incorporation to extend the completion period to allow us additional time to complete our initial business combination. If we fail
to obtain approval from our shareholders for such extension or we do not seek such extension, we will be forced to liquidate and
wind up. Our ability to complete our initial business combination may be negatively impacted by general market conditions, volatility
in the capital and debt markets and the other risks described herein. For example, the outbreak of COVID-19 in the U.S.&nbsp;and
globally may grow or resurge and while the extent of the impact of the outbreak on us will depend on future developments, it could
limit our ability to complete our initial business combination, including as a result of increased market volatility, decreased
market liquidity and third-party financing being unavailable on terms acceptable to us or at all. Furthermore, we may be unable
to complete a business combination if continued concerns relating to COVID-19 restrict travel, limit the ability to have meeting
with potential investors or the target company&rsquo;s personnel, vendors and services providers are unavailable to negotiate and
consummate a transaction in a timely manner. Additionally, the outbreak of COVID-19 may negatively impact businesses we may seek
to acquire. If we have not completed our initial business combination within such time period, we will: (i)&nbsp;cease all operations
except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten&nbsp;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 and not previously released to us to pay our taxes or for working
capital purposes (less up to $75,000 of interest to pay dissolution expenses), divided by the number of then outstanding public
shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to receive
further liquidating distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible following
such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. In such case, our public shareholders may only receive $10.20 per share or less in certain circumstances, and our warrants
will expire worthless. In certain circumstances, our public shareholders may receive less than $10.20 per share on the redemption
of their shares. See &ldquo;&mdash;&nbsp;If third parties bring claims against us, the proceeds held in the trust account could
be reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share&rdquo; and other risk
factors in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we are unable to complete our initial
business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete
a business combination as described in this prospectus), we may further extend the time period that we need to complete the initial
business combination provided that we have sought and obtained an approval from our shareholders for such extension by amending
our then existing amended and restated certificate of incorporation and provided public shareholders with the opportunity to redeem
their public shares in connection with such extension.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we cannot complete
our initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time
to complete a business combination as described in this prospectus), we may seek to further amend our then existing certificate
of incorporation to extend the time period under which we may complete our initial business combination. As provided in our amended
and restated certificate of incorporation, our amended and restated certificate of incorporation may be amended if approved by
holders of 65% of our common stock entitled to vote thereon, and that our public shareholders shall be provided with the opportunity
to redeem their public shares upon the approval of any such amendment, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest (net of taxes payable), divided by the number of then outstanding
public shares. We cannot guarantee that we will be able to complete our initial business combination with the time period given
by our amended and restated certificate of incorporation, or if not, predict the length of the extended time period that we may
seek to propose in the amendment to our then existing charter, as that may depend on the nature and complexity of the initial business
combination, the progress we will have made with regard to the initial business combination by the time we seek the amendment,
and other factors (including regulatory factors that may delay our initial business combination) beyond our control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we seek shareholder approval of our
initial business combination, our initial shareholders, advisors, and their affiliates may elect to purchase shares or warrants
from public shareholders, which may influence a vote on a proposed business combination and reduce the public &ldquo;float&rdquo;
of our Class&nbsp;A common stock or&nbsp;warrants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we seek shareholder
approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant
to the tender offer rules, our initial shareholders, advisors or their affiliates may purchase shares or warrants, or a combination
thereof in privately negotiated transactions or in the open market either prior to or following the completion of our initial business
combination, although they are under no obligation to do so. Such a purchase may include a contractual acknowledgement that such
shareholder, although still the record holder of our shares is no longer the beneficial owner thereof and therefore agrees not
to exercise its redemption rights. In the event that our initial shareholders, advisors or their affiliates purchase shares in
privately negotiated transactions from public shareholders who have already elected to exercise their redemption rights, such selling
shareholders would be required to revoke their prior elections to redeem their shares. The purpose of such purchases could be to
vote such shares in favor of the business combination and thereby increase the likelihood of obtaining shareholder approval of
the business combination, or to satisfy a closing condition in an agreement with a target that requires us to have a minimum net
worth or a certain amount of cash at the closing of our business combination, where it appears that such requirement would otherwise
not be met. This may result in the completion of our business combination that may not otherwise have been possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if such
purchases are made, the public &ldquo;float&rdquo; of our Class&nbsp;A common stock or warrants and the number of beneficial holders
of our securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our securities
on a national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If a shareholder fails to receive notice
of our offer to redeem our public shares in connection with our business combination, or fails to comply with the procedures for
tendering its shares, such shares may not be redeemed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will comply with
the tender offer rules&nbsp;or proxy rules, as applicable, when conducting redemptions in connection with our business combination.
Despite our compliance with these rules, if a shareholder fails to receive our tender offer or proxy materials, as applicable,
such shareholder may not become aware of the opportunity to redeem its shares. In addition, the tender offer documents or proxy
materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination
will describe the various procedures that must be complied with in order to validly tender or redeem public shares. For example,
we may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their
shares in &ldquo;street name,&rdquo; to either tender their certificates to our transfer agent prior to the date set forth in the
tender offer documents mailed to such holders, or up to two&nbsp;business days prior to the vote on the proposal to approve the
business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically.
In the event that a shareholder fails to comply with these or any other procedures, its shares may not be redeemed. See the section
of this prospectus entitled &ldquo;Proposed Business&nbsp;&mdash;&nbsp;Redemption Rights for Public Shareholders upon Completion
of our Initial Business Combination&nbsp;&mdash;&nbsp;Tendering Stock Certificates in Connection with a Tender Offer or Redemption
Rights.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You will not have any rights or interests
in funds from the trust account, except under certain limited circumstances. To liquidate your investment, therefore, you may be
forced to sell your public shares or warrants, potentially at a loss.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our public shareholders
will be entitled to receive funds from the trust account only upon the earliest to occur of: (i)&nbsp;our completion of an initial
business combination, and then only in connection with those public shares that such shareholder properly elected to redeem, subject
to the limitations described in this prospectus, (ii)&nbsp;the redemption of any public shares properly submitted in connection
with a shareholder vote to amend our amended and restated then existing certificate of incorporation (A)&nbsp;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 12 months from the closing of this offering (or up to 18 months,
if we extend the time to complete a business combination as described in this prospectus) or (B)&nbsp;with respect to any other
provision relating to shareholders&rsquo; rights or pre-initial business combination activity and (iii)&nbsp;the redemption of
our public shares if we are unable to complete an initial business combination within 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), subject to applicable
law and as further described herein. In addition, if we are unable to complete an initial business combination within 12 months
from the closing of this offering for any reason (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus), compliance with Delaware law may require that we submit a plan of dissolution to our then-existing
shareholders for approval prior to the distribution of the proceeds held in our trust account. In that case, public shareholders
may be forced to wait beyond 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete
a business combination as described in this prospectus) before they receive funds from our trust account. In no other circumstances
will a public shareholder have any right or interest of any kind in the trust account. Accordingly, to liquidate your investment,
you may be forced to sell your public shares or warrants, potentially at a loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You will not be entitled to protections
normally afforded to investors of many other blank check companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Since the net proceeds
of this offering and the sale of the private units are intended to be used to complete an initial business combination with a target
business that has not been selected, we may be deemed to be a &ldquo;blank check&rdquo; company under the United&nbsp;States securities
laws. However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this offering
and the sale of the private units and will file a Current Report on Form&nbsp;8-K, including an audited
balance sheet demonstrating this fact, we are exempt from rules&nbsp;promulgated by the SEC to protect investors in blank check
companies, such as Rule&nbsp;419. Accordingly, investors will not be afforded the benefits or protections of those rules. Among
other things, this means our units will be immediately tradable and we will have a longer period of time to complete our business
combination than do companies subject to Rule&nbsp;419. Moreover, if this offering were subject to Rule&nbsp;419, that rule&nbsp;would
prohibit the release of any interest earned on funds held in the trust account to us unless and until the funds in the trust account
were released to us in connection with our completion of an initial business combination. For a more detailed comparison of our
offering to offerings that comply with Rule&nbsp;419, please see the section of this prospectus entitled &ldquo;Proposed Business&nbsp;&mdash;&nbsp;Comparison
of This Offering to Those of Blank Check Companies Subject to Rule&nbsp;419.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we seek shareholder approval of our
initial business combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a &ldquo;group&rdquo;
of shareholders are deemed to hold in excess of 15% of our Class&nbsp;A common stock, you will lose the ability to redeem all such
shares in excess of 15% of our Class&nbsp;A common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 certificate of incorporation 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 &ldquo;group&rdquo;
(as defined under Section&nbsp;13 of the Exchange&nbsp;Act), will be restricted from seeking redemption rights with respect to
more than an aggregate of 15% of the shares sold in this offering, which we refer to as the &ldquo;Excess Shares.&rdquo; However,
our amended and restated certificate of incorporation will not restrict our shareholders&rsquo; ability to vote all of their shares
(including Excess Shares) for or against our business combination. Your inability to redeem the Excess Shares will reduce your
influence over our ability to complete our business combination and you could suffer a material loss on your investment in us if
you sell Excess Shares in open market transactions. Additionally, you will not receive redemption distributions with respect to
the Excess Shares if we complete our business combination. As a result, you will continue to hold that number of shares exceeding
15% and, in order to dispose of such shares, would be required to sell your stock in open market transactions, potentially at a
loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Because of our limited resources and
the significant competition for business combination opportunities, it may be more difficult for us to complete our initial business
combination. If we are unable to complete our initial business combination, our public shareholders may receive only approximately
$10.20 per share on our redemption of our public shares, or less than such amount in certain circumstances, and our warrants will
expire worthless.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expect to encounter
intense competition from other entities having a business objective similar to ours, including private investors (which may be
individuals or investment partnerships), other blank check companies and other entities, domestic and international, competing
for the types of businesses we intend to acquire. Many of these individuals and entities are well-established and have extensive
experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing services to
various industries. Many of these competitors possess greater technical, human and other resources or more local industry knowledge
than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors. While
we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and the sale
of the private units, our ability to compete with respect to the acquisition of certain target businesses that are sizable will
be limited by our available financial resources. This inherent competitive limitation gives others an advantage in pursuing the
acquisition of certain target businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, because
we are obligated to pay cash for the shares of Class&nbsp;A common stock which our public shareholders redeem in connection with
our initial business combination, target companies will be aware that this may reduce the resources available to us for our initial
business combination. This may place us at a competitive disadvantage in successfully negotiating a business combination. If we
are unable to complete our initial business combination, our public shareholders may receive only approximately $10.20 per share,
or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. In certain circumstances,
our public shareholders may receive less than $10.20 per share upon our liquidation. See &ldquo;&mdash;&nbsp;If third parties bring
claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders
may be less than $10.20 per share&rdquo; and other risk factors in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If the net proceeds of this offering
and the sale of the private units not being held in the trust account are insufficient to allow us to operate for at least the
next 12 months (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus),
we may be unable to complete our initial business combination, in which case our public shareholders may only receive $10.20 per
share, or less than such amount in certain circumstances, and our warrants will expire worthless.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The funds available
to us outside of the trust account may not be sufficient to allow us to operate for at least the next 12 months (or up to 18 months,
if we extend the time to complete a business combination as described in this prospectus), assuming that our initial business combination
is not completed during that time. We believe that, upon the closing of this offering, the funds available to us outside of the
trust account will be sufficient to allow us to operate for at least the next 12 months (or up to 18 months, if we extend the time
to complete a business combination as described in this prospectus); however, we cannot assure you that our estimate is accurate.
Of the funds available to us, we could use a portion of the funds available to us to pay fees to consultants to assist us with
our search for a target business. We could also use a portion of the funds as a down payment or to fund a &ldquo;no-shop&rdquo;
provision (a provision in letters of intent or merger agreements designed to keep target businesses from &ldquo;shopping&rdquo;
around for transactions with other companies on terms more favorable to such target businesses) with respect to a particular proposed
business combination, although we do not have any current intention to do so. If we entered into a letter of intent or merger agreement
where we paid for the right to receive exclusivity from a target business and were subsequently required to forfeit such funds
(whether as a result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct due
diligence with respect to, a target business. If we are unable to complete our initial business combination, our public shareholders
may receive only approximately $10.20 per share or less in certain circumstances on the liquidation of our trust account and our
warrants will expire worthless. In certain circumstances, our public shareholders may receive less than $10.20 per share upon our
liquidation. See &ldquo;&mdash;&nbsp;If third parties bring claims against us, the proceeds held in the trust account could be
reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share&rdquo; and other risk factors
in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If the net proceeds of this offering
and the sale of the private units not being held in the trust account are insufficient, it could limit the amount available to
fund our search for a target business or businesses and complete our initial business combination and we will depend on loans from
our founders or management team to fund our search for a business combination, to pay our taxes and to complete our initial business
combination. If we are unable to obtain these loans, we may be unable to complete our initial business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Of the net proceeds
of this offering and the sale of the private units, only approximately $650,000 will be available to us initially outside the trust
account to fund our working capital requirements. In the event that our offering expenses exceed our estimate of $1,090,000, we
may fund such excess with funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside
the trust account would decrease by a corresponding amount. Conversely, in the event that the offering expenses are less than our
estimate of $1,090,000, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount.
If we are required to seek additional capital, we would need to borrow funds from our founders or their affiliates to operate,
or we may be forced to liquidate. None of our founders nor any of their affiliates is under any obligation to advance funds to
us in such circumstances. Any such advances would be repaid only from funds held outside the trust account or from funds released
to us upon completion of our initial business combination. We do not expect to seek loans from parties other than our founders
or an affiliate of our founders as we do not believe third parties will be willing to loan such funds and provide a waiver against
any and all rights to seek access to funds in our trust account but in the event that we seek loans from any third parties, we
will obtain a waiver against any and all rights to seek access to funds in our trust account. If we are unable to obtain these
loans, we may be unable to complete our initial business combination. If we are unable to complete our initial business combination
because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account.
Consequently, our public shareholders may only receive approximately $10.20 per share on our redemption of our public shares, and
our warrants will expire worthless. In certain circumstances, our public shareholders may receive less than $10.20 per share on
the redemption of their shares. See &ldquo;&mdash;&nbsp;If third parties bring claims against us, the proceeds held in the trust
account could be reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share&rdquo;
and other risk factors in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We do not have a specified maximum redemption
threshold. The absence of such a redemption threshold may make it possible for us to complete a business combination with which
a substantial majority of our shareholders do not agree.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will not provide a specified maximum redemption threshold, except that we will only redeem our public
shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial
business combination and after payment of underwriters&rsquo; fees and commissions (such that we are not subject to the SEC&rsquo;s
&ldquo;penny stock&rdquo; rules). As a result, we may be able to complete our business combination even though a substantial majority
of our public shareholders do not agree with the transaction and have redeemed their shares or, if we seek shareholder approval
of our initial business combination and do not conduct redemptions in connection with our business combination pursuant to the
tender offer rules, have entered into privately negotiated agreements to sell their shares to our founders, advisors or their affiliates.
In the event the aggregate cash consideration we would be required to pay for all shares of Class&nbsp;A common stock that are
validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business
combination exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares,
all shares of Class&nbsp;A common stock submitted for redemption will be returned to the holders thereof, and we instead may search
for an alternate business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If third parties bring claims against
us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be
less than $10.20 per share.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our placing of funds
in the trust account may not protect those funds from third-party claims against us. Although we will seek to have all vendors,
service providers, prospective target businesses or other entities with which we do business execute agreements with us waiving
any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public shareholders,
such parties may not execute such agreements, or even if they execute such agreements they may not be prevented from bringing claims
against the trust account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar
claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to
a claim against our assets, including the funds held in the trust account. If any third party refuses to execute an agreement waiving
such claims to the monies held in the trust account, our management will perform an analysis of the alternatives available to it
and will only enter into an agreement with a third party that has not executed a waiver if management believes that such third
party&rsquo;s engagement would be significantly more beneficial to us than any alternative. Making such a request of potential
target businesses may make our acquisition proposal less attractive to them and, to the extent prospective target businesses refuse
to execute such a waiver, it may limit the field of potential target businesses that we might pursue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Examples of possible
instances where we may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant
whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that
would agree to execute a waiver or in cases where management is unable to find a service provider willing to execute a waiver.
In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of,
or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the trust account for any
reason. Upon redemption of our public shares, if we are unable to complete our business combination within the prescribed timeframe,
or upon the exercise of a redemption right in connection with our business combination, we will be required to provide for payment
of claims of creditors that were not waived that may be brought against us within the 10&nbsp;years following redemption. Accordingly,
the per-share redemption amount received by public shareholders could be less than the $10.20 per share initially held in the trust
account, due to claims of such creditors. Our sponsor has agreed that it will be liable to us if and to the extent any claims by
a vendor for services rendered or products sold to us, or a prospective target business with which we have discussed entering into
a transaction agreement, reduce the amount of funds in the trust account to below (i)&nbsp;$10.20 per public share or (ii)&nbsp;such
lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions
in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not
apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account
and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities
under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then
our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified
whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor&rsquo;s only assets
are securities of our company. We have not asked our sponsor to reserve for such indemnification obligations. Therefore, we cannot
assure you that our sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made
against the trust account, the funds available for our initial business combination and redemptions could be reduced to less than
$10.20 per public share. In such event, we may not be able to complete our initial business combination, and you would receive
such lesser amount per share in connection with any redemption of your public shares. None of our officers will indemnify us for
claims by third parties including, without limitation, claims by vendors and prospective target businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our independent directors may decide
not to enforce the indemnification obligations of our sponsor, resulting in a reduction in the amount of funds in the trust account
available for distribution to our public shareholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event that the
proceeds in the trust account are reduced below the lesser of (i)&nbsp;$10.20 per public share or (ii)&nbsp;such lesser amount
per share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the
trust assets, in each case net of the interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to
satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent directors
would determine whether to take legal action against our sponsor to enforce its indemnification obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While we currently expect
that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations
to us, it is possible that our independent directors in exercising their business judgment may choose not to do so if, for example,
the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable or if the
independent directors determine that a favorable outcome is not likely. If our independent directors choose not to enforce these
indemnification obligations, the amount of funds in the trust account available for distribution to our public shareholders may
be reduced below $10.20 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If, after we distribute the proceeds
in the trust account to our public shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against
us that is not dismissed, a bankruptcy court may seek to recover such proceeds, and we and our board may be exposed to claims of
punitive damages.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If, after we distribute
the proceeds in the trust account to our public shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition
is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor
and/or bankruptcy laws as either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent conveyance.&rdquo; As a result, a
bankruptcy court could seek to recover all amounts received by our shareholders. In addition, our board of directors may be viewed
as having breached its fiduciary duty to our creditors and/or having acted in bad faith, thereby exposing itself and us to claims
of punitive damages, by paying public shareholders from the trust account prior to addressing the claims of creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If, before distributing the proceeds
in the trust account to our public shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against
us that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our shareholders and
the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If, before distributing
the proceeds in the trust account to our public shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition
is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law,
and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our shareholders.
To the extent any bankruptcy claims deplete the trust account, the per-share amount that would otherwise be received by our shareholders
in connection with our liquidation may be reduced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our shareholders may be held liable
for claims by third parties against us to the extent of distributions received by them upon redemption of their shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the DGCL, shareholders may be held liable for claims by third parties against a corporation to the extent of distributions received
by them in a dissolution. The pro rata portion of our trust account distributed to our public shareholders upon the redemption
of our public shares in the event we do not complete our initial business combination within 12 months from the closing of this
offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) may be
considered a liquidating distribution under Delaware law. If a corporation complies with certain procedures set forth in Section&nbsp;280
of the DGCL intended to ensure that it makes reasonable provision for all claims against it, including a 60-day notice period during
which any third-party claims can be brought against the corporation, a 90-day period during which the corporation may reject any
claims brought, and an additional 150-day waiting period before any liquidating distributions are made to shareholders, any liability
of shareholders with respect to a liquidating distribution is limited to the lesser of such shareholder&rsquo;s pro rata share
of the claim or the amount distributed to the shareholder, and any liability of the shareholder would be barred after the third
anniversary of the dissolution. However, it is our intention to redeem our public shares as soon as reasonably possible following
the 12<SUP>th</SUP> month (or 18<SUP>th</SUP> month, if extended) from</FONT>&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif">the
closing of this offering in the event we do not complete our business combination and, therefore, we do not intend to comply with
the foregoing procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because we will not
be complying with Section&nbsp;280, Section&nbsp;281(b)&nbsp;of the DGCL requires us to adopt a plan, based on facts known to us
at such time that will provide for our payment of all existing and pending claims or claims that may be potentially brought against
us within the 10&nbsp;years following our dissolution. However, because we are a blank check company, rather than an operating
company, and our operations will be limited to searching for prospective target businesses to acquire, the only likely claims to
arise would be from our vendors (such as lawyers, investment bankers,&nbsp;etc.) or prospective target businesses. If our plan
of distribution complies with Section&nbsp;281(b)&nbsp;of the DGCL, any liability of shareholders with respect to a liquidating
distribution is limited to the lesser of such shareholder&rsquo;s pro rata share of the claim or the amount distributed to the
shareholder, and any liability of the shareholder would likely be barred after the third anniversary of the dissolution. We cannot
assure you that we will properly assess all claims that may be potentially brought against us. As such, our shareholders could
potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of our shareholders
may extend beyond the third anniversary of such date. Furthermore, if the pro rata portion of our trust account distributed to
our public shareholders upon the redemption of our public shares in the event we do not complete our initial business combination
within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus) is not considered a liquidating distribution under Delaware law and such redemption distribution
is deemed to be unlawful, then pursuant to Section&nbsp;174 of the DGCL, the statute of limitations for claims of creditors could
then be six&nbsp;years after the unlawful redemption distribution, instead of three&nbsp;years, as in the case of a liquidating
distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Because we are not limited to a particular
industry, sector or any specific target businesses with which to pursue our initial business combination, you will be unable to
ascertain the merits or risks of any particular target business&rsquo; operations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we intend to
we intend to leverage the knowledge, expertise, capabilities and deep industry relationships of our management team and board of
directors to focus on biotechnology companies with the potential to capitalize on the growing biotechnology sector in North America
and the Asia-Pacific region. We may seek to complete a business combination with an operating company in any industry or sector
(excluding China, Hong&nbsp;Kong and Macau). However, we will not, under our amended and restated certificate of incorporation,
be permitted to complete our business combination with another blank check company or similar company with nominal operations.
Because we have not yet selected or approached any specific target business with respect to a business combination, there is no
basis to evaluate the possible merits or risks of any particular target business&rsquo;s operations, results of operations, cash
flows, liquidity, financial condition or prospects. To the extent we complete our business combination, we may be affected by numerous
risks inherent in the business operations with which we combine. For example, if we combine with a financially unstable business
or an entity lacking an established record of revenues or earnings, we may be affected by the risks inherent in the business and
operations of a financially unstable or a development stage entity. Although our officers and directors will endeavor to evaluate
the risks inherent in a particular target business, we cannot assure you that we will properly ascertain or assess all the significant
risk factors or that we will have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our
control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.
We also cannot assure you that an investment in our units will ultimately prove to be more favorable to investors than a direct
investment, if such opportunity were available, in a business combination target. Accordingly, any shareholders who choose to remain
shareholders following the business combination could suffer a reduction in the value of their shares. Such shareholders are unlikely
to have a remedy for such reduction in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Past performance by our management team,
our advisors and our founders may not be indicative of future performance of an investment in us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Information regarding
performance by, or businesses associated with our management team and our founders and their affiliates is presented for informational
purposes only. Past performance by our management team and our founders is not a guarantee either (i)&nbsp;of success with respect
to any business combination we may consummate or (ii)&nbsp;that we will be able to locate a suitable candidate for our initial
business combination. Majority of our officers, directors and advisors have not had management experience with special purpose
acquisition corporations in the past. You should not rely on the historical record of our management team&rsquo;s, our advisors&rsquo;
or our founders&rsquo; respective performance as indicative of our future performance of an investment in us or the returns we
will, or are likely to, generate going forward. Furthermore, an investment in us is not an investment in our founders or their
affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may seek acquisition opportunities
in industries or sectors which may or may not be outside of our management&rsquo;s area of expertise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we intend to
we intend to focus on the growing biotechnology sector in North America and the Asia-Pacific region, we will consider a business
combination outside of our management&rsquo;s area of expertise if a business combination candidate is presented to us and we determine
that such candidate offers an attractive acquisition opportunity for our company. Although our management will endeavor to evaluate
the risks inherent in any particular business combination candidate, we cannot assure you that we will adequately ascertain or
assess all the significant risk factors. We also cannot assure you that an investment in our units will not ultimately prove to
be less favorable to investors in this offering than a direct investment, if an opportunity were available, in a business combination
candidate. In the event we elect to pursue an acquisition outside of the areas of our management&rsquo;s expertise, our management&rsquo;s
expertise may not be directly applicable to its evaluation or operation, and the information contained in this prospectus regarding
the areas of our management&rsquo;s expertise would not be relevant to an understanding of the business that we elect to acquire.
As a result, our management may not be able to adequately ascertain or assess all the significant risk factors. Accordingly, any
shareholders who choose to remain shareholders following our business combination could suffer a reduction in the value of their
shares. Such shareholders are unlikely to have a remedy for such reduction in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Although we have identified general
criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter into our initial
business combination with a target that does not meet such criteria and guidelines, and as a result, the target business with which
we enter into our initial business combination may not have attributes entirely consistent with our general criteria and guidelines.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Although
we have identified general criteria and guidelines for evaluating prospective target businesses, it is possible that a target business
with which we enter into our initial business combination will not have all of these positive attributes. If we complete our initial
business combination with a target that does not meet some or all of these criteria and guidelines, such combination may not be
as successful as a combination with a business that does meet all of our general criteria and guidelines. </FONT><FONT STYLE="background-color: white">Even
if we are able to identify and enter into an initial business combination with a target business that is focused on and committed
to ESG principles, there can be no guarantee that such business combination will succeed in creating long-term value for the company&rsquo;s
stockholders.&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">In addition, if we announce a prospective business
combination with a target that does not meet our general criteria and guidelines, a greater number of shareholders may exercise
their redemption rights, which may make it difficult for us to meet any closing condition with a target business that requires
us to have a minimum net worth or a certain amount of cash. In addition, if shareholder approval of the transaction is required
by law, or we decide to obtain shareholder approval for business or other legal reasons, it may be more difficult for us to attain
shareholder approval of our initial business combination if the target business does not meet our general criteria and guidelines.
If we are unable to complete our initial business combination, our public shareholders may receive only approximately $10.20 per
share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. In certain
circumstances, our public shareholders may receive less than $10.20 per share on the redemption of their shares. See &ldquo;&mdash;&nbsp;If
third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount
received by shareholders may be less than $10.20 per share&rdquo; and other risk factors in this section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may seek acquisition opportunities
with an early stage company, a financially unstable business or an entity lacking an established record of revenue or earnings,
which could subject us to volatile revenues or earnings or difficulty in retaining key personnel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To the extent we complete
our initial business combination with an early stage company such as a pre-revenue entity with a limited operating history, a financially
unstable business, or an entity lacking an established record of revenues or earnings, we may be affected by numerous risks inherent
in the operations of the business with which we combine. These risks include investing in a business without a proven business
model and with limited historical financial data, a lack of revenues or earnings and difficulties in obtaining and retaining key
personnel. Although our officers and directors will endeavor to evaluate the risks inherent in a particular target business, we
may not be able to properly ascertain or assess all the significant risk factors and we may not have adequate time to complete
due diligence. Furthermore, some of these risks may be outside of our control and leave us with no ability to control or reduce
the chances that those risks will adversely impact a target business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are not required to obtain an opinion
from an independent investment banking firm or from an independent accounting firm, and consequently, you may have no assurance
from an independent source that the price we are paying for the business is fair to our company from a financial point of view.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless we complete our
business combination with an affiliated entity or our board cannot independently determine the fair market value of the target
business or businesses, we are not required to obtain an opinion from an independent investment banking firm that is a member of
FINRA or from an independent accounting firm that the price we are paying is fair to our company from a financial point of view.
If no opinion is obtained, our shareholders will be relying on the judgment of our board of directors, who will determine fair
market value based on standards generally accepted by the financial community. Such standards used will be disclosed in our proxy
solicitation or tender offer materials, as applicable, related to our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Resources could be wasted in researching
acquisitions that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge
with another business. If we are unable to complete our initial business combination, our public shareholders may receive only
approximately $10.20 per share, or less than such amount in certain circumstances, on the liquidation of our trust account and
our warrants will expire worthless.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We anticipate that the
investigation of each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents
and other instruments will require substantial management time and attention and substantial costs for accountants, attorneys and
others. If we decide not to complete a specific initial business combination, the costs incurred up to that point for the proposed
transaction likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may
fail to complete our initial business combination for any number of reasons including those beyond our control. Any such event
will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate
and acquire or merge with another business. If we are unable to complete our initial business combination, our public shareholders
may receive only approximately $10.20 per share on the liquidation of our trust account and our warrants will expire worthless.
In certain circumstances, our public shareholders may receive less than $10.20 per share on the redemption of their shares. See
&ldquo;&mdash;&nbsp;If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share
redemption amount received by shareholders may be less than $10.20 per share&rdquo; and other risk factors in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may attempt to simultaneously complete
business combinations with multiple prospective targets, which may hinder our ability to complete our business combination and
give rise to increased costs and risks that could negatively impact our operations and profitability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we determine to simultaneously
acquire several businesses that are owned by different sellers, we will need for each of such sellers to agree that our purchase
of its business is contingent on the simultaneous closings of the other business combinations, which may make it more difficult
for us, and delay our ability, to complete our initial business combination. With multiple business combinations, we could also
face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence
investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations
and services or products of the acquired companies in a single operating business. If we are unable to adequately address these
risks, it could negatively impact our profitability and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may have a limited ability to assess
the management of a prospective target business and, as a result, may complete our initial business combination with a target business
whose management may not have the skills, qualifications or abilities to manage a public company, which could, in turn, negatively
impact the value of our shareholders&rsquo; investment in us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">When evaluating the
desirability of effecting our initial business combination with a prospective target business, our ability to assess the target
business&rsquo;s management may be limited due to a lack of time, resources or information. Our assessment of the capabilities
of the target&rsquo;s management, therefore, may prove to be incorrect and such management may lack the skills, qualifications
or abilities we suspected. Should the target&rsquo;s management not possess the skills, qualifications or abilities necessary to
manage a public company, the operations and profitability of the post-combination business may be negatively impacted. Accordingly,
any shareholders who choose to remain shareholders following the business combination could suffer a reduction in the value of
their shares. Such shareholders are unlikely to have a remedy for such reduction in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The officers and directors
of an acquisition candidate may resign upon completion of our initial business combination. The departure of a business combination
target&rsquo;s key personnel could negatively impact the operations and profitability of our post-combination business. The role
of an acquisition candidate&rsquo;s key personnel upon the completion of our initial business combination cannot be ascertained
at this time. Although we contemplate that certain members of an acquisition candidate&rsquo;s management team will remain associated
with the acquisition candidate following our initial business combination, it is possible that members of the management of an
acquisition candidate will not wish to remain in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may attempt to complete our initial
business combination with a private company about which little information is available, which may result in a business combination
with a company that is not as profitable as we suspected, if at all.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In pursuing our acquisition
strategy, we may seek to complete our initial business combination with a privately held company. Very little public information
generally exists about private companies, and we could be required to make our decision on whether to pursue a potential initial
business combination on the basis of limited information, which may result in a business combination with a company that is not
as profitable as we suspected, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may only be able to complete one
business combination with the proceeds of this offering and the sale of the private units, which will cause us to be solely dependent
on a single business which may have a limited number of products or services. This lack of diversification may negatively impact
our operations and profitability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Of the net proceeds
from this offering and the sale of the private units, up to $61,200,000 (or $70,380,000 if the underwriters&rsquo; over-allotment
option is exercised in full) will be available to complete our business combination and pay related fees and expenses (which includes
up to approximately $2,100,000, or up to approximately $2,415,000 if the over-allotment option is exercised in full, for the payment
of deferred underwriting commissions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may complete our
business combination with a single target business or multiple target businesses simultaneously or within a short period of time.
However, we may not be able to complete our business combination with more than one target business because of various factors,
including the existence of complex accounting issues and the requirement that we prepare and file pro forma financial statements
with the SEC that present operating results and the financial condition of several target businesses as if they had been operated
on a combined basis. By completing our initial business combination with only a single entity, our lack of diversification may
subject us to numerous economic, competitive and regulatory developments. Further, we would not be able to diversify our operations
or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to
complete several business combinations in different industries or different areas of a single industry. In addition, we intend
to focus our search for an initial business combination in a single industry. Accordingly, the prospects for our success may be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">solely dependent upon the performance of a single business,
property or asset, or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">dependent upon the development or market acceptance of
a single or limited number of products, processes or services.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This lack of diversification
may subject us to numerous economic, competitive and regulatory developments, any or all of which may have a substantial adverse
impact upon the particular industry in which we may operate subsequent to our business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>As the number of special purpose acquisition
companies evaluating targets increases, attractive targets may become scarcer and there may be more competition for attractive
targets. This could increase the cost of our initial business combination and could even result in our inability to find a target
or to consummate an initial business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In recent&nbsp;years,
the number of special purpose acquisition companies that have been formed has increased substantially. Many potential targets for
special purpose acquisition companies have already entered into an initial business combination, and there are still many special
purpose acquisition companies seeking targets for their initial business combination, as well as many such companies currently
in registration. As a result, and because our pool is limited to companies that conduct principal of their business outside of
China (including Hong&nbsp;Kong and Macau), fewer attractive targets may be available, and it may require more time, more effort
and more resources to identify a suitable target and to consummate an initial business combination. Our amended and restated certificate
of incorporation to be adopted immediately prior to the effectiveness of the registration statement of which this prospectus forms
a part will prohibit us from undertaking our initial business combination with any company being based in or having the majority
of the company&rsquo;s operations in China (including Hong Kong and Macau).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, because
there are more special purpose acquisition companies seeking to enter into an initial business combination with available targets,
the competition for available targets with attractive fundamentals or business models may increase, which could cause targets companies
to demand improved financial terms. Attractive deals could also become scarcer for other reasons, such as economic or industry
sector downturns, geopolitical tensions, or increases in the cost of additional capital needed to close business combinations or
operate targets post-business combination. This could increase the cost of, delay or otherwise complicate or frustrate our ability
to find and consummate an initial business combination, and may result in our inability to consummate an initial business combination
on terms favorable to our investors altogether.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may be subject to an increased rate
of tax on our income if we are treated as a personal holding company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depending on the date
and size of our initial business combination, it is possible that we could be subject to a second level of U.S. federal income
tax on a portion of our income if we are determined to be a personal holding company, or PHC, for U.S. federal income tax purposes.
A U.S. corporation generally will be classified as a PHC for U.S. federal income tax purposes in a given taxable year if (i)&nbsp;at
any time during the last half of such taxable year, five or fewer individuals (without regard to their citizenship or residency
and including as individuals for this purpose certain entities such as certain tax-exempt organizations, pension funds and charitable
trusts) own or are deemed to own (pursuant to certain constructive ownership rules) more than 50% of the stock of the corporation
by value and (ii)&nbsp;at least 60% of the corporation&rsquo;s adjusted ordinary gross income, as determined for U.S. federal income
tax purposes, for such taxable year consists of PHC income (which includes, among other things, dividends, interest, certain royalties,
annuities and, under certain circumstances, rents). See the section of this prospectus entitled &ldquo;United States Federal Income
Tax Considerations&nbsp;&mdash;&nbsp;Personal Holding Company Status&rdquo; for more detailed information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>There may be tax consequences to our
business combinations that may adversely affect us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While we expect to undertake
any merger or acquisition so as to minimize taxes both to the acquired business and/or asset and us, such business combination
might not meet the statutory requirements of a tax-free reorganization, or the parties might not obtain the intended tax-free treatment
upon a transfer of shares or assets. A non-qualifying reorganization could result in the imposition of substantial taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may reincorporate in another jurisdiction
in connection with our initial business combination and such reincorporation may result in taxes imposed on shareholders or warrant
holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may, in connection with our initial
business combination and subject to requisite shareholder approval under the DGCL, reincorporate in the jurisdiction in which the
target company or business is located or in another jurisdiction. The transaction may require a shareholder or warrant holder to
recognize taxable income in the jurisdiction in which the shareholder or warrant holder is a tax resident or in which its members
are resident if it is a tax transparent entity (or may otherwise result in adverse tax consequences). We do not intend to make
any cash distributions to shareholders or warrant holders to pay such taxes. Shareholders or warrant holders may be subject to
withholding taxes or other taxes with respect to their ownership of us after the reincorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Focus on biotechnology and green
technology sectors with an emphasis </B>&nbsp;<B>on ESG could negatively impact the operations and profitability of our post-combination
business or expose us to additional risks.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Increasing attention
to climate change, increasing societal expectations on businesses to address climate change, and potential consumer use of substitutes
to energy commodities may result in increased costs, reduced demand for our post-combination business&rsquo;s products, reduced
profits, increased investigations and litigation, and negative impacts on its stock price and access to capital markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">In addition,
organizations that provide information to investors on corporate governance and related matters have developed rating
processes for evaluating business entities on their approach to ESG matters. Currently, there are no universal standards for
such scores or ratings especially in biotech and green technology sectors, but the importance of sustainability evaluations is becoming more broadly accepted by investors and
stockholders. Such ratings are used by some investors to inform their investment and voting decisions. Additionally, certain
investors use these scores to benchmark businesses against their peers and if a business entity is perceived as lagging,
these investors may engage with such entities to require improved ESG disclosure or performance. Moreover, certain members of
the broader investment community may consider a business entity&rsquo;s sustainability score as a reputational or other
factor in making an investment decision. Consequently, a low sustainability score could result in exclusion of our
post-combination stock from consideration by certain investment funds, engagement by investors seeking to improve such scores
and a negative perception of our operation by certain investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>We are likely to seek business combination
opportunities with a company within the biotechnology industry, which companies typically lack an established record of revenue,
cash flow or earnings and therefore are valued based on certain assumptions and expectations that may not prove to be accurate
and subject us to risks such as volatile revenues, cash flows or earnings or difficulty in retaining key personnel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The acquisition
candidates that we intend to evaluate may be companies within the biotechnology industry and many may not have any approved products
or revenues. These companies typically lack an established record of revenues or earnings, meaning that the valuation of such business
may not be able to be derived from conventional cash flow methods for profitable business. Instead, valuations may be based on
assumptions or expectations relating to such companies&rsquo; product candidates in development and future clinical and sales milestones,
which may never be realized or achieved fully, or at all, given the possibility of failure of the product candidates in clinical
trials or their failure to obtain regulatory approval, or their obsolescence due to a competitor&rsquo;s invention or other substitute.
As a result, the valuation that we assign to a target business may be inaccurate. Additionally, we may be affected by numerous
risks inherent in the operations of the business with which we combine. These risks include volatile revenues or earnings and difficulties
in obtaining and retaining key personnel. Although our officers and directors will endeavor to evaluate the risks inherent in a
particular target business, we may not be able to properly ascertain or assess all of the significant risk factors and we may not
have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us with
no ability to control or reduce the chances that those risks will adversely impact a target business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>There are risks related to the biotechnology
industry to which we may be subject.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Business combinations
with companies with operations in the healthcare and biotechnology industry entail special considerations and risks. If we are
successful in completing a business combination with a target business with operations in the healthcare industry, we will be subject
to, and possibly adversely affected by, the following risks, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Clinical studies of our
pipeline programs may not present data which is satisfactory for regulatory approval for such programs.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Out-licensed&nbsp;technology
or product can be returned by licensee, thereby cancelling a part or all of the licensing terms including financial compensation
and/or revenue sharing agreements.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Competition could reduce
profit margins.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our inability to comply
with governmental regulations affecting the healthcare industry could negatively affect our operations.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An inability to license
or enforce intellectual property rights on which our business may depend.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The success of our planned
business following consummation of our initial business combination may depend on maintaining a well-secured business and technology
infrastructure.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If we are required to obtain
governmental approval of our products, the production of our products could be delayed and we could be required to engage in a
lengthy and expensive approval process that may not ultimately be successful.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in the healthcare
related wellness industry and markets for such products affecting our customers or retailing practices could negatively impact
customer relationships and our results of operations.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The biotech industry is
susceptible to significant liability exposure. If liability claims are brought against us following a business combination, it
could materially adversely affect our operations.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dependence of our operations
upon third-party suppliers, manufacturers or contractors whose failure to perform adequately could disrupt our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A disruption in supply could
adversely impact our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Any of the foregoing
could have an adverse impact on our operations following a business combination. However, our efforts in identifying prospective
target businesses will not be limited to the biotech industry. Accordingly, if we acquire a target business in another industry,
these risks will likely not affect us and we will be subject to other risks attendant with the specific industry in which we operate
or target business which we acquire, none of which can be presently ascertained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>You may experience
difficulties in effecting service of legal process,&nbsp;enforcing&nbsp;foreign judgments or bringing actions in&nbsp;Taiwan&nbsp;against
us or our management named in the prospectus based on foreign laws.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are a company
incorporated under the laws of the State of Delaware, but certain members of our management are located in&nbsp;Taiwan. As a result,
it may be difficult for you to effect service of process upon us or those persons inside&nbsp;Taiwan. It may also be difficult
for you to&nbsp;enforce&nbsp;in U.S.&nbsp;courts&nbsp;judgments obtained in U.S.&nbsp;courts&nbsp;based on the civil liability
provisions of the U.S. federal securities laws against us and our officers and directors as none of them currently resides in
the United States or has substantial assets located in the United States. In addition, there is uncertainty as to whether the&nbsp;courts&nbsp;of&nbsp;Taiwan&nbsp;would
recognize or&nbsp;enforce&nbsp;judgments of U.S.&nbsp;courts&nbsp;against us or such persons predicated upon the civil liability
provisions of the securities laws of the United States or any state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The recognition
and&nbsp;enforcement&nbsp;of foreign judgments are provided for under the&nbsp;Taiwan&nbsp;Civil Procedures Law.&nbsp;Taiwan&nbsp;courts&nbsp;may
recognize and&nbsp;enforce&nbsp;foreign judgments in accordance with the requirements of the&nbsp;Taiwan&nbsp;Civil Procedures
Law based either on treaties between&nbsp;Taiwan&nbsp;and the country where the judgment is made or on principles of reciprocity
between jurisdictions.&nbsp;Taiwan&nbsp;does not have any treaties or other forms of written arrangement with the United States
that provide for the reciprocal recognition and&nbsp;enforcement&nbsp;of foreign judgments. In addition, according to the&nbsp;Taiwan&nbsp;Civil
Procedures Law, the&nbsp;Taiwan&nbsp;courts&nbsp;will not&nbsp;enforce&nbsp;a foreign judgment against us or our directors and
officers if they decide that the judgment violates the basic principles of&nbsp;Taiwan&nbsp;laws or national sovereignty, security
or public interest. As a result, it is uncertain whether and on what basis a&nbsp;Taiwan&nbsp;court&nbsp;would&nbsp;enforce&nbsp;a
judgment rendered by a&nbsp;court&nbsp;in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risks Related to Our Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our ability to successfully complete
our initial business combination and to be successful thereafter will be totally dependent upon the efforts of members of our management
team, some of whom may join us following our initial business combination. The loss of such people could negatively impact the
operations and profitability of our post-combination business.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ability to successfully
complete our business combination is dependent upon the efforts of members of our management team. The role of members of our management
team in the target business, however, cannot presently be ascertained. Although some members of our management team may remain
with the target business in senior management or advisory positions following our business combination, it is likely that some
or all of the management of the target business will remain in place. While we intend to closely scrutinize any individuals we
engage after our initial business combination, we cannot assure you that our assessment of these individuals will prove to be correct.
These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to
have to expend time and resources helping them become familiar with such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the officers
and directors of an acquisition candidate may resign upon completion of our initial business combination. The departure of a business
combination target&rsquo;s key personnel could negatively impact the operations and profitability of our post-combination business.
The role of an acquisition candidate&rsquo;s key personnel upon the completion of our initial business combination cannot be ascertained
at this time. Although we contemplate that certain members of an acquisition candidate&rsquo;s management team will remain associated
with the acquisition candidate following our initial business combination, it is possible that members of the management of an
acquisition candidate will not wish to remain in place. The loss of key personnel could negatively impact the operations and profitability
of our post-combination business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Members of our management team may negotiate
employment or consulting agreements with a target business in connection with a particular business combination. These agreements
may provide for them to receive compensation following our business combination and as a result, may cause them to have conflicts
of interest in determining whether a particular business combination is the most advantageous.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Members of our management
team may be able to remain with the company after the completion of our business combination only if they are able to negotiate
employment or consulting agreements in connection with the business combination. Such negotiations would take place simultaneously
with the negotiation of the business combination and could provide for such individuals to receive compensation in the form of
cash payments and/or our securities for services they would render to us after the completion of the business combination. The
personal and financial interests of such individuals may influence their motivation in identifying and selecting a target business.
However, we believe the ability of such individuals to remain with us after the completion of our business combination will not
be the determining factor in our decision as to whether or not we will proceed with any potential business combination. There is
no certainty, however, that any members of our management team will remain with us after the completion of our business combination.
We cannot assure you that any members of our management team will remain in senior management or advisory positions with us. The
determination as to whether any members of our management team will remain with us will be made at the time of our initial business
combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our officers and directors may allocate
their time to other businesses and may become officers or directors of other special purpose acquisition companies including a
special purpose acquisition company that certain of our directors are currently serving as officer and directors of, thereby causing
conflicts of interest in their determination as to how much time to devote to our affairs and whether to present a target to us
instead of our competitors. This conflict of interest could have a negative impact on our ability to complete our initial business
combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our officers and directors have fiduciary responsibility to dedicate substantially
all their business time to their respective affairs and their respective portfolio companies. However, this responsibility does not require
any of our officers or directors to commit his or her full time to our affairs in particular, which may result in a conflict of interest
in allocating their time between our operations and our search for a business combination and their other businesses, including other
business endeavors for which he or she may be entitled to substantial compensation. Furthermore, our officer and directors may become
an officer or director of another special purpose acquisition company with a class of securities registered under the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934,
as amended, or the Exchange&nbsp;Act even before we enter a definitive agreement regarding our initial business combination. <FONT STYLE="background-color: white">As
a matter of fact, certain of our officer and directors are also officer and directors of other SPACs listed or</FONT> to be listed on
Nasdaq<FONT STYLE="background-color: white">. </FONT>We do not intend to have any full-time employees prior to the completion of our initial
business combination. In addition, each of our officers and certain of our directors are employed by or affiliated with our founders,
which makes investments in securities or other interests of or relating to companies in industries we may target for our initial business
combination. Our independent directors also serve as officers or board members for other entities. If our officers&rsquo; and directors&rsquo;
other business affairs require them to devote substantial amounts of time to such affairs in excess of their current commitment levels,
it could limit their ability to devote time to our affairs; or if they have fiduciary duty to present a target company to our competitor
instead of us, which may have a negative impact on our ability to complete our initial business combination. For a complete discussion
of our officers&rsquo; and directors&rsquo; other business affairs, please see the section of this prospectus entitled &ldquo;Management&nbsp;&mdash;&nbsp;Conflicts
of Interest.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain of our officers and directors
are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended
to be conducted by us and, accordingly, may have conflicts of interest in allocating their time and determining to which entity
a particular business opportunity should be presented.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following the completion
of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and
combining with one or more businesses. Our officers and directors are, and may in the future become, affiliated with entities (such
as operating companies or investment vehicles) that are engaged in a similar business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our officers and directors
also may become aware of business opportunities which may be appropriate for presentation to us and the other entities in the future
to which they owe certain fiduciary or contractual duties, including our founders&rsquo; affiliates. Accordingly, they may have
conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may
not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us.
Our amended and restated certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered
to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director
or officer of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise
be reasonable for us to pursue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For a complete discussion
of our officers&rsquo; and directors&rsquo; business affiliations and the potential conflicts of interest that you should be aware
of, please see the sections of this prospectus entitled &ldquo;Management&nbsp;&mdash;&nbsp;Officers, Directors and Director Nominees,&rdquo;
&ldquo;Management&nbsp;&mdash;&nbsp;Conflicts of Interest&rdquo; and &ldquo;Certain Relationships and Related Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Following the closing of this offering,
certain of our executive officers and directors will be located in Taiwan; therefore, investors may not be able to enforce federal
securities laws or their other legal rights upon those officers and directors located outside the United States.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Following
the closing of this offering, except one officer and one independent director located in the United States, the rest of the our
officers and directors are located in Taiwan. As a result, it may be difficult, or in some cases not possible, for investors in
the United States to enforce their legal rights, to effect service of process upon those officers and directors located outside
the United States, to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties on them
under United States securities laws.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Members
</B></FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>of our management team may in the future be involved
in governmental investigations and civil litigation relating to the business affairs of companies with which they are, were or
may in the future be affiliated with.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Members of our management
team may in the future be involved in governmental investigations and civil litigation relating to the business affairs of companies
with which they are, were or may in the future be affiliated with. Any such investigations or litigations may divert our management
team&rsquo;s attention and resources away from searching for an initial business combination, may be detrimental to our reputation,
and thus may negatively affect our ability to complete an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may become involved in litigation
that may materially adversely affect us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time, we
may become involved in various legal proceedings relating to matters incidental to the ordinary course of our business, including
litigation and claims, and governmental and other regulatory investigations and proceedings. Such matters can be time-consuming,
divert management&rsquo;s attention and resources, cause us to incur significant expenses or liability or require us to change
our business practices. Because of the potential risks, expenses and uncertainties of litigation, we may, from time to time, settle
disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, we
cannot assure you that the results of any of these actions will not have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our share price may
be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to
securities litigation, including class action litigation. We may be the target of this type of litigation in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Litigation of this type
could result in substantial costs and diversion of management&rsquo;s attention and resources, which could have a material adverse
effect on our business, financial condition, and results of operations. Any adverse determination in litigation could also subject
us to significant liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our founders and their respective affiliates
may have competitive pecuniary interests that conflict with our interests.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not adopted
a policy that expressly prohibits our founders or their respective affiliates from having a direct or indirect pecuniary or financial
interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest.
We do not have a policy that expressly prohibits any such persons from engaging for their own account in business activities of
the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may engage in a business combination
with one or more target businesses that have relationships with entities that may be affiliated with our founders which may raise
potential conflicts of interest.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In light of the involvement
of our officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our founders
or their respective affiliates. Our officers and directors also serve as officers and board members for other entities, including,
without limitation, those described under the section of this prospectus entitled &ldquo;Management&nbsp;&mdash;&nbsp;Conflicts
of Interest.&rdquo; Such entities may compete with us for business combination opportunities. Our founders are not currently aware
of any specific opportunities for us to complete our business combination with any entities with which they are affiliated, and
there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we will
not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction
if we determined that such affiliated entity met our criteria for a business combination as set forth in the section of this prospectus
entitled &ldquo;Proposed Business&nbsp;&mdash;&nbsp;Sources of Target Businesses&rdquo; and such transaction was approved by a
majority of our disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm
that is a member of FINRA, or from an independent accounting firm, regarding the fairness to our company from a financial point
of view of a business combination with one or more domestic or international businesses affiliated with our founders or their respective
affiliates, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be
as advantageous to our public shareholders as they would be absent any conflicts of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>None of US Tiger or, any of its affiliates
has an obligation to provide us with potential investment opportunities or to devote any specified amount of time or support to
our company&rsquo;s business.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we expect
we may benefit from US Tiger and its affiliates&rsquo; networks of relationships and processes for sourcing and evaluating potential
business combination targets, neither it nor any of its affiliates has any legal or contractual obligation to seek on our behalf
or present to us investment opportunities that might be suitable for our business, and they may allocate any such opportunities
at their discretion to us or other parties. We have no investment management, advisory, consulting or other agreement in place
with US Tiger or any of its affiliates that obligates them to undertake efforts on our behalf or that govern the manner in which
they will allocate investment opportunities. Moreover, even if US Tiger or one of its affiliates refers an opportunity to us, there
can be no assurance that such an opportunity will result in an acquisition agreement or a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>After consummation of this offering,
we may engage US Tiger to act as our advisor in connection with our business combination and we will agree to pay them an additional
fee upon consummation of our business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because Mr.&nbsp;Xuedong
(Tony) Tian, our Chief Financial Officer, is the Managing Director and Head of Capital Markets of US Tiger, we may utilize his
affiliation with US Tiger during our search for suitable targets. If that occurs, we may engage US Tiger to act as our advisor
in connection with the marketing of our business combination and pay to US Tiger a fee for such services upon consummation of our
initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Therefore, affiliates
of one of our founders will have additional financial interests in the completion of the initial business combination. These financial
interests may influence the advice any such affiliate provides us as our financial advisor, which advice would contribute to our
decision on whether to pursue a business combination with any particular target.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we decide to engage US Tiger as our
advisor in connection with a business combination, we may compete with clients of US Tiger or other affiliates of our initial stockholders
for acquisition opportunities for our company, which could negatively impact our ability to locate a suitable business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Due to the affiliation
between our Chief Financial Officer and US Tiger, we may engage US Tiger as our advisor in connection with a business combination.
If that occurs, our business strategy may overlap with some of the strategies of clients of US Tiger and certain of its other affiliates.
US Tiger is an independent investment bank. Acquisition opportunities that may be of interest to us may come to US Tiger, its clients
or other affiliates. In addition, our officers and directors are not prohibited from engaging on business activities or becoming
officers or directors of another special purpose acquisition company before we enter into a definitive agreement with a target.
As a result, our affiliates are not restricted from competing with our business and none of our affiliates is required to refer
any such opportunities to us except as may be required by our Amended and Restated Certificate of Incorporation with respect to
certain opportunities referred to our officers and directors. Our founders and their affiliates face conflicts of interest relating
to performing services on our behalf and allocating investment opportunities to us, and such conflicts may not be resolved in our
favor, meaning we could find less suitable acquisition opportunities which could limit our ability to find a business combination
that we find attractive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we decide to engage US Tiger as our advisor in connection with a business
combination, conflicts may arise from US Tiger&rsquo; engagement with us, its provision of services both to us, and to third-party&nbsp;clients,
its affiliation with Feutune Light and TradeUP Acquisition as well as from actions undertaken by US Tiger or its affiliates for its own
account and certain members of management who presently has, and any of them in the future may have, additional fiduciary, contractual
or other obligations to US Tiger, Feutune Light, TradeUP Acquisition, or to clients of US Tiger, or other affiliates of our sponsor pursuant
to which such officer or director is or will be required to present a business combination opportunity. In performing services for other
clients and also when acting for its own account, US Tiger may take commercial steps which may have an adverse effect on us. US Tiger
is often engaged as a financial advisor, or placement agent, to corporations and other entities and their directors and managers in connection
with the sale of those entities, their assets or their subsidiaries. Clients generally require US Tiger to act exclusively on their behalf
and/or for other reasons, we may be precluded from attempting to acquire securities of the business being sold or otherwise participate
as a buyer in the transaction. Alternatively, US Tiger or an affiliate of our founders, may be a financial advisor to a target business
that we pursue a business combination with and US Tiger, or another affiliate of our founders, may receive fees from the target business
in connection with a business combination. US Tiger also represents potential buyer&rsquo;s businesses. US Tiger may be incentivized to
direct an opportunity to one of these buyers, thereby eliminating or reducing the investment opportunity available to us. Any of US Tiger&rsquo;s
other activities may, individually or in the aggregate, have an adverse effect on us, and the interests of US Tiger or its clients or
counterparties may at times be adverse to ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Since our initial shareholders will
lose their entire investment in us if our business combination is not completed, a conflict of interest may arise in determining
whether a particular business combination target is appropriate for our initial business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On May 13, 2022, our Chief Financial
Officer and sponsor acquired an aggregate of 1,725,000 shares of Class&nbsp;B common stock, or founder shares for an aggregate purchase
price of $25,000. Our sponsor has committed to transfer an aggregated amount of 60,000 founder shares to certain of our directors, officers,
and/or their designees prior to the closing of this offering at the original purchase price. Prior to the initial investment in the company
of $25,000 by our sponsor, the company had no assets, tangible or intangible. The number of founder shares issued was determined based
on the expectation that such founder shares would represent 20% of the outstanding shares after this offering (excluding the sale of the
private units and assuming our founders do not purchase public shares in this offering). In addition, our sponsor has committed to purchase
an aggregate of 414,000 (or 450,000 if the underwriters&rsquo; over-allotment option is exercised in full) private units, at $10.00 per
unit, for a purchase price of $4,140,000 (or $4,500,000 if the underwriters&rsquo; over-allotment option is exercised in full). The founder
shares and private units will be worthless if we do not complete an initial business combination. Our initial shareholders have agreed
(A)&nbsp;to vote any shares owned by them in favor of any proposed business combination and (B)&nbsp;not to redeem any founder shares
or private shares in connection with a shareholder vote to approve a proposed initial business combination. In addition, we may obtain
loans from our founders. The personal and financial interests of our founders may influence their motivation in identifying and selecting
a target business combination, completing an initial business combination and influencing the operation of the business following the
initial business combination. These personal and financial interests of our founders may influence their motivation in identifying and
selecting a target business combination, completing an initial business combination and influencing the operation of the business following
the initial business combination. This risk may become more acute as the 12-month anniversary of the closing of this offering nears, which
is the deadline for our completion of an initial business combination.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The provisions of our amended and restated
certificate of incorporation that relate to our pre-business combination activity (and corresponding provisions of the agreement
governing the release of funds from our trust account) may be amended with the approval of holders of 65% of our common stock,
which is a lower amendment threshold than that of some other blank check companies. It may be easier for us, therefore, to amend
our then existing amended and restated certificate of incorporation and the trust agreement to facilitate the completion of an
initial business combination that some of our shareholders may not support.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Some other blank check
companies have a provision in their charter which prohibits the amendment of certain of its provisions, including those which relate
to a company&rsquo;s pre-business combination activity, without approval by a certain percentage of the company&rsquo;s shareholders.
In those companies, amendment of these provisions requires approval by between 90% and 100% of the company&rsquo;s public shareholders.
Our amended and restated certificate of incorporation will provide that any of its provisions related to pre-business combination
activity (including the requirement to deposit proceeds of this offering and the private placement of warrants into the trust account
and not release such amounts except in specified circumstances, and to provide redemption rights to public shareholders as described
herein) may be amended if approved by holders of 65% of our common stock entitled to vote thereon, and corresponding provisions
of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our
common stock entitled to vote thereon. In all other instances, our amended and restated certificate of incorporation may be amended
by holders of a majority of our outstanding common stock entitled to vote thereon, subject to applicable provisions of the DGCL
or applicable stock exchange rules. We may not issue additional securities that can vote on amendments to our then existing amended
and restated certificate of incorporation or in our initial business combination. Our initial shareholders, who will collectively
beneficially own up to 24.18% of our common stock upon the closing of this offering (assuming they do not purchase any units in
this offering), will participate in any vote to amend our then existing amended and restated certificate of incorporation and/or
trust agreement and will have the discretion to vote in any manner they choose. As a result, we may be able to amend the provisions
of our then existing amended and restated certificate of incorporation which govern our pre-business combination behavior more
easily than some other blank check companies, and this may increase our ability to complete a business combination with which you
do not agree. Our shareholders may pursue remedies against us for any breach of our amended and restated certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial shareholders
have agreed, pursuant to a letter agreement with us, that they will not propose any amendment to our then existing amended and
restated certificate of incorporation (i)&nbsp;that would 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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business
combination as described in this prospectus), or (ii)&nbsp;with respect to any other material provision relating to shareholders&rsquo;
rights or pre-initial business combination activity, unless we provide our public shareholders with the opportunity to redeem their
shares of Class&nbsp;A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable and amounts previously
released to us for working capital purposes), divided by the number of then outstanding public shares. These agreements are contained
in a letter agreement that we have entered into with our founders. Our shareholders are not parties to, or third-party beneficiaries
of, these agreements and, as a result, will not have the ability to pursue remedies against our founders for any breach of these
agreements. As a result, in the event of a breach, our shareholders would need to pursue a shareholder derivative action, subject
to applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may be unable to obtain additional
financing to complete our initial business combination or to fund the operations and growth of a target business, which could compel
us to restructure or abandon a particular business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we believe
that the net proceeds of this offering and the sale of the private units will be sufficient to allow us to complete our initial
business combination, because we have not yet selected any prospective target business we cannot ascertain the capital requirements
for any particular transaction. If the net proceeds of this offering and the sale of the private units prove to be insufficient,
either because of the size of our initial business combination, the depletion of the available net proceeds in search of a target
business, the obligation to repurchase for cash a significant number of shares from shareholders who elect redemption in connection
with our initial business combination or the terms of negotiated transactions to purchase shares in connection with our initial
business combination, we may be required to seek additional financing or to abandon the proposed business combination. We cannot
assure you that such financing will be available on acceptable terms, if at all. To the extent that additional financing proves
to be unavailable when needed to complete our initial business combination, we would be compelled to either restructure the transaction
or abandon that particular business combination and seek an alternative target business candidate. If we are unable to complete
our initial business combination, our public shareholders may receive only approximately $10.20 per share plus any pro rata interest
earned on the funds held in the trust account (and not previously released to us to pay our taxes) on the liquidation of our trust
account and our warrants will expire worthless. In addition, even if we do not need additional financing to complete our business
combination, we may require such financing to fund the operations or growth of the target business. The failure to secure additional
financing could have a material adverse effect on the continued development or growth of the target business. None of our officers,
directors or shareholders is required to provide any financing to us in connection with or after our initial business combination.
If we are unable to complete our initial business combination, our public shareholders may only receive approximately $10.20 per
share on the liquidation of our trust account, and our warrants will expire worthless. In certain circumstances, our public shareholders
may receive less than $10.20 per share on the redemption of their shares. See &ldquo;&mdash;&nbsp;If third parties bring claims
against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders
may be less than $10.20 per share&rdquo; and other risk factors in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our founders and other insiders may
exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the closing of
this offering, our founders will own founder shares representing 20% of our issued and outstanding shares of common stock (excluding
the sale of the private units and assuming our founders do not purchase public shares in this offering). Simultaneously with the
closing of this offering, we will be issuing in 414,000 private units (or up to 450,000 private units if the underwriters&rsquo;
over-allotment option is exercised in full) to our sponsor. In addition, if our founders or their designated parties make any working
capital loans (including extension notes), up to $3,000,000 of such loans may be converted into working capital units, at the price
of $10.00 per unit at the option of the lenders. Such working capital units would be identical to the private units sold in the
private placement. Accordingly, our founders along with any designated parties may exert a substantial influence on actions requiring
a shareholder vote, potentially in a manner that you do not support, including amendments to our then existing amended and restated
certificate of incorporation and approval of major corporate transactions. If our founders purchase any units in this offering
or if they purchase any additional shares of common stock in the aftermarket or in privately negotiated transactions, this would
increase their control. Factors that would be considered in making such additional purchases would include consideration of the
current trading price of our Class&nbsp;A common stock. In addition, our board of directors, whose members were elected by certain
of our initial shareholders, is and will be divided into three classes, each of which will generally serve for a term of three&nbsp;years
with only one class of directors being elected in each year. We may not hold an annual meeting of shareholders to elect new directors
prior to the completion of our business combination, in which case all of the current directors will continue in office until at
least the completion of the business combination. If there is an annual meeting, as a consequence of our &ldquo;staggered&rdquo;
board of directors, only a minority of the board of directors will be considered for election and our initial shareholders, because
of their ownership position, will have considerable influence regarding the outcome. In addition, the founder shares, all of which
are held by our founders, will entitle the founders to elect and remove, with or without cause, all of our directors prior to our
initial business combination. Holders of our public shares will have no right to vote on the election of directors during such
time. These provisions of our amended and restated certificate of incorporation may only be amended by the vote of at least 90%
of our issued and outstanding common stock entitled to vote thereon. As a result, you will not have any influence over the election
of directors prior to our initial business combination. Accordingly, our initial shareholders will continue to exert control at
least until the completion of our business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post Business Combination Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our management may not be able to maintain
control of a target business after our initial business combination. We cannot provide assurance that, upon loss of control of
a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may structure a business
combination so that the post-transaction company in which our public shareholders own shares will own less than 100% of the equity
interests or assets of a target business, but we will only complete such business combination if the post-transaction company owns
or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient
for the post-transaction company not to be required to register as an investment company under the Investment Company Act. We will
not consider any transaction that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting
securities of the target, our shareholders prior to the business combination may collectively own a minority interest in the post
business-combination company, depending on valuations ascribed to the target and us in the business combination transaction. For
example, we could pursue a transaction in which we issue a substantial number of new shares of Class&nbsp;A common stock in exchange
for all of the outstanding capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as
a result of the issuance of a substantial number of new shares of common stock, our shareholders immediately prior to such transaction
could own less than a majority of our outstanding shares of common stock subsequent to such transaction. In addition, other minority
shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company&rsquo;s
stock than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain our
control of the target business. We cannot provide assurance that, upon loss of control of a target business, new management will
possess the skills, qualifications or abilities necessary to profitably operate such business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Subsequent to the completion of our
initial business combination, we may be required to take write-downs or write-offs, restructuring and impairment or other charges
that could have a significant negative effect on our financial condition, results of operations and our stock price, which could
cause you to lose some or all of your investment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Even if we conduct extensive
due diligence on a target business with which we combine, we cannot assure you that this diligence will surface all material issues
that may be present inside a particular target business, that it would be possible to uncover all material issues through a customary
amount of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a result
of these factors, we may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or
other charges that could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected
risks may arise and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even
though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of
this nature could contribute to negative market perceptions about us or our securities. In addition, charges of this nature may
cause us to violate net worth or other covenants to which we may be subject as a result of assuming pre-existing debt held by a
target business or by virtue of our obtaining post-combination debt financing. Accordingly, any shareholders who choose to remain
shareholders following the business combination could suffer a reduction in the value of their shares. Such shareholders are unlikely
to have a remedy for such reduction in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we complete our initial business
combination with a company with operations or opportunities outside of the United&nbsp;States, we would be subject to a variety
of additional risks that may negatively impact our operations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we complete our initial
business combination with a company with operations or opportunities outside of the United&nbsp;States (although we will not effect
our initial business combination with any company being based in or having the majority of the company&rsquo;s operations in China,
including Hong Kong and Macau), we would be subject to any special considerations or risks associated with companies operating
in an international setting, including any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">higher costs and difficulties inherent in managing cross-border
business operations and complying with different commercial and legal requirements of overseas markets;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">rules&nbsp;and regulations regarding currency redemption;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">complex corporate withholding taxes on individuals;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">laws governing the manner in which future business combinations
may be effected;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">tariffs and trade barriers;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">regulations related to customs and import/export matters;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">longer payment cycles and challenges in collecting accounts
receivable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">tax issues, such as tax law changes and variations in
tax laws as compared to the United&nbsp;States;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">currency fluctuations and exchange controls;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">rates of inflation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">cultural and language differences;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">employment regulations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">crime, strikes, riots, civil disturbances, terrorist attacks,
natural disasters and wars;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">deterioration of political relations with the United&nbsp;States;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">government appropriations of assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may not be able to
adequately address these additional risks. If we were unable to do so, our operations might suffer, which may adversely impact
our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risks Related to Our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If our securities are approved for listing,
Nasdaq may delist our securities from trading on its exchange, which could limit investors&rsquo; ability to make transactions
in our securities and subject us to additional trading restrictions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have applied to have
our units listed on Nasdaq. We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus.
Following the date the shares of our Class&nbsp;A common stock and warrants are eligible to trade separately, we anticipate that
the shares of our Class&nbsp;A common stock and warrants will be separately listed on Nasdaq. We cannot guarantee that our securities
will be approved for listing on Nasdaq. Although after giving effect to this offering we expect to meet, on a pro forma basis,
the minimum initial listing standards set forth in the Nasdaq listing standards, we cannot assure you that our securities will
be, or will continue to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing
our securities on Nasdaq prior to our initial business combination, we must maintain certain financial, distribution and stock
price levels. Generally, we must maintain a minimum number of holders of our securities (generally 400 public holders). Additionally,
in connection with our initial business combination, we will be required to demonstrate compliance with Nasdaq&rsquo;s initial
listing requirements, which are more rigorous than Nasdaq&rsquo;s continued listing requirements, in order to continue to maintain
the listing of our securities on Nasdaq. For instance, our stock price would generally be required to be at least $4.00 per share,
and we would be required to have a minimum of 400 round lot holders (with at least 50% of such round lot holders holding securities
with a market value of at least $2,500) of our securities. We cannot assure you that we will be able to meet those initial listing
requirements at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If Nasdaq delists our
securities from trading on its exchange and we are not able to list our securities on another national securities exchange, we
expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material
adverse consequences, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a limited availability of market quotations for our securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reduced liquidity for our securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a determination that our Class&nbsp;A common stock is a &ldquo;penny stock&rdquo; which will require
brokers trading in our Class&nbsp;A common stock to adhere to more stringent rules&nbsp;and possibly result in a reduced level
of trading activity in the secondary trading market for our securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a limited amount of news and analyst coverage; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a decreased ability to issue additional securities or obtain additional financing in the future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The National Securities
Markets Improvement Act&nbsp;of&nbsp;1996, which is a federal statute, prevents or preempts the states from regulating the sale
of certain securities, which are referred to as &ldquo;covered securities.&rdquo; Because we expect that our units and eventually
our Class&nbsp;A common stock and warrants will be listed on Nasdaq, our units, Class&nbsp;A common stock and warrants will be
covered securities. Although the states are preempted from regulating the sale of our securities, the federal statute does allow
the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the
states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these
powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state
securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder
the sale of securities of blank check companies in their states. Further, if we were no longer listed on Nasdaq, our securities
would not be covered securities and we would be subject to regulation in each state in which we offer our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are not registering the shares of
Class&nbsp;A common stock issuable upon exercise of the warrants under the Securities Act or any state securities laws at this
time, and such registration may not be in place when an investor desires to exercise warrants, thus precluding such investor from
being able to exercise its warrants except on a cashless basis and potentially causing such warrants to expire worthless.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not registering the shares of Class&nbsp;A
common stock issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time. However,
under the terms of the warrant agreement, have agreed that as soon as practicable, but in no event later than 30&nbsp;business
days after the closing of our initial business combination, we will use our reasonable best efforts to file, and within 60&nbsp;business
days following our initial business combination to have declared effective, a registration statement under the Securities Act covering
such shares and maintain a current prospectus relating to the Class&nbsp;A common stock issuable upon exercise of the warrants,
until the expiration of the warrants in accordance with the provisions of the warrant agreement. We cannot assure you that we will
be able to do so if, for example, any facts or events arise which represent a fundamental change in the information set forth in
the registration statement or prospectus, the financial statements contained or incorporated by reference therein are not current
or correct or the SEC issues a stop order. If the shares issuable upon exercise of the warrants are not registered under the Securities
Act, we will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable
for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption from registration is available. Notwithstanding the above, if our Class&nbsp;A common stock is at the time
of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a &ldquo;covered
security&rdquo; under Section&nbsp;18(b)(1)&nbsp;of the Securities Act, we may, at our option, require holders of warrants who
exercise their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities
Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will
be required to use our reasonable best efforts to register or qualify the shares under applicable blue sky laws to the extent an
exemption is not available. In no event will we be required to net cash settle any warrant. If the issuance of the shares upon
exercise of the warrants is not so registered or qualified or exempt from registration or qualification, the holder of such warrant
shall not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In such event, holders
who acquired their warrants as part of a purchase of units will have paid the full unit purchase price solely for the shares of
Class&nbsp;A common stock included in the units. If and when the warrants become redeemable by us, we may exercise our redemption
right on a cashless basis even if we are unable to register or qualify the underlying shares of Class&nbsp;A common stock for sale
under all applicable state securities laws. We will use our reasonable best efforts to register or qualify such shares of Class&nbsp;A
common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in this
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may issue additional common stock
or preferred stock to complete our initial business combination or under an employee incentive plan after completion of our initial
business combination. We may also issue shares of Class&nbsp;A common stock upon the conversion of the Class&nbsp;B common stock
at a ratio greater than one-to-one at the closing of our initial business combination as a result of the anti-dilution provisions
contained in our amended and restated certificate of incorporation. Any such issuances would dilute the interest of our shareholders
and likely present other risks.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will authorize the issuance of up to 21,000,000 shares of Class&nbsp;A common stock, par value $0.0001
per share, 3,000,000 shares of Class&nbsp;B common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock,
par value $0.0001 per share. Immediately after this offering, there will be 6,414,000 shares of Class&nbsp;A common stock and 1,500,000
shares of Class&nbsp;B common stock (assuming, in each case, that the underwriters have not exercised their over-allotment option
and 225,000 founder shares have been forfeited as a result) issued and outstanding. As a result, there will be 14,586,000 unissued
shares of Class&nbsp;A common stock and 1,500,000 shares of Class&nbsp;B common stock, respectively, available for issuance, which
amount does not take into account the shares of Class&nbsp;A common stock reserved for issuance upon exercise of any outstanding
warrants or the shares of Class&nbsp;A common stock issuable upon conversion of Class&nbsp;B common stock. Immediately after the
consummation of this offering, there will be no shares of preferred stock issued and outstanding. Shares of Class&nbsp;B common
stock are convertible into shares of our Class&nbsp;A common stock initially at a one-for-one ratio but subject to adjustments
as set forth herein, including in certain circumstances in which we issue Class&nbsp;A common stock or equity-linked securities
related to our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue a substantial number of additional
shares of common or preferred stock to complete our initial business combination or under an employee incentive plan after completion
of our initial business combination (although our amended and restated certificate of incorporation will provide that we may not
issue securities that can vote with common shareholders on matters related to our pre-initial business combination activity). We
may also issue shares of Class&nbsp;A common stock upon conversion of the Class&nbsp;B common stock at a ratio greater than one-to-one
at the closing of our initial business combination as a result of the anti-dilution provisions contained in our amended and restated
certificate of incorporation. However, our amended and restated certificate of incorporation will provide, among other things,
that prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders
thereof to: (i)&nbsp;receive funds from the trust account; (ii)&nbsp;vote on any initial business combination; or (iii)&nbsp;vote
on matters related to our pre-initial business combination activity. These provisions of our amended and restated certificate of
incorporation, like all provisions of our amended and restated certificate of incorporation, may be amended with the approval of
our shareholders. However, our executive officers and directors have agreed, pursuant to a written agreement with us, that they
will not propose any amendment to our then existing amended and restated certificate of incorporation to (A)&nbsp;modify the substance
or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination
or to redeem 100% of our public shares if we do not complete our initial business combination within 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus)
or (B)&nbsp;with respect to any other material provision relating to shareholders&rsquo; rights or pre-initial business combination
activity, unless we provide our public shareholders with the opportunity to redeem their shares of common stock upon approval of
any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest (which interest shall be net of taxes payable), divided by the number of then outstanding public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The issuance of additional
shares of common or preferred stock:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may significantly dilute the equity interest of investors in this offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may subordinate the rights of holders of common stock if preferred stock is issued with rights
senior to those afforded our common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">could cause a change of control if a substantial number of shares of our common stock are issued,
which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the
resignation or removal of our present officers and directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may adversely affect prevailing market prices for our units, Class&nbsp;A common stock and/or warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may issue notes or other debt securities,
or otherwise incur substantial debt, to complete a business combination, which may adversely affect our leverage and financial
condition and thus negatively impact the value of our shareholders&rsquo; investment in us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we have no
commitments as of the date of this prospectus issue any notes or other debt securities, or to otherwise incur outstanding debt
following this offering, we may choose to incur substantial debt to complete our business combination. We have agreed that we will
not incur any indebtedness unless we have obtained from the lender a waiver of any right, title, interest or claim of any kind
in or to the monies held in the trust account. As such, no issuance of debt will affect the per-share amount available for redemption
from the trust account. Nevertheless, the incurrence of debt could have a variety of negative effects, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">default and foreclosure on our assets if our operating revenues after an initial business combination
are insufficient to repay our debt obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">acceleration of our obligations to repay the indebtedness even if we make all principal and interest
payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a
waiver or renegotiation of that covenant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our inability to obtain necessary additional financing if the debt security contains covenants
restricting our ability to obtain such financing while the debt security is outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our inability to pay dividends on our common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">using a substantial portion of our cash flow to pay principal and interest on our debt, which will
reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures
and acquisitions, and fund other general corporate purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">limitations on our flexibility in planning for and reacting to changes in our business and in the
industry in which we operate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">increased vulnerability to adverse changes in general economic, industry and competitive conditions
and adverse changes in government regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
debt service requirements, and execution of our strategy; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">other disadvantages compared to our competitors who have less debt.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The grant of registration rights to
our founders may make it more difficult to complete our initial business combination, and the future exercise of such rights may
adversely affect the market price of our Class&nbsp;A common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to an agreement
to be entered into concurrently with the issuance and sale of the securities in this offering, our initial shareholders and their
permitted transferees can demand that we register their founder shares and private units (including underlying securities), after
those shares convert to our Class&nbsp;A common stock at the closing of our initial business combination. In addition, holders
of our private units and their permitted transferees can demand that we register the private units (including underlying securities),
and holders of working capital units if any may demand that we register such working capital units (including underlying securities).
We will bear the cost of registering these securities. The registration and availability of such a significant number of securities
for trading in the public market may have an adverse effect on the market price of our Class&nbsp;A common stock. In addition,
the existence of the registration rights may make our initial business combination more costly or difficult to conclude. This is
because the shareholders of the target business may increase the equity stake they seek in the combined entity or ask for more
cash consideration to offset the negative impact on the market price of our Class&nbsp;A common stock that is expected when the
common stock and private units owned by our founders or holders of our working capital loans (including extension notes) or their
respective permitted transferees are registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The exercise price for the warrants
is higher than in some similar blank check company offerings in the past, and, accordingly, the warrants are more likely to expire
worthless.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The exercise price of
the warrants is higher than some similar blank check companies in the past. Historically, the exercise price of a warrant was generally
a fraction of the purchase price of the units in the initial public offering. The exercise price for our warrants is $11.50 per
share. As a result, the warrants are less likely to ever be in the money and more likely to expire worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>In order to complete our initial business
combination, we may seek to amend our then existing amended and restated certificate of incorporation or other governing instruments,
including our warrant agreement, in a manner that will make it easier for us to complete our initial business combination but that
our shareholders or warrant holders may not support.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to complete
a business combination, blank check companies have, in the recent past, amended various provisions of their charters and governing
instruments, including their warrant agreement. For example, blank check companies have amended the definition of business combination,
increased redemption thresholds, changed industry focus and, with respect to their warrants, amended their warrant agreements to
require the warrants to be exchanged for cash and/or other securities. We cannot assure you that we will not seek to amend our
charter or other governing instruments or change our industry focus in order to complete our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our founders contributed an aggregate
of approximately $25,000, or approximately $0.01 per founder share, and, accordingly, you will experience immediate and substantial
dilution from the purchase of our Class&nbsp;A common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
difference between the public offering price per share (allocating all of the unit purchase price to the Class&nbsp;A common stock
and none to the warrant included in the unit) and the pro forma net tangible book value per share of our Class&nbsp;A common stock
after this offering constitutes the dilution to you and the other investors in this offering. Our founders acquired the founder
shares at a nominal price, significantly contributing to this dilution. Upon the closing of this offering, and assuming no value
is ascribed to the warrants included in the units, you and the other public shareholders will incur an immediate and substantial
dilution of approximately 107.4% (or $10.74 per share</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">, assuming
no exercise of the underwriters&rsquo; over-allotment option), the difference between the pro forma net tangible book value per
share of $(0.74) and the initial offering price of $10.00 per unit. In addition, because of the anti-dilution rights of the founder
shares, any equity or equity-linked securities issued in connection with our initial business combination would be disproportionately
dilutive to our Class&nbsp;A common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our founders paid an aggregate of $25,000
for the founder shares, or approximately $0.01 per founder share. As a result of this low initial price, our founders stand to
make a substantial profit even if an initial business combination subsequently declines in value or is unprofitable for our public
shareholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of the low
acquisition cost of our founder shares, our founders could make a substantial profit even if we select and consummate an initial
business combination with an acquisition target that subsequently declines in value or is unprofitable for our public shareholders.
Thus, such parties may have more of an economic incentive for us to enter into an initial business combination with a riskier,
weaker-performing or financially unstable business, or an entity lacking an established record of revenues or earnings, than would
be the case if such parties had paid the full offering price for their founder shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may amend the terms of the warrants
in a manner that may be adverse to holders of warrants with the approval by the holders of at least 50% of the then outstanding
warrants. As a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number
of shares of our Class&nbsp;A common stock purchasable upon exercise of a warrant could be decreased, all without your approval.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our warrants will be
issued in registered form under a warrant agreement between Continental Stock Transfer &amp; Trust Company, as warrant agent, and us. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least 50% of the then outstanding warrants to make any change that adversely affects
the interests of the registered holders of warrants. Accordingly, we may amend the terms of the warrants in a manner adverse to
a holder if holders of at least 50% of the then outstanding warrants approve of such amendment. Although our ability to amend the
terms of the warrants with the consent of at least 50% of the then outstanding warrants is unlimited, examples of such amendments
could be amendments to, among other things, increase the exercise price of the warrants, convert the warrants into cash, shorten
the exercise period or decrease the number of shares of our Class&nbsp;A common stock purchasable upon exercise of a warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our warrant agreement will designate
the courts of the State of New&nbsp;York or the United&nbsp;States District Court for the Southern District of New&nbsp;York as
the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which
could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our warrant agreement
will provide that, subject to applicable law, (i)&nbsp;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&nbsp;York or the United&nbsp;States
District Court for the Southern District of New&nbsp;York, and (ii)&nbsp;that we irrevocably submit to such jurisdiction, which
jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These provisions of
the warrant agreement will apply to action, proceeding or claim brought to enforce any liability or duty arising under the Securities
Act. Notwithstanding the foregoing, these provisions of the warrant agreement will not apply to suits brought to enforce any liability
or duty created by the Exchange&nbsp;Act or any other claim for which the federal district courts of the United&nbsp;States of
America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants
shall be deemed to have notice of and to have consented to the forum provisions in our warrant agreement. If any action, the subject
matter of which is within the scope the forum provisions of the warrant agreement, is filed in a court other than a court of the
State of New&nbsp;York or the United&nbsp;States District Court for the Southern District of New&nbsp;York (a &ldquo;foreign action&rdquo;)
in the name of any holder of our warrants, such holder shall be deemed to have consented to: (x)&nbsp;the personal jurisdiction
of the state and federal courts located in the State of New&nbsp;York in connection with any action brought in any such court to
enforce the forum provisions (an &ldquo;enforcement action&rdquo;), and (y)&nbsp;having service of process made upon such warrant
holder in any such enforcement action by service upon such warrant holder&rsquo;s counsel in the foreign action as agent for such
warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This choice-of-forum
provision may limit a warrant holder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with our company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our warrant agreement
inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional
costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business,
financial condition and results of operations and result in a diversion of the time and resources of our management and board of
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A provision of our warrant agreement
may make it more difficult for us to consummate an initial business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If (x) we issue additional
shares of Class A common stock or equity-linked securities at a Newly Issued Price of less than $9.20 per share of Class A common
stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case
of any such issuance to our founders or their affiliates, without taking into account any founder shares held by our founders or
such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than
60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date
of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share,
then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market
Value and the Newly Issued Price, and the $16.50 per share redemption trigger price described above will be adjusted (to the nearest
cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may redeem your unexpired warrants
prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have the ability
to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per
warrant, provided that the last reported sales price of our Class&nbsp;A common stock equals or exceeds $16.50 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20&nbsp;trading days within a 30 trading-day
period ending on the third&nbsp;trading day prior to the date on which we give proper notice of such redemption and provided certain
other conditions are met. If and when the warrants become redeemable by us, we may exercise our redemption right on a cashless
basis even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
Redemption of the outstanding warrants could force you (i)&nbsp;to exercise your warrants and pay the exercise price therefor at
a time when it may be disadvantageous for you to do so, (ii)&nbsp;to sell your warrants at the then-current market price when you
might otherwise wish to hold your warrants or (iii)&nbsp;to accept the nominal redemption price which, at the time the outstanding
warrants are called for redemption, is likely to be substantially less than the market value of your warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our private units and founder shares
may have an adverse effect on the market price of our Class&nbsp;A common stock and make it more difficult to complete our business
combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Simultaneously with
the closing of this offering, we will be issuing 414,000 private units (or up to 450,000 private units if the underwriters&rsquo;
over-allotment option is exercised in full) to our sponsor. Our founders currently own 1,725,000 founder shares (up to 225,000
founder shares are subject to forfeiture if the over-allotment option is exercised in full or in part). The founder shares are
automatically convertible into shares of Class&nbsp;A common stock at the closing of our initial business combination on a one-for-one
basis, subject to adjustments as set forth herein. In addition, if our founders or their affiliates make any working capital loans
(including extension notes), up to $3,000,000 of such loans may be converted into working capital units, at the price of $10.00
per unit at the option of the lender. Such working capital units would be identical to the private units sold in the private placement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To the extent we issue
shares of Class&nbsp;A common stock to complete a business combination, the potential for the issuance of a substantial number
of additional shares of Class&nbsp;A common stock upon conversion rights of up to $3,000,000 working capital loans (including extension
notes) could make us a less attractive acquisition vehicle to a target business. Any such issuance will increase the number of
issued and outstanding shares of our Class&nbsp;A common stock and reduce the value of the shares of Class&nbsp;A common stock
issued to complete the business combination. Therefore, our private units and founder shares may make it more difficult to complete
a business combination or increase the cost of acquiring the target business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The determination of the offering price
of our units and the size of this offering is more arbitrary than the pricing of securities and size of an offering of an operating
company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects
the value of such units than you would have in a typical offering of an operating company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to this offering
there has been no public market for any of our securities. The public offering price of the units and the terms of the warrants
were negotiated between us and the underwriters. In determining the size of this offering, management held customary organizational
meetings with the underwriters with respect to the state of capital markets, generally, and the amount the underwriters believed
they reasonably could raise on our behalf. Factors considered in determining the size of this offering, prices and terms of the
units, including the Class&nbsp;A common stock and warrants underlying the units, include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the history and prospects of companies whose principal business is the acquisition of other companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">prior offerings of those companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our prospects for acquiring an operating business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a review of debt to equity ratios in leveraged transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our capital structure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an assessment of our management and their experience in identifying operating companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">general conditions of the securities markets at the time of this offering; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">other factors as were deemed relevant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although these factors
were considered, the determination of our offering price is more arbitrary than the pricing of securities of an operating company
in a particular industry since we have no historical operations or financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>There is currently no market for our
securities and a market for our securities may not develop, which would adversely affect the liquidity and price of our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is currently no
market for our securities. Shareholders therefore have no access to information about prior market history on which to base their
investment decision. Following this offering, the price of our securities may vary significantly due to one or more potential business
combinations and general market or economic conditions. Furthermore, an active trading market for our securities may never develop
or, if developed, it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Because we must furnish our shareholders
with target business financial statements, we may lose the ability to complete an otherwise advantageous initial business combination
with some prospective target businesses.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The federal proxy rules&nbsp;require
that a proxy statement with respect to a vote on a business combination meeting certain financial significance tests include target
historical and/or pro forma financial statement disclosure. We will include the same financial statement disclosure in connection
with our tender offer documents, whether or not they are required under the tender offer rules. These financial statements may
be required to be prepared in accordance with, or be reconciled to, accounting principles generally accepted in the United&nbsp;States
of America, or GAAP, or international financial reporting standards as issued by the International Accounting Standards Board,
or IFRS, depending on the circumstances and the historical financial statements may be required to be audited in accordance with
the standards of the Public Company Accounting Oversight Board (United&nbsp;States), or PCAOB.&nbsp;These financial statement requirements
may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such financial statements
in time for us to disclose such financial statements in accordance with federal proxy rules&nbsp;and complete our initial business
combination within the prescribed time frame.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>An investment in this offering may involve
uncertain or adverse U.S. federal income tax consequences.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An investment in this
offering may involve uncertain or adverse U.S. federal income tax consequences. For instance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">because there are no authorities that directly address instruments similar to the units we are
issuing in this offering, the allocation an investor makes with respect to the purchase price of the unit between the share of
common stock and one-half of one warrant included in the units could be challenged by the Internal Revenue Service of the United
States (&ldquo;IRS&rdquo;) or the courts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">if we make distributions on our common stock, such distributions generally will be treated as dividends
for U.S. federal income tax purposes to the extent of our current or accumulated earnings and profits. The ability of a holder
to seek redemption of their shares may be viewed as a position with respect to substantially similar or related property which
diminishes your risk of loss and thereby affects your ability to satisfy the holding period requirements for the dividends received
deduction or the preferential tax rate on qualified dividend income with respect to the time period prior to the approval of an
initial business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our warrants may be exercised on a cashless basis in certain situations as described herein. Although
there is no direct legal authority as to the U.S. federal income tax treatment of an exercise of a warrant on a cashless basis,
we intend to take the position that such exercise will not be taxable, either because the exercise is not a gain realization event
or because it qualifies as a tax-free recapitalization. In the former case, the holding period of the common stock should commence
on the day after the warrant is exercised. In the latter case, the holding period of the common stock would include the holding
period of the exercised warrants. However, our position is not binding on the IRS and the IRS may treat a cashless exercise of
a warrant as a taxable exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">any capital gain or loss you realize on a sale or other disposition of our common stock will generally
be long-term capital gain or loss if your holding period for the common stock is more than one year. However, the redemption feature
of the common stock could affect your ability to satisfy the holding period requirements for the long-term capital gain tax rate
with respect to the time period prior to the approval of an initial business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">See the section of this
prospectus entitled &ldquo;United States Federal Income Tax Considerations&nbsp;&mdash;&nbsp;Personal Holding Company Status&rdquo;
for a summary of the material United States federal income tax consequences of an investment in our securities. Each prospective
investor is urged to consult a tax advisor with respect to the specific tax consequences of the acquisition, ownership and disposition
of our securities, including the applicability and effect of state, local, or foreign tax laws, as well as United States federal
tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>General Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unanticipated changes in our effective
tax rate or challenges by tax authorities could harm our future results.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may become subject
to income taxes in various other jurisdictions in the future. Our effective tax rate could be adversely affected by changes in
the allocation of our pre-tax earnings and losses among countries with differing statutory tax rates, in certain non-deductible
expenses as a result of acquisitions, in the valuation of our deferred tax assets and liabilities, or in federal, state, local
or non-U.S.&nbsp;tax laws and accounting principles, including increased tax rates, new tax laws or revised interpretations of
existing tax laws and precedents. Increases in our effective tax rate would adversely affect our operating results. In addition,
we may be subject to income tax audits by various tax jurisdictions throughout the world. The application of tax laws in such jurisdictions
may be subject to diverging and sometimes conflicting interpretations by tax authorities in these jurisdictions. Although we believe
our income tax liabilities are reasonably estimated and accounted for in accordance with applicable laws and principles, an adverse
resolution of one or more uncertain tax positions in any period could have a material impact on the results of operations for that
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our amended and restated certificate
of incorporation will require, to the fullest extent permitted by law, that (i)&nbsp;derivative actions brought on our behalf,
(ii)&nbsp;actions asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to
us or our shareholders, (iii)&nbsp;actions asserting a claim against us, our directors, officers or employees arising pursuant
to any provision of the DGCL or our amended and restated certificate of incorporation or bylaws or (iv)&nbsp;actions asserting
a claim against us, our directors, officers or employees governed by the internal affairs doctrine may be brought only in the Court
of Chancery in the State of Delaware, which may have the effect of discouraging lawsuits against our directors, officers or other
employees.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will require, unless we consent in writing to the selection of an alternative forum, that (i)&nbsp;any
derivative action or proceeding brought on our behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed
by any director, officer or other employee to us or our shareholders, (iii)&nbsp;any action asserting a claim against us, our directors,
officers or employees arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or
bylaws, or (iv)&nbsp;any action asserting a claim against us, our directors, officers or employees governed by the internal affairs
doctrine may be brought only in the Court of Chancery in the State of Delaware, except any action (A)&nbsp;as to which the Court
of Chancery of the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court
of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten&nbsp;days
following such determination), (B)&nbsp;which is vested in the exclusive jurisdiction of a court or forum other than the Court
of Chancery, (C)&nbsp;for which the Court of Chancery does not have subject matter jurisdiction, or (D)&nbsp;arising under the
Securities Act, as to which the Court of Chancery and the federal district court for the District of Delaware shall concurrently
be the sole and exclusive forums. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought
to enforce any liability or duty created by the Exchange&nbsp;Act or any other claim for which the federal district courts of the
United&nbsp;States of America have exclusive jurisdiction. Any person or entity purchasing or otherwise acquiring any interest
in shares of our capital stock shall be deemed to have notice of and consented to the forum provisions in our amended and restated
certificate of incorporation. This choice of forum provision may limit a shareholder&rsquo;s ability to bring a claim in a judicial
forum that it finds favorable for disputes with us or any of our directors, officers, other employees or shareholders, which may
discourage lawsuits with respect to such claims, although our shareholders will not be deemed to have waived our compliance with
federal securities laws and the rules and regulations thereunder. Alternatively, if a court were to find the choice of forum provision
contained in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur
additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results
and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted
by applicable law. Section&nbsp;27 of the Exchange&nbsp;Act creates exclusive federal jurisdiction over all suits brought to enforce
any duty or liability created by the Exchange&nbsp;Act or the rules and regulations thereunder, and Section&nbsp;22 of the Securities
Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created
by the Securities Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits
brought to enforce any duty or liability created by the Exchange&nbsp;Act or any other claim for which the federal courts have
exclusive jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Changes in laws or regulations, or a
failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete
our initial business combination and results of operations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are subject to laws
and regulations enacted by national, regional and local governments. In particular, we will be required to comply with SEC rules
and other legal requirements. For instance, on March&nbsp;30, 2022, the SEC issued proposed rules relating to, among other items,
enhancing disclosures in business combination transactions involving SPACs and private operating companies; amending the financial
statement requirements applicable to transactions involving shell companies; effectively eliminating the safe harbor relating to
the use of projections in SEC filings in connection with proposed business combination transactions; increasing the potential liability
of certain participants in proposed business combination transactions; and the extent to which SPACs could become subject to regulation
under the Investment Company Act of 1940. These rules, if adopted, whether in the form proposed or in revised form, may materially
adversely affect our ability to negotiate and complete our initial business combination and may increase the costs and time related
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Laws and regulations
and their interpretation and application may also change from time to time and those changes could have a material adverse effect
on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as
interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete
our initial business combination and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are an emerging growth company and
a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure
requirements available to emerging growth companies and smaller reporting companies, this could make our securities less attractive
to investors and may make it more difficult to compare our performance with other public companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; text-align: justify">We are an &ldquo;emerging growth company&rdquo;
within the meaning of the Securities Act, as modified by the JOBS Act, and we may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not
limited to, not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act,
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved. As a result, our shareholders may not have access to certain information they may deem important.
We could be an emerging growth company for up to five&nbsp;years, although circumstances could cause us to lose that status earlier,
including if the market value of our Class&nbsp;A common stock held by non-affiliates exceeds $700&nbsp;million as of any June&nbsp;30
before that time, in which case we would no longer be an emerging growth company as of the following December&nbsp;31. We cannot
predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors
find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be
lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our
securities may be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further, Section&nbsp;102(b)(1)&nbsp;of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange&nbsp;Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out
of such extended transition period, which means that when a standard is issued or revised and it has different application dates
for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither
an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accountant standards used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, we are
a &ldquo;smaller reporting company&rdquo; as defined in Rule&nbsp;10(f)(1)&nbsp;of Regulation&nbsp;S-K.&nbsp;Smaller reporting
companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two&nbsp;years
of audited financial statements. We will remain a smaller reporting company until the last&nbsp;day of the fiscal year in which
(1)&nbsp;the market value of our common stock held by non-affiliates exceeds $250&nbsp;million as of the end of the prior June&nbsp;30<SUP>th</SUP>,
or (2)&nbsp;our annual revenues exceeded $100&nbsp;million during such completed fiscal year and the market value of our common
stock held by non-affiliates exceeds $700&nbsp;million as of the prior June&nbsp;30<SUP>th</SUP>. To the extent we take advantage
of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult
or impossible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we are deemed to be an investment
company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities
may be restricted, which may make it difficult for us to complete our business combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we are deemed to
be an investment company under the Investment Company Act, our activities may be restricted, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">restrictions on the nature of our investments; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">restrictions on the issuance of securities, each of which may make it difficult for us to complete
our business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we may
have imposed upon us burdensome requirements, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">registration as an investment company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">adoption of a specific form of corporate structure; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reporting, record keeping, voting, proxy and disclosure requirements and other rules&nbsp;and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order not to be regulated
as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged
primarily in a business other than investing, reinvesting or trading of securities and that our activities do not include investing,
reinvesting, owning, holding or trading &ldquo;investment securities&rdquo; constituting more than 40% of our total assets (exclusive
of U.S.&nbsp;government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete a
business combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy
businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or
to be a passive investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We do not believe that
our anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust
account may only be invested in United&nbsp;States &ldquo;government securities&rdquo; within the meaning of Section&nbsp;2(a)(16)&nbsp;of
the Investment Company Act having a maturity of 185&nbsp;days or less or in money market funds meeting certain conditions under
Rule&nbsp;2a-7 promulgated under the Investment Company Act which invest only in direct U.S.&nbsp;government treasury obligations.
Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment
of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term
(rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid being
deemed an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act. This offering is not intended for
persons who are seeking a return on investments in government securities or investment securities. The trust account is intended
as a holding place for funds pending the earliest to occur of: (i)&nbsp;the completion of our primary business objective, which
is a business combination; (ii)&nbsp;the redemption of any public shares properly submitted in connection with a shareholder vote
to amend our then existing amended and restated certificate of incorporation to modify (A)&nbsp;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 12&nbsp;months from the closing of this offering (or up to 18 months, if
we extend the time to complete a business combination as described in this prospectus) or (B)&nbsp;with respect to any other provision
relating to shareholders&rsquo; rights or pre-initial business combination activity; or (iii)&nbsp;absent a business combination,
our return of the funds held in the trust account to our public shareholders as part of our redemption of the public shares. If
we do not invest the proceeds as discussed above, we may be deemed to be subject to the Investment Company Act. If we were deemed
to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses
for which we have not allotted funds and may hinder our ability to complete a business combination. If we are unable to complete
our initial business combination, our public shareholders may receive only approximately $10.20 per share on the liquidation of
our trust account and our warrants will expire worthless. In certain circumstances, our public shareholders may receive less than
$10.20 per share on the redemption of their shares. See &ldquo;&mdash;&nbsp;If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.20
per share&rdquo; and other risk factors in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">,
on March&nbsp;30, 2022, the SEC issued proposed rules relating to, among other matters, the extent to which SPACs could become
subject to regulation under the Investment Company Act. The SEC&rsquo;s proposed rule under the Investment Company Act would provide
a safe harbor for SPACs from the definition of &ldquo;investment company&rdquo; under Section 3(a)(1)(A) of the Investment Company
Act, provided that they satisfy certain conditions that limit a SPAC&rsquo;s duration, asset composition, business purpose and
activities. The duration component of the proposed safe harbor rule would require a SPAC to file a report on Form 8-K&nbsp;with
the Commission announcing that it has entered into an agreement with the target company (or companies) to engage in an initial
business combination no later than 18&nbsp;months after the effective date of the SPAC&rsquo;s registration statement for its initial
public offering. The SPAC would then be required to complete its initial business combination no later than 24&nbsp;months after
the effective date of its registration statement for its initial public offering. The proposed safe harbor rule has not yet been
adopted, and one or more elements of the proposed safe harbor rule may not be adopted or may be adopted in a revised form. Nevertheless,
we intend to comply with the terms of the proposed safe harbor rule, including the duration component of that rule, when and if
adopted. As a result, we do not believe that the SEC would deem us to be an investment company for purposes of the Investment Company
Act. However, if we were deemed to be an investment company for purposes of the Investment Company Act, compliance with these additional
regulatory burdens would require additional expenses for which we have not allotted funds and could increase the costs and time
needed to complete a business combination or impair our ability to complete a business combination. If we have not completed our
initial business combination within the required time period, our public stockholders may receive only approximately $10.20 per
share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compliance obligations under the Sarbanes-Oxley
Act may make it more difficult for us to complete our initial business combination, require substantial financial and management
resources, and increase the time and costs of completing an acquisition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section&nbsp;404 of
the Sarbanes-Oxley Act requires that we evaluate and report on our system of internal controls beginning with our Annual Report
on Form&nbsp;10-K for the year ending December&nbsp;31, 2023. Only in the event we are deemed to be a large accelerated filer or
an accelerated filer will we be required to comply with the independent registered public accounting firm attestation requirement
on our internal control over financial reporting. Further, for as long as we remain an emerging growth company, we will not be
required to comply with the independent registered public accounting firm attestation requirement on our internal control over
financial reporting. The fact that we are a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act
particularly burdensome on us as compared to other public companies because a target company with which we seek to complete our
business combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal
controls. The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase
the time and costs necessary to complete any such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Provisions in our amended and restated
certificate of incorporation and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing
to pay in the future for our Class&nbsp;A common stock and could entrench management.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will contain provisions that may discourage unsolicited takeover proposals that shareholders may consider
to be in their best interests. These provisions include a staggered board of directors and the ability of the board of directors
to designate the terms of and issue new series of preferred shares, which may make the removal of management more difficult and
may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are also subject
to anti-takeover provisions under Delaware law, which could delay or prevent a change of control. Together these provisions may
make the removal of management more difficult and may discourage transactions that otherwise could involve payment of a premium
over prevailing market prices for our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may not hold an annual meeting of
shareholders until after the consummation of our initial business combination, which could delay the opportunity for our shareholders
to elect and remove, with or without cause, directors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with Nasdaq
corporate governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal
year end following our listing on Nasdaq. Under Section&nbsp;211(b)&nbsp;of the DGCL, we are, however, required to hold an annual
meeting of shareholders for the purposes of electing directors in accordance with our bylaws unless such election is made by written
consent in lieu of such a meeting. We may not hold an annual meeting of shareholders to elect new directors prior to the consummation
of our initial business combination, and thus we may not be in compliance with Section&nbsp;211(b)&nbsp;of the DGCL, which requires
an annual meeting. Therefore, if our shareholders want us to hold an annual meeting prior to the consummation of our initial business
combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance
with Section&nbsp;211(c)&nbsp;of the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risks Associated with Acquiring and Operating
a Business Outside of the United&nbsp;States</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may effect a business combination
with a company located outside of the United&nbsp;States and if we do, we would be subject to a variety of additional risks that
may negatively impact our business operations and financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we consummate a business
combination with a target business located outside of the United&nbsp;States (although we will not effect our initial business
combination with any company being based in or having the majority of the company&rsquo;s operations in China, including Hong Kong
and Macau), we would be subject to any special considerations or risks associated with companies operating in the target business&rsquo;
governing jurisdiction, including any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">rules and regulations or currency redemption or corporate withholding taxes on individuals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">tariffs and trade barriers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">regulations related to customs and import/export matters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">longer payment cycles than in the United&nbsp;States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">inflation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">economic policies and market conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">unexpected changes in regulatory requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">challenges in managing and staffing international operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">tax issues, such as tax law changes and variations in tax laws as compared to the United&nbsp;States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">currency fluctuations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">challenges in collecting accounts receivable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">cultural and language differences;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">protection of intellectual property; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">employment regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We cannot assure you
that we would be able to adequately address these additional risks. If we were unable to do so, our operations might suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because of the costs and difficulties
inherent in managing cross-border business operations, our results of operations may be negatively impacted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Managing a business,
operations, personnel or assets in another country is challenging and costly. Any management that we may have (whether based abroad
or in the U.S.) may be inexperienced in cross-border business practices and unaware of significant differences in accounting rules,
legal regimes and labor practices. Even with a seasoned and experienced management team, the costs and difficulties inherent in
managing cross-border business operations, personnel and assets can be significant (and much higher than in a purely domestic business)
and may negatively impact our financial and operational performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If social unrest, acts of terrorism,
regime changes, changes in laws and regulations, political upheaval, or policy changes or enactments occur in a country in which
we may operate after we effect our initial business combination, it may result in a negative impact on our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Political events in
another country may significantly affect our business, assets or operations. Social unrest, acts of terrorism, regime changes,
changes in laws and regulations, political upheaval, and policy changes or enactments could negatively impact our business in a
particular country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Many countries have difficult and
unpredictable legal systems and underdeveloped laws and regulations that are unclear and subject to corruption and inexperience,
which may adversely impact our results of operations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ability to seek
and enforce legal protections, including with respect to intellectual property and other property rights, or to defend ourselves
with regard to legal actions taken against us in a given country, may be difficult or impossible, which could adversely impact
our operations, assets or financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Rules and regulations
in many countries are often ambiguous or open to differing interpretation by responsible individuals and agencies at the municipal,
state, regional and federal levels. The attitudes and actions of such individuals and agencies are often difficult to predict and
inconsistent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Delay with respect to
the enforcement of particular rules and regulations, including those relating to customs, tax, environmental and labor, could cause
serious disruption to operations abroad and negatively impact our results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we effect a business combination
with a company located outside of the United&nbsp;States, the laws applicable to such company will likely govern all of our material
agreements and we may not be able to enforce our legal rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we effect a business
combination with a company located outside of the United&nbsp;States (although we will not effect our initial business combination
with any company being based in or having the majority of the company&rsquo;s operations in China, including Hong Kong and Macau),
the laws of the country in which such company operates will govern almost all of the material agreements relating to its operations.
We cannot assure you that the target business will be able to enforce any of its material agreements or that remedies will be available
in this new jurisdiction. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in
implementation and interpretation as in the United&nbsp;States. The inability to enforce or obtain a remedy under any of our future
agreements could result in a significant loss of business, business opportunities or capital. Additionally, if we acquire a company
located outside of the United&nbsp;States, it is likely that substantially all of our assets would be located outside of the United&nbsp;States
and some of our officers and directors might reside outside of the United&nbsp;States. As a result, it may not be possible for
investors in the United&nbsp;States to enforce their legal rights, to effect service of process upon our directors or officers
or to enforce judgments of United&nbsp;States courts predicated upon civil liabilities and criminal penalties of our directors
and officers under Federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If relations between the United&nbsp;States
and foreign governments deteriorate, it could cause potential target businesses or their goods and services to become less attractive.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The relationship between
the United&nbsp;States and foreign governments could be subject to sudden fluctuation and periodic tension. For instance, the United&nbsp;States
may announce its intention to impose quotas on certain imports. Such import quotas may adversely affect political relations between
the two countries and result in retaliatory countermeasures by the foreign government in industries that may affect our ultimate
target business. Changes in political conditions in foreign countries and changes in the state of U.S.&nbsp;relations with such
countries are difficult to predict and could adversely affect our operations or cause potential target businesses or their goods
and services to become less attractive. Because we are not limited to any specific industry, there is no basis for investors in
this offering to evaluate the possible extent of any impact on our ultimate operations if relations are strained between the United&nbsp;States
and a foreign country in which we acquire a target business or move our principal manufacturing or service operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If any dividend is declared in the
future and paid in a foreign currency, you may be taxed on a larger amount in U.S.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you are a U.S.&nbsp;holder
of our common stock, you will be taxed on the U.S.&nbsp;dollar value of your dividends, if any, at the time you receive them, even
if you actually receive a smaller amount of U.S.&nbsp;dollars when the payment is in fact converted into U.S.&nbsp;dollars. Specifically,
if a dividend is declared and paid in a foreign currency, the amount of the dividend distribution that you must include in your
income as a U.S.&nbsp;holder will be the U.S.&nbsp;dollar value of the payments made in the foreign currency, determined at the
spot rate of the foreign currency to the U.S.&nbsp;dollar on the date the dividend distribution is includible in your income, regardless
of whether the payment is in fact converted into U.S.&nbsp;dollars. Thus, if the value of the foreign currency decreases before
you actually convert the currency into U.S.&nbsp;dollars, you will be taxed on a larger amount in U.S.&nbsp;dollars than the U.S.&nbsp;dollar
amount that you will actually ultimately receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If our management following our initial
business combination is unfamiliar with United&nbsp;States securities laws, they may have to expend time and resources becoming
familiar with such laws, which could lead to various regulatory issues.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following our initial
business combination, certain members of our management team will likely resign from their positions as officers or directors of
the company and the management of the target business at the time of the business combination will remain in place. Management
of the target business may not be familiar with United&nbsp;States securities laws. If new management is unfamiliar with our laws,
they may have to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming and could
lead to various regulatory issues, which may adversely affect our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Currency policies may cause a target
business&rsquo; ability to succeed in the international markets to be diminished.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event we acquire
a non-U.S.&nbsp;target, all revenues and income would likely be received in a foreign currency, the dollar equivalent of our net
assets and distributions, if any, could be adversely affected by reductions in the value of the local currency. The value of the
currencies in our target regions fluctuate and are affected by, among other things, changes in political and economic conditions.
Any change in the relative value of such currency against our reporting currency may affect the attractiveness of any target business
or, following consummation of our initial business combination, our financial condition and results of operations. Additionally,
if a currency appreciates in value against the dollar prior to the consummation of our initial business combination, the cost of
a target business as measured in dollars will increase, which may make it less likely that we are able to consummate such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Many industries in Asia are subject
to government regulations that limit or prohibit foreign investments in such industries, which may limit the potential number of
acquisition candidates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Governments in many
Asian countries have imposed regulations that limit foreign investors&rsquo; equity ownership or prohibit foreign investments altogether
in companies that operate in certain industries. As a result, the number of potential acquisition candidates available to us (excluding
China) may be limited or our ability to grow and sustain the business, which we ultimately acquire will be limited. Our amended
and restated certificate of incorporation to be adopted upon the effectiveness of the registration statement of which this prospectus
forms a part will prohibit us from undertaking our initial business combination with any company being based in or having the majority
of the company&rsquo;s operations in China (including Hong Kong and Macau).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If a country in Asia (excluding China)
enacts regulations in industry segments that forbid or restrict foreign investment, our ability to consummate our initial business
combination could be severely impaired. Our Certificate of Incorporation to be adopted upon the effectiveness of the registration
statement of which this prospectus forms a part will prohibit us from undertaking our initial business combination with any company
being based in or having the majority of the company&rsquo;s operations in China (including Hong Kong and Macau).</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Many of the rules and
regulations that companies face concerning foreign ownership are not explicitly communicated. If new laws or regulations forbid
or limit foreign investment in industries in which we want to complete our initial business combination, they could severely impair
our candidate pool of potential target businesses. Additionally, if the relevant central and local authorities find us or the target
business with which we ultimately complete our initial business combination to be in violation of any existing or future laws or
regulations, they would have broad discretion in dealing with such a violation, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">levying fines;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">revoking our business and other licenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">requiring that we restructure our ownership or operations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">requiring that we discontinue any portion or all of our business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any of the above could
have an adverse effect on our company post-business combination and could materially reduce the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Corporate governance standards in
Asia may not be as strict or developed as in the United&nbsp;States and such weakness may hide issues and operational practices
that are detrimental to a target business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">General corporate governance
standards in some countries are weak in that they do not prevent business practices that cause unfavorable related party transactions,
over-leveraging, improper accounting, family company interconnectivity and poor management. Local laws often do not go far enough
to prevent improper business practices. Therefore, shareholders may not be treated impartially and equally as a result of poor
management practices, asset shifting, conglomerate structures that result in preferential treatment to some parts of the overall
company, and cronyism. The lack of transparency and ambiguity in the regulatory process also may result in inadequate credit evaluation
and weakness that may precipitate or encourage financial crisis. In our evaluation of a business combination we will have to evaluate
the corporate governance of a target and the business environment, and in accordance with United&nbsp;States laws for reporting
companies take steps to implement practices that will cause compliance with all applicable rules and accounting practices. Notwithstanding
these intended efforts, there may be endemic practices and local laws that could add risk to an investment we ultimately make and
that result in an adverse effect on our operations and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain statements in
this prospectus may constitute &ldquo;forward-looking statements&rdquo; for purposes of the federal securities laws. Our forward-looking
statements include, but are not limited to, statements regarding our or our management team&rsquo;s expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
&ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;plan,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo;
&ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;would&rdquo; and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus
may include, for example, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our ability to complete our initial business combination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our expectations around the performance of the prospective target business or businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our success in retaining or recruiting, or changes required in, our officers, key employees or
directors following our initial business combination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our officers and directors allocating their time to other businesses and potentially having conflicts
of interest with our business or in approving our initial business combination, as a result of which they would then receive expense
reimbursements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our potential ability to obtain additional financing to complete our initial business combination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the ability of our officers and directors to generate a number of potential acquisition opportunities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our public securities&rsquo; potential liquidity and trading;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the lack of a market for our securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the use of proceeds not held in the trust account or available to us from interest income on the
trust account balance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the trust account not being subject to claims of third parties; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our financial performance following this offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking
statements contained in this prospectus are based on our current expectations and beliefs concerning future developments and their
potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions
that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not limited to, those factors described in the section of this prospectus
entitled &ldquo;Risk Factors.&rdquo; Should one or more of these risks or uncertainties materialize, or should any of our assumptions
prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake
no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A NAME="a_005"></A>USE
</B></FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are offering 6,000,000&nbsp;units
at an offering price of $10.00 per unit. We estimate that the net proceeds of this offering together with the funds we will receive
from the sale of the private units will be used as set forth in the following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Without <BR> Over-Allotment<U><BR> </U>Option</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>With <BR> Over-Allotment<U><BR> </U>Option Fully Exercised</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; text-indent: -10pt; padding-left: 10pt">Gross proceeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross proceeds from units offered to public<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">60,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">69,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Gross proceeds from private units offered in the private placement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,140,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,500,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total gross proceeds</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">64,140,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">73,500,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Offering expenses</I><SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Underwriting commissions (2% of gross proceeds from units offered to public)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,200,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,380,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Nasdaq listing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">SEC registration fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">FINRA filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">D&amp;O insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Miscellaneous expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">267,754</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">267,754</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total offering expenses (excluding deferred underwriting commission)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,090,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,090,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Proceeds after offering expenses</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">61,850,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">71,030,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Held in trust account<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70,380,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">% of public offering size</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">102.0</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">102.0</TD><TD STYLE="font-style: italic; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Not held in trust account</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">650,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">650,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
shows the use of the approximately $650,000 of net proceeds not held in the trust account:</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<SUP>(4)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal, accounting, due diligence, travel, and other expenses in connection with any business combination<SUP>(5)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">61.5</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Legal and accounting fees related to regulatory reporting obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Working capital to cover miscellaneous expenses and reserves</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">150,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">650,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Includes amounts payable to public shareholders who properly redeem their shares in connection
with our successful completion of our initial business combination.</TD></TR></TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">A portion of the offering expenses will be paid from the proceeds of a loan from our sponsor and/or
its affiliates of up to $500,000 as described in this prospectus. This amount will be repaid upon completion of this offering out
of the offering proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) and
amounts not to be held in the trust account. In the event that offering expenses are less than set forth in this table, any such
amounts will be used for post-closing working capital expenses. In the event that the offering expenses are more than as set forth
in this table, we may fund such excess with funds not held in the trust account. As of May 16, 2022, we have borrowed $95,521
loan from our sponsor.</TD></TR></TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Upon completion of our initial business combination, $2,100,000 (or $2,415,000 if the underwriters&rsquo;
over-allotment option is exercised in full) will be payable to the underwriters for deferred underwriting commissions from the
funds held in the trust account, and the remaining funds, less amounts released to the trustee to pay redeeming shareholders, will
be released to us and can be used to pay all or a portion of the purchase price of the business or businesses with which our initial
business combination occurs or for general corporate purposes, including payment of principal or interest on indebtedness incurred
in connection with our initial business combination, to fund the purchases of other companies or for working capital. The underwriters
will not be entitled to any interest accrued on the deferred underwriting commissions.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">These expenses are estimates only. Our actual expenditures for some or all of these items may differ
from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates
in connection with negotiating and structuring our business combination based upon the level of complexity of such business combination.
In the event we identify a business combination target in a specific industry subject to specific regulations, we may incur additional
expenses associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary
and as a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any
change in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations,
to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses.</TD></TR></TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Includes estimated amounts that may also be used in connection with our business combination to
fund a &ldquo;no shop&rdquo; provision and commitment fees for financing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may increase or decrease
the total number of units sold to the public in this offering. If we decide to proceed with an offering that results in an increase
in the total number of units sold to the public, we would have additional proceeds from the offering available to pursue an acquisition.
If we proceed with an offering that results in a decrease in the total number of units sold to the public, we would have reduced
proceeds from the offering available to pursue an acquisition. Such an increase or decrease may impact the size of the initial
business combination we may pursue. In addition, the proceeds held in trust would correspondingly increase or decrease such that
100% of the gross proceeds from this offering will be held in trust. The underwriter&rsquo;s option to purchase additional units
to cover over-allotments and the amount of private units that our sponsor will purchase would correspondingly increase or decrease.
We would issue additional Class&nbsp;B common stock in the event we increase the total number of units sold in this offering exceeding
the total number of units after the full over-allotment and the holders of our Class&nbsp;B common stock would forfeit shares of
Class&nbsp;B common stock in the event we decrease the total number of units sold in this offering so that the number of shares
of Class&nbsp;A common stock issuable upon conversion of all shares of Class&nbsp;B common stock will equal, in the aggregate,
on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon completion of this
offering (excluding the sale of the private units and assuming our founders do not purchase public shares in this offering) plus
all shares of Class&nbsp;A common stock and equity-linked securities issued or deemed issued in connection with the business combination
(excluding any shares or equity-linked securities issued, or to be issued, to any seller in the business combination).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The rules&nbsp;of Nasdaq
provide that at least 90% of the gross proceeds from this offering and the sale of the private units be deposited in a trust account.
Of the net proceeds of this offering and the sale of the private units, $61,200,000 (or $70,380,000 if the underwriters&rsquo;
over-allotment option is exercised in full), including $2,100,000 (or $2,415,000 if the underwriters&rsquo; over-allotment option
is exercised in full) for deferred underwriting commissions, will be placed in a U.S.-based trust account with Continental Stock Transfer &amp; Trust Company, acting as trustee,
and will be invested only in U.S.&nbsp;government treasury bills with a maturity of 185&nbsp;days or less or in money market funds
meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S.&nbsp;government
treasury obligations. We estimate that the interest earned on the trust account will be approximately $30,600 per year, assuming
an interest rate of 0.05% per year; however, we can provide no assurance regarding this amount. Except with respect to interest
earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering
and the sale of the private units that are deposited in the trust account will not be released from the trust account until the
earliest to occur of: (a)&nbsp;the completion of our initial business combination, (b)&nbsp;the redemption of any public shares
properly submitted in connection with a shareholder vote to amend our then existing amended and restated certificate of incorporation
(i)&nbsp;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 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus)
or (ii)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity
and (c)&nbsp;the redemption of our public shares if we are unable to complete our business combination within 12 months from the
closing of this offering, subject to applicable law (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The net proceeds held
in the trust account may be used as consideration to pay the sellers of a target business with which we ultimately complete our
business combination. If our initial business combination is paid for using equity or debt instruments, or not all of the funds
released from the trust account are used for payment of the consideration in connection with our business combination, we may apply
the balance of the cash released from the trust account for general corporate purposes, including for maintenance or expansion
of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing
our initial business combination, to fund the purchase of other assets, companies or for working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that amounts
not held in trust will be sufficient to pay the costs and expenses to which such proceeds are allocated. This belief is based on
the fact that while we may begin preliminary due diligence of a target business in connection with an indication of interest, we
intend to undertake in-depth due diligence, depending on the circumstances of the relevant prospective acquisition, only after
we have negotiated and signed a letter of intent or other preliminary agreement that addresses the terms of a business combination.
However, if our estimate of the costs of undertaking in-depth due diligence and negotiating a business combination is less than
the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which
is currently unascertainable. If we are required to seek additional capital, we could seek such additional capital through loans
or additional investments from our founders or their affiliates, but such persons are not under any obligation to advance funds
to, or invest in, us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our sponsor has agreed
to loan us up to $500,000 to be used for a portion of the expenses of this offering. This loan is non-interest bearing, unsecured
and is due at the earlier of May 12, 2023 or the closing of this offering. The loan will be repaid upon the closing of this offering
out of the offering proceeds not held in the trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, in order
to finance transaction costs in connection with an intended initial business combination, our founders or an affiliate of our founders
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans would be repaid only out of
funds held outside the trust account. In the event that our initial business combination does not close, we may use a portion of
the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be
used to repay such loaned amounts. Up to $3,000,000 of such loans may be convertible into working capital units, at a price of
$10.00 per share at the option of the lender. The working capital units would be identical to the private units sold in the private
placement. The terms of such loans by our founders or their affiliates, if any, have not been determined and no written agreements
exist with respect to such loans. Prior to the completion of our initial business combination, we do not expect to seek loans from
parties other than our founders or their affiliates as we do not believe third parties will be willing to loan such funds and provide
a waiver against any and all rights to seek access to funds in our trust account, but in the event that we seek loans from any
third party, we will obtain a waiver against any and all rights to seek access to funds in our trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we seek shareholder
approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant
to the tender offer rules, our founders or their affiliates may purchase shares in privately negotiated transactions either prior
to or following the completion of our initial business combination. There is no limit on the number of shares our founders or their
affiliates may purchase in such transactions, subject to compliance with applicable law and the rules&nbsp;of Nasdaq. However,
they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions
for any such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession
of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation&nbsp;M under
the Exchange&nbsp;Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the
tender offer rules&nbsp;under the Exchange&nbsp;Act or a going-private transaction subject to the going- private rules&nbsp;under
the Exchange&nbsp;Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to
such rules, the purchasers will comply with such rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will only redeem
our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our
initial business combination and after payment of underwriters&rsquo; fees and commissions (so that we are not subject to the SEC&rsquo;s
&ldquo;penny stock&rdquo; rules) and the agreement for our business combination may require as a closing condition that we have
a minimum net worth or a certain amount of cash. If too many public shareholders exercise their redemption rights so that we cannot
satisfy the net tangible asset requirement or any net worth or cash requirements, we would not proceed with the redemption of our
public shares or the business combination, and instead may search for an alternate business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A public shareholder
will be entitled to receive funds from the trust account only upon the earliest to occur of: (i)&nbsp;our completion of an initial
business combination, and then only in connection with those public shares that such shareholder properly elected to redeem, subject
to the limitations described in this prospectus, (ii)&nbsp;the redemption of any public shares properly submitted in connection
with a shareholder vote to amend our then existing amended and restated certificate of incorporation to modify (A)&nbsp;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 12 months from the closing of this offering (or up to 18 months,
if we extend the time to complete a business combination as described in this prospectus) or (B)&nbsp;with respect to any other
provision relating to shareholders&rsquo; rights or pre-initial business combination activity, and (iii)&nbsp;the redemption of
our public shares if we are unable to complete our business combination within 12 months following the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), subject to applicable
law and as further described herein and any limitations (including but not limited to cash requirements) created by the terms of
the proposed business combination. In no other circumstances will a public shareholder have any right or interest of any kind to
or in the trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial shareholders
will enter into a letter agreement with us, pursuant to which they will agree to waive their redemption rights with respect to
any founder shares and private units and any public shares held by them in connection with the completion of our initial business
combination and to waive their redemption rights with respect to their founder shares and private units and public shares in connection
with a shareholder vote to approve an amendment to our then existing amended and restated certificate of incorporation (A)&nbsp;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 12 months from the closing of this
offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (B)&nbsp;with
respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity. In addition,
our initial shareholders have agreed to waive their rights to liquidating distributions from the trust account with respect to
any founder shares and private units held by them if we fail to complete our business combination within the prescribed time frame.
However, if our initial shareholders or their affiliates acquire public shares in or after this 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 frame. Permitted transferees of the founder shares and private units held by our initial
shareholders would be subject to the same restrictions applicable to our initial shareholders, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>DIVIDEND POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not paid any
cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of our initial 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 our initial business combination. The payment of any cash dividends
subsequent to our initial business combination will be within the discretion of our board of directors at such time Further, if
we incur any indebtedness in connection with our business combination, our ability to declare dividends may be limited by restrictive
covenants we may agree to in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A NAME="a_007"></A>DILUTION</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The difference between
the public offering price per share of Class&nbsp;A common stock, assuming no value is attributed to the warrants included in the
units we are offering pursuant to this prospectus or the private units, and the pro forma net tangible book value per share of
our Class&nbsp;A common stock after this offering constitutes the dilution to investors in this offering. Such calculation does
not reflect any dilution associated with the sale and exercise of warrants, including the private units, which would cause the
actual dilution to the public shareholders to be higher, particularly where a cashless exercise is utilized. Net tangible book
value per share is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities
(including the value of Class&nbsp;A common stock which may be redeemed for cash), by the number of outstanding shares of our Class&nbsp;A
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">As of May 16, 2022, our net
tangible book deficit was $(95,521). After giving effect to the sale of 6,000,000 shares of Class&nbsp;A common stock included in
the units we are offering by this prospectus, the sale of the private units and the deduction of underwriting commissions and
estimated expenses of this offering, our pro forma net tangible book value as of May 16, 2022 would have been $(1,425,521 or
approximately $(0.74) per share (or $(1,740,521) or $(0.80) per share if the underwriters&rsquo; option to purchase additional units
is exercised in full), representing an immediate increase in net tangible book value (as decreased by the value of 6,000,000 shares
of Class&nbsp;A common stock that may be redeemed for cash and assuming no exercise of the underwriters&rsquo; over-allotment
option) of $(0.68) per share (or $(0.74) per share if the underwriters&rsquo; option to purchase additional units is exercised in
full) to our founders as of the closing of this offering and an immediate dilution of $10.74 per share or 107.40% to our public
shareholders. The dilution to new investors if the underwriters exercise the over-allotment option in full would be an immediate
dilution of $10.80 per share or 108.00%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
illustrates the dilution to the public shareholders on a per-share basis, assuming no value is attributed to the warrants included
in the units or the private units:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Without <BR> Over-Allotment</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">With <BR> Over-Allotment</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-indent: -10pt; padding-left: 10pt">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">10.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">10.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net tangible book deficit before this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.06</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.06</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Decrease attributable to public shareholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.68</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Pro forma net tangible book value after this offering and the sale of the private&nbsp;units</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Dilution to public shareholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10.74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Percentage of dilution to public shareholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">107.40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">108.00</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For purposes of presentation,
we have reduced our pro forma net tangible book value after this offering (assuming no exercise of the underwriters&rsquo; over-allotment
option) by $61,200,000 because holders of up to approximately 100.0% of our public shares may redeem their shares for a pro rata
share of the aggregate amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust
account as set forth in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two&nbsp;days
prior to the commencement of our tender offer or shareholders meeting, 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 shares of Class&nbsp;A common stock sold
in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
sets forth information with respect to our founders and the public shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares Purchased</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Consideration</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Average Price</B><BR> <B><BR>
Per Share</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B common stock<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">18.95</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.04</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">0.017</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Private units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">414,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.23</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.45</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Public Shareholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75.82</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">60,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">93,51</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,914,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.00</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">64,165,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.00</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Assumes no exercise of the underwriters&rsquo; over-allotment option and the corresponding forfeiture
of an aggregate of 225,000 shares of Class&nbsp;B common stock held by our founders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The pro forma net tangible
book value per share after the offering is calculated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Without <BR> Over-allotment</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">With <BR> Over-allotment</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Numerator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net tangible book deficit before this offering</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(95,521</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(95,521</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net proceeds from this offering and sale of the private shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,850,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,030,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Plus: Offering costs paid in advance, excluded from tangible book value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Less: Deferred Underwriting Commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,100,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,415,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Proceeds held in trust subject to redemption</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(61,200,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(70,380,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,425,521</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,740,521</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Class&nbsp;B common stock outstanding prior to this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,725,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,725,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Class&nbsp;B common stock forfeited if over-allotment is not exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(225,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Class&nbsp;A common stock included in the units offered in this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,900,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Class&nbsp;A common stock included in the private units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">414,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Shares subject to redemption</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,900,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,914,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,175,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A NAME="a_008"></A>CAPITALIZATION</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table sets forth our capitalization as of May 16, 2022 and as adjusted to give effect to the sale of our units and the
private units and the application of the estimated net proceeds derived from the sale of such securities:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of May 16, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Actual</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As Adjusted<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory note to related party<SUP>(2)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">95,521</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred Underwriting Commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,100,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A common stock subject to possible redemption; $0.0001
par value, 0 shares actual and 6,000,000 shares subject to redemption<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Preferred stock, $0.0001 par value, 1,000,000 shares authorized;
none issued and outstanding, actual and as adjusted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Class A common stock, $0.0001 par value, 21,000,000 shares authorized;
none and 414,000 issued and outstanding, actual and as adjusted, respectively.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B common stock, $0.0001 par value; 3,000,000 shares authorized;
1,725,000 and 1,500,000 shares issued and outstanding, actual and as adjusted, respectively<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,827</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,425,712</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total shareholders&rsquo; equity (deficit)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,479</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,425,521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total capitalization</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">120,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">61,874,479</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Assumes the over-allotment option has not been exercised and the resulting forfeiture of 225,000
founder shares held by our founders has occurred.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Our sponsor and/or its affiliates has agreed to loan us up to $500,000 to be used for a portion
of the expenses of this offering. As of May 16, 2022, we borrowed $95,521 under the promissory note.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Upon the completion of our initial business combination, we will provide our shareholders with
the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in
the trust account as of two&nbsp;business days prior to the consummation of the initial business combination including interest
earned on the funds held in the trust account and not previously released to us to pay our taxes or for working capital purposes,
subject to the limitations described herein and any limitations (including, but not limited to, cash requirements) created by the
terms of the proposed initial business combination.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Actual share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted
amount assumes no exercise of the underwriters&rsquo; over-allotment option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a blank check
company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We have not selected any
business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions directly or indirectly,
with respect to identifying any business combination target. We intend to complete our initial business combination using cash
from the proceeds of this offering and the private placements of the private units, our capital stock, debt or a combination of
cash, stock and debt. We shall not undertake our initial business combination with any company being based in or having the majority
of the company&rsquo;s operations in China (including Hong Kong and Macau). Our amended and restated certificate of incorporation
to be adopted upon the effectiveness of the registration statement of which this prospectus forms a part will prohibit us from
undertaking our initial business combination with any company being based in or having the majority of the company&rsquo;s operations
in China (including Hong Kong and Macau).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The issuance of additional
shares of our stock in a business combination:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may significantly dilute the equity interest of investors in this offering, which dilution would
increase if the anti-dilution provisions in the Class&nbsp;B common stock resulted in the issuance of Class&nbsp;A shares on a
greater than one-to-one basis upon conversion of the Class&nbsp;B common stock; may significantly dilute the equity interest of
investors in this offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may subordinate the rights of holders of our common stock if preferred stock is issued with rights
senior to those afforded our common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">could cause a change in control if a substantial number of shares of our common stock is issued,
which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the
resignation or removal of our present officers and directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may have the effect of delaying or preventing a change of control of us by diluting the stock ownership
or voting rights of a person seeking to obtain control of us; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may adversely affect prevailing market prices for our Class&nbsp;A common stock and/or warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Similarly, if we issue
debt securities or otherwise incur significant debt to bank or other lenders or owners of a target, it could result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">default and foreclosure on our assets if our operating revenues after an initial business combination
are insufficient to repay our debt obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">acceleration of our obligations to repay the indebtedness even if we make all principal and interest
payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a
waiver or renegotiation of that covenant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our inability to obtain necessary additional financing if the debt security contains covenants
restricting our ability to obtain such financing while the debt security is outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our inability to pay dividends on our common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">using a substantial portion of our cash flow to pay principal and interest on our debt, which will
reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures
and acquisitions, and fund other general corporate purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">limitations on our flexibility in planning for and reacting to changes in our business and in the
industry in which we operate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">increased vulnerability to adverse changes in general economic, industry and competitive conditions
and adverse changes in government regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
debt service requirements, and execution of our strategy; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">other purposes and other disadvantages compared to our competitors who have less debt.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
indicated in the accompanying financial statements, as of May 16, 2022, we had deferred offering costs of $120,000. Further, we
expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to
raise capital or to complete our initial business combination will be successful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Results of Operations and Known Trends
or Future Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have neither engaged
in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and
those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues until after
completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and
cash equivalents after this offering. There has been no significant change in our financial or trading position and no material
adverse change has occurred since the date of our audited financial statements. After this offering, we expect to incur increased
expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as
for due diligence expenses. We expect our expenses to increase substantially after the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Our liquidity needs have
been satisfied prior to the completion of this offering through a capital contribution from our founders of $25,000 and a loan
to us of up to $500,000 by our sponsor, under an unsecured promissory note. We estimate that the net proceeds from (i)&nbsp;the
sale of the units in this offering, after deducting offering expenses of approximately $1,090,000, underwriting commissions of
$1,200,000 ($1,380,000 if the underwriters&rsquo; over-allotment option is exercised in full), and (ii)&nbsp;the sale of the private
units for a purchase price of $4,140,000 (or $4,500,000 if the over-allotment option is exercised in full), will be $61,850,000
(or $71,030,000 if the underwriters&rsquo; over-allotment option is exercised in full). Of this amount, $61,200,000 (or $70,380,000
if the underwriters&rsquo; over-allotment option is exercised in full) will be held in the trust account, which includes $2,100,000
(or $2,415,000 if the underwriters&rsquo; over-allotment option is exercised in full) for the underwriters&rsquo; deferred underwriting
fee. The remaining approximately $650,000 will not be held in the trust account. In the event that our offering expenses exceed
our estimate of $1,090,000, we may fund such excess with funds not to be held in the trust account. In such case, the amount of
funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the
offering expenses are less than our estimate of $1,090,000, the amount of funds we intend to be held outside the trust account
would increase by a corresponding amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We intend to use substantially
all of the funds held in the trust account, including any amounts representing interest earned on the trust account (less amounts
released to us for taxes payable, working capital purposes and deferred underwriting commissions) to complete our initial business
combination. We may withdraw interest to pay taxes. We estimate our annual franchise tax obligations, based on the number of shares
of our common stock authorized and outstanding after the completion of this offering, to be $200,000, which is the maximum amount
of annual franchise taxes payable by us as a Delaware corporation per annum. Our annual income tax obligations will depend on the
amount of interest and other income earned on the amounts held in the trust account. To the extent that our capital stock or debt
is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the
trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions
and pursue our growth strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the completion
of our initial business combination, we will have available to us the approximately $650,000 of proceeds held outside the trust
account. We will use these funds primarily to identify and evaluate target businesses, perform business due diligence on prospective
target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives
or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete
a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to fund working
capital deficiencies or finance transaction costs in connection with an intended initial business combination, our founders or
an affiliate of our founders may, but are not obligated to, loan us funds as may be required. If we complete our initial business
combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use
a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account
would be used for such repayment. Up to $3,000,000 of such loans may be convertible into working capital units, at a price of $10.00
per share at the option of the lender. The working capital units would be identical to the private units. The terms of such loans
by our founders or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans.
We do not expect to seek loans from parties other than our founders or an affiliate of our founders as we do not believe third
parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust
account, but in the event that we seek loans from any third parties, we will obtain a waiver against any and all rights to seek
access to funds in our trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">expect our primary liquidity requirements during that period
to include approximately $400,000 in legal, accounting, due diligence and other fees in connection with the business combination;
$100,000 in legal and accounting related to regulatory reporting obligations; and $150,000 in working capital and miscellaneous
expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These amounts are estimates
and may differ materially from our actual expenses. In addition, we could use a portion of the funds not being placed in trust
to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment
or to fund a &ldquo;no-shop&rdquo; provision (a provision designed to keep target businesses from &ldquo;shopping&rdquo; around
for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular
proposed business combination, although we do not have any current intention to do so. If we entered into an agreement where we
paid for the right to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a
&ldquo;no-shop&rdquo; provision would be determined based on the terms of the specific business combination and the amount of our
available funds at the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could result in our
not having sufficient funds to continue searching for, or conducting due diligence with respect to, prospective target businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As indicated in
the accompanying financial statements, May 16, 2022, we had no cash in operating bank account and a working capital
deficiency of $95,521. Further, we have incurred and expect to continue to incur significant costs in pursuit of our
financing and acquisition plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We do not believe we
will need to raise additional funds following this offering in order to meet the expenditures required for operating our business.
However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an
initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate
our business prior to our business combination. Moreover, we may need to obtain additional financing either to complete our initial
business combination or because we become obligated to redeem a significant number of our public shares upon completion of our
initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination.
In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds
of this offering and the sale of the private units, and, as a result, if the cash portion of the purchase price exceeds the amount
available from the trust account, net of amounts needed to satisfy any redemptions by public shareholders, we may be required to
seek additional financing to complete such proposed initial business combination. We may also obtain financing prior to the closing
of our initial business combination to fund our working capital needs and transaction costs in connection with our search for and
completion of our initial business combination. There is no limitation on our ability to raise funds through the issuance of equity
or 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 agreements we may enter into following consummation of this offering.
Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion
of our initial business combination. Our amended and restated certificate of incorporation will provide that, following this offering
and prior to the consummation of our initial business combination, we will be prohibited from issuing additional securities that
would entitle the holders thereof to (i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote as a class with our public
shares (a)&nbsp;on any initial business combination or (b)&nbsp;to approve an amendment to our then existing amended and restated
certificate of incorporation to (x)&nbsp;extend the time we have to consummate a business combination beyond 12 months from the
closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus)
or (y)&nbsp;amend the foregoing provisions, unless (in connection with any such amendment to our then existing amended and restated
certificate of incorporation) we offer our public shareholders the opportunity to redeem their public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we are unable to
complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations
and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may
need to obtain additional financing in order to meet our obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Controls and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are not currently
required to maintain an effective system of internal controls as defined by Section&nbsp;404 of the Sarbanes-Oxley Act. We will
be required to comply with the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending December&nbsp;31,
2023. Only in the event that we are deemed to be a large accelerated filer or an accelerated filer would we be required to comply
with the independent registered public accounting firm attestation requirement. Further, for as long as we remain an emerging growth
company as defined in the JOBS Act, we intend to take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the closing
of this offering, we have not completed an assessment, nor have our auditors tested our systems, of internal controls. We expect
to assess the internal controls of our target business or businesses prior to the completion of our initial business combination
and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that we maintain
an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider for our business combination
may have internal controls that need improvement in areas such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">staffing for financial, accounting and external reporting areas, including segregation of duties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reconciliation of accounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">proper recording of expenses and liabilities in the period to which they relate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">evidence of internal review and approval of accounting transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">documentation of processes, assumptions and conclusions underlying significant estimates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">documentation of accounting policies and procedures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because it will take
time, management involvement and perhaps outside resources to determine what internal control improvements are necessary for us
to meet regulatory requirements and market expectations for our operation of a target business, we may incur significant expense
in meeting our public reporting responsibilities, particularly in the areas of designing, enhancing, or remediating internal and
disclosure controls. Doing so effectively may also take longer than we expect, thus increasing our exposure to financial fraud
or erroneous financing reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Once our management&rsquo;s
report on internal controls is complete, we will retain our independent auditors to audit and render an opinion on such report
when required by Section&nbsp;404 of the Sarbanes-Oxley Act. The independent auditors may identify additional issues concerning
a target business&rsquo;s internal controls while performing their audit of internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Quantitative and Qualitative Disclosures
about Market Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The net proceeds of
this offering and the sale of the private units held in the trust account will be invested in U.S.&nbsp;government treasury bills
with a maturity of 185&nbsp;days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment
Company Act which invest only in direct U.S.&nbsp;government treasury obligations. Due to the short-term nature of these investments,
we believe there will be no associated material exposure to interest rate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On May 13, 2022, our Chief Financial Officer and sponsor acquired an aggregate
of 1,725,000 shares of Class&nbsp;B common stock for an aggregate purchase price of $25,000, or the &ldquo;founder shares,&rdquo; from
us, of which: (i)&nbsp;Xuedong (Tony) Tian, our Chief Financial Officer and Director Nominee, acquired 60,000 shares of Class&nbsp;B common
stock, for a purchase price of $869.57; and (iii)&nbsp;our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares of Class&nbsp;B
common stock, for a purchase price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares that are subject
to forfeiture, including up to: (i)7,826 shares of Class&nbsp;B common stock under Mr.&nbsp;Tian&rsquo;s ownership, and (iii)&nbsp; 217,174
shares of Class&nbsp;B common stock under the sponsor&rsquo;s ownership, to the extent that the underwriters&rsquo; over-allotment option
is not exercised in full or in part, so that founder shares will represent 20% of our issued and outstanding shares after this offering
(excluding the sale of the private unites and assuming our founders do not purchase public shares in this offering). None of our founders
has indicated any intention to purchase public shares in this offering. Our sponsor has committed to transfer an aggregated amount of
60,000&nbsp; founder shares to certain of our directors, officers, and/or their designees prior to the closing of this offering at the
original purchase price. Prior to the initial investment in the company of $25,000 by our sponsor, the company had no assets, tangible
or intangible. The number of founder shares issued was determined based on the expectation that such founder shares would represent approximately
20% of the outstanding shares upon completion of this offering (excluding the sale of the private units and assuming our founders do not
purchase public shares in this offering). The per share purchase price of the founder shares was determined by dividing the amount of
cash contributed to the company by the aggregate number of founder shares issued. If we increase or decrease the size of the offering
we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to
our Class&nbsp;B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our
initial shareholders at approximately 20% of the issued and outstanding shares of our common stock upon the consummation of this offering
(excluding the sale of the private units and assuming our founders do not purchase public shares in this offering).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Our founders and advisors,
or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our founders, advisors or our or their affiliates
and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement
of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On May 12, 2022, our sponsor
has agreed to loan us up to $500,000 to be used for a portion of the expenses of this offering. This loan is non-interest bearing,
unsecured and is due at the earlier of (1)&nbsp;May 12, 2023&nbsp;or (2)&nbsp;the consummation of initial public offering. As of
May 16, 2022, we borrowed $95,521 under the promissory note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In addition, in order to
finance transaction costs in connection with an intended initial business combination, our founders or an affiliate of our founders
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital
held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.
Up to $3,000,000 of such loans may be convertible into working capital units, at a price of $10.00 per share at the option of the
lender. Such working capital units would be identical to the private units sold in the private placement. The terms of such loans
by our founders or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans.
We do not expect to seek loans from parties other than our founders or an affiliate of our founders as we do not believe third
parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust
account, but in the event that we seek loans from any third parties, we will obtain a waiver against any and all rights to seek
access to funds in our trust account.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our sponsor has committed
to purchase an aggregate of 414,000 private units (or up to 450,000 if the underwriters&rsquo; over-allotment option is exercised
in full) at a price of $10.00 per unit ($4,140,000 in the aggregate or $4,500,000 if the underwriters&rsquo; over-allotment option
is exercised in full) in a private placement that will occur simultaneously with the closing of this offering. Our sponsor will
be permitted to transfer the private units held by them to certain permitted transferees, including our officers and directors
and other persons or entities affiliated with or related to it or them, but the transferees receiving such securities will be subject
to the same agreements with respect to such securities as the founders. Otherwise, these private units will not, subject to certain
limited exceptions, be transferable or salable until 30&nbsp;days after the completion of our business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to a registration
rights agreement we will enter into with our founders on or prior to the closing of this offering, we may be required to register
certain securities for sale under the Securities Act. Our founders and holders of private units issued upon conversion of working
capital loans (including extension notes), if any, are entitled under the registration rights agreement to make up to three demands
that we register certain of our securities held by them for sale under the Securities Act and to have the securities covered thereby
registered for resale pursuant to Rule&nbsp;415 under the Securities Act. In addition, these holders have the right to include
their securities in other registration statements filed by us. We will bear the costs and expenses of filing any such registration
statements. See the section of this prospectus entitled &ldquo;Certain Relationships and Related Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Off-Balance Sheet Arrangements; Commitments
and Contractual Obligations; Quarterly Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of May 16,
2022, we did not have any off-balance sheet arrangements as defined in Item&nbsp;303(a)(4)(ii)&nbsp;of Regulation&nbsp;S-K
and did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in this
prospectus, as we have conducted no operations to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOBS Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On April&nbsp;5, 2012,
the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements
for qualifying public companies. We will qualify as an &ldquo;emerging growth company&rdquo; and under the JOBS Act will be allowed
to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies.
We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised
accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As
a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements
as of public company effective dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, we are
in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject
to certain conditions set forth in the JOBS Act, if, as an &ldquo;emerging growth company&rdquo;, we choose to rely on such exemptions
we may not be required to, among other things, (i)&nbsp;provide an auditor&rsquo;s attestation report on our system of internal
controls over financial reporting pursuant to Section&nbsp;404, (ii)&nbsp;provide all of the compensation disclosure that may be
required of non-emerging growth public companies under&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)&nbsp;comply
with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor&rsquo;s
report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv)&nbsp;disclose
certain executive compensation related items such as the correlation between executive compensation and performance and comparisons
of the CEO&rsquo;s compensation to median employee compensation. These exemptions will apply for a period of five&nbsp;years following
the completion of this offering or until we are no longer an &ldquo;emerging growth company,&rdquo; whichever is earlier.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_026"></A>Our Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a newly organized
blank check company incorporated as a Delaware corporation on April&nbsp;20, 2022 for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which
we refer to throughout this prospectus as our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To date, our efforts
have been limited to organizational activities and activities related to this offering. We have not selected any specific business
combination target and we have not, nor has any person on our behalf, engaged in any substantive discussions, directly or indirectly,
with any business combination target with respect to an initial business combination with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we may pursue
a business combination in any industry, sector, or geographical location, we intend to leverage the knowledge, expertise, capabilities
and deep industry relationships of our management team and board of directors to focus on opportunities in biotechnology and green
technology industries with an emphasize on Environmental, Social and Governance (&ldquo;ESG&rdquo;) practices in the United States
and Taiwan. Notwithstanding the foregoing, we will not undertake our initial business combination with any company being based
in or having the majority of the company&rsquo;s operations in China (including Hong Kong and Macau). All of our management are
located outside of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Our sponsor is
Inkstone Feibo Sponsor LLC, managed by I-Fa Chang.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
officers and directors have accumulated comprehensive experiences in technology-focused investments and consultation, as well as
biotechnology-related operation, management and investments. With the rise of social responsibility and awareness, investors and
businesses around the world increasingly put ESG practices on the top of their investment checklists. We believe that the businesses
promote the broad social good will bring long term value to investors, consumers and communities, in particular, companies that
explicitly focus on making a positive social impact will be better positioned to succeed and grow as a group of united people sharing
this goal. We aim to find companies with such emphasize in the industries that members of management have expertise with. It may
be challenging to find a sustainable business model with ongoing focus on ESG that can reliably create social, environmental and
economic value, however, we believe there are significant, attractive opportunities to invest in businesses committed to this goal.
Businesses in the biotechnology and green technology sectors often help achieve these values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe in the ability
of our officers and directors to add significant value to a target company from a commercial, operating, strategic and sustainability
perspective. We will seek to acquire a business that has existing environmental sustainability practices or enforceable business
plan for such practices, or that may benefit, both operationally and economically, from our management team&rsquo;s commitment
and expertise in executing such practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Management Team</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will be guided by
a cross-functional team comprised of our officers and board of directors. Our managing officers consists of our Chief Executive
Officer, Mr. I-Fa Chang and our Chief Financial Officer, Mr.&nbsp;Tony Tian. Our board of directors will consist of Mr. Chang,
the Chairman, Mr. Tian, an executive director and three independent director nominees: Dr. Hangzhong (Han) Li, Dr. Teng-Wei Chen
and Mr. Kevin Vassily . We believe the collective expertise, experience and network of our cross-functional team gives us unique
advantages in sourcing and evaluating compelling business combination targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Mr. I-Fa Chang </B>has
been the Chairman of our board of directors and our Chief Executive Officer since the inception of our Company. Mr. Chang has more
two decades of investment management and advisory experience. In 2012, Mr. Chang founded Inkstone Capital Co., Ltd., a technology-focused
investment advisory firm (&ldquo;Inkstone Capital&rdquo;) serving clients in Mainland China, Hong Kong and Taiwan, and has served
as its chief executive officer ever since. He has also served as an independent director of Sichuan Tianfu Bank, a regional
bank based in Southeast China since 2015. Between October 2017 and June 2018, Mr. Chang served as a director and finance control
officer for Finconn Inc., a subsidiary of the Taiwanese electronic manufacturing conglomerate, Foxconn. Before founding Inkstone
Capital, Mr. Chang had extensive experience in financial and investment management across different sectors. Between June 2006
to December 2008, Mr. Chang served as a financial consultant for Chengdu Jiannanchun Shengbo Technology Co., Ltd., an IT solution
company. He also served as a managing director for ARC China Investment Corporation, an investment management company from April
2007 to July 2011, and as a managing director for Xiamen Dazhou-ARC Investment Management Co., Ltd., a joint venture between ARC
China and Dazhou Holding Group, a multi-industry conglomerate based in Xiamen, Fujian Province, PRC, from August 2011 to October
2012. Mr. Chang received his MBA in Finance from National Pingtung Science and Technology University in Taiwan, and his B.A. in
Management Information System from California State University, San Bernardino.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Mr. Xuedong (Tony)
Tian</B> has been our Chief Financial Officer and a member of our board of directors since the inception of our Company. Mr. Tian
has served as a managing director and head of capital markets at US Tiger Securities, Inc. since October 2020. From May 2012 to
October 2020, Mr. Tian was the founder and president of Weitian Group LLC, a corporate advisory and investor relations firm. Prior
to that, Mr. Tian served as a sell-side equity analyst at various investment banks, including managing director covering China
at Merriman Capital, Inc. from June 2013 to January 2016; executive director and lead analyst covering China Industrials and IT
outsourcing at Oppenheimer &amp; Co. Inc. from May 2011 to May 2012; vice president and lead China analyst at Ladenburg Thalmann
&amp; Co. Inc. from May 2010 to April 2011; senior associate covering Networking, Hardware &amp; IT Supply Chain at Ticonderoga
Securities LLC from October 2009 to May 2010; and associate covering Semiconductor &amp; Semiconductor Capital Equipment at Pacific
Crest Securities LLC (now part of KeyBanc) from April 2008 to September 2009. Mr. Tian holds an MBA degree from New York University,
a M.A. degree in Economics from the University of Connecticut and M.S. and B.S. degrees in Land Resources and Management from China
Agricultural University. Mr. Tian is a CFA charter holder and currently holds Series 7, 24, 63, and 79 licenses. Since March 2022,
Mr. Tian has been the Chief Executive Officer of Feutune Light Acquisition Corporation, a special purpose acquisition company to
be listed on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Dr. Hanzhong (Han)
Li</B> will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part. Dr. Li has more than two decades of investment, operational and management experience in biotechnology industry. Since&nbsp;February 2019, Dr. Li has served as the senior vice president for Corporate Development
at Eureka Therapeutics, a clinical stage biotechnology company developing antibody-TCR T-Cell therapies for oncology treatment
based in California. In this role, Dr. Li is responsible for a variety of initiatives on finance, corporate and business development
for the company. Before joining Eureka, Dr. Li spent two years as the chief financial officer at Ascentage Pharma Group. Between
2010 and 2017, Dr. Li served as deputy director in the strategy and portfolio management group at Bayer Pharmaceuticals (FWB: BAYN),
a German pharmaceutical company. Earlier in his career, Dr. Li served as an equity research analyst at Morgan Stanley, Suntrust
Robinson Humphrey and Stanford Financial Group in New York, covering biotech and biopharmaceutical companies for the period between
2002 and 2009. He also worked as a research scientist at Genentech&nbsp;, Inc., where he served as lead inventor of three patents
on novel cytokines&nbsp;. Dr. Li received his Ph.D. in Pharmacology from the Boston University School of Medicine and MBA from
the Anderson School of Business at UCLA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Dr. Teng-Wei Chen
</B>will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part<B>. </B>Dr. Chen is an active start-up and early-stage investor in Southern Taiwan. Dr. Chen has served as managing
director at You-Ci Management Consulting Co., Ltd., an investment company based in Pingtung, Taiwan, since 2015. Since 2018, Dr.
Chen was a director of New-shine Biomedical Co., Ltd., a Taiwanese biotechnology company of which he was also an investor. Since
2019, he founded iDentist Business Space Co., Ltd.&nbsp;, a provider of coworking and shared conferencing space provider in Pingtung,
Taiwan. In 2021, Dr. Chen founded You-Cheng Internet Information Co., Ltd., &nbsp;an IT solution company based in Pingtung, and
has served as its Chairman and CEO since then. As a dentist by training, Dr. Chen has been the chief dentist and manager of Sunshine
Dental Clinic, in Pingtung, Taiwan since September 2015. From August 2012 to March 2014, Dr. Chen was a visiting dental specialist
at Tainan Hospital, Ministry of Health and Welfare, Taiwan. Dr. Chen finished his residency at National Cheng Kung University
Hospital, Taiwan, in July 2012, where he was a resident dentist for six years. Dr. Chen received his D.D.S. &nbsp;&nbsp;in Dentistry
from China Medical University, Taiwan, in 2006.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Mr. Kevin Vassily</B>
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus forms
a part<B>. </B>Mr. Vassily has extensive working experience as a senior management team member serving private and public companies.
In January 2021, he was appointed Chief Financial Officer, and in March 2021, became a member of the board of directors of iPower
Inc. (Nasdaq: IPW), a leading online hydroponic equipment retailer and supplier. Prior to joining iPower, from 2019 to January
2021, Mr. Vassily served as Vice President of Market Development for Facteus, a financial analytics company focused on the Asset
Management industry. From March 2019 through 2020, he served as an advisor at Woodseer, a financial technology firm providing global
dividend forecasts. From Oct 2018 through its acquisition in 2020, Mr. Vassily served as an advisor at Go Capture, where he was
responsible for providing strategic, business development, and product development advisory services for the company&rsquo;s emerging
&ldquo;Data as a Service&rdquo; platform. Since February 2020, Mr. Vassily has served as a director of Zhongchao Inc. (Nasdaq:
ZCMD), a provider of healthcare information, education and training services to healthcare professionals and the public in China.
Since July 2018, Mr. Vassily has also served as an advisor at Prometheus Fund, a Shanghai- based merchant bank/PE firm focused
on the &ldquo;green&rdquo; economy. And from 2015 through 2018, Mr. Vassily served as an associate director of research at Keybanc
Capital Markets, and helped to co-manage the Technology Research vertical. From 2010 to 2014, he served as the director of research
at Pacific Epoch (a wholly owned subsidiary of Pacific Crest Securities), where he was responsible for a complete overhaul of product
and a complete business model restart post acquisition, re focusing the firm around a &ldquo;data-first&rdquo; research offering.
From 2007 to 2010, he served as the Asia Technology business development representative and as a senior analyst at Pacific Crest
Securities, responsible for establishing the firm&rsquo;s presence and relevance covering Asia Technology. From 2003 to 2006, he
served as senior research analyst in the semiconductor technology group at Susquehanna International Group, responsible for research
in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily served as the vice president and senior research analyst
for semiconductor capital equipment at Thomas Weisel Partners, responsible for publishing research and maintaining financial models
on each of the companies under coverage. Mr. Vassily began his career on Wall Street in 1998, as a research associate covering
the semiconductor industry at Lehman Brothers. He holds a B.A. in liberal arts from Denison University and an M.B.A. from the Tuck
School of Business at Dartmouth College. Mr. Vassily is a director of Denali Capital Acquisition Corp., a special purpose acquisition
company listed on Nasdaq and a director nominee of two additional special purpose acquisition companies seeking listing on Nasdaq:
Fortune Joy International Acquisition Corporation and Feutune Light Acquisition Corporation .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe our management
team&rsquo;s operating and transaction experience and relationships with businesses will provide us with access to a large number
of potential business combination targets. Over the course of their careers, the members of our management team have developed
a broad network of contacts and corporate relationships in green/environmental technology and biotechnology sectors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notwithstanding the
foregoing, the past performance of our management team is not a guarantee either (i)&nbsp;that we will be able to identify a suitable
candidate for our initial business combination or (ii)&nbsp;of success with respect to any business combination we may consummate.
You should not rely on the historical performance record of our management team as indicative of our future performance. Additionally,
in the course of their respective careers, members of our management team have been involved in businesses and deals that were
unsuccessful. Our officers and directors may have conflicts of interest with other entities to which they owe fiduciary or contractual
obligations with respect to initial business combination opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Members of our management
team are not obligated to devote any specific number of&nbsp;hours to our matters, but they intend to devote as much of their time
as they, in the exercise of their respective business judgement, deem necessary to our affairs until we have completed our initial
business combination. The amount of time that any member of our management team will devote in any time period will vary based
on whether a target business has been selected for our initial business combination and the current stage of the business combination
process. We do not have an employment agreement with any member of our management team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Industry Opportunity and Acquisition
Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we may pursue
a business combination in any industry, sector, or geographical location, we intend to leverage the knowledge, expertise, capabilities
and deep industry relationships of our management team and board of directors to focus on opportunities in biotechnology and green
technology industries with an emphasize on Environmental, Social and Governance (&ldquo;ESG&rdquo;) practices in the United States
and Taiwan. Notwithstanding the foregoing, we will not undertake our initial business combination with any company being based
in or having the majority of the company&rsquo;s operations in China (including Hong Kong and Macau). All of our management are
located outside of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Within these two sectors,
we believe there are superior acquisition opportunities that may be identified and secured through our management&rsquo;s network
and connections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Biotechnology</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The biotechnology sector is vast, encompassing
fast-growing industries that include artificial intelligence, big data, gene editing, precision medicine, and biomanufacturing,
to name just a few&nbsp; beyond the traditional confine of pharmaceutical and medical device industries. Opportunities for innovation
and investment within this sector are significant. Globally, the biotechnology market exceeded $627 billion in 2020, and is expected
to grow at a CAGR, or compound annual growth rate, of 8.57% between 2022 and 2026, according the Global Biotechnology Market Report
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, the industry
is still catching up with the ESG investment trend just now. Although traditional, major players continued to dominate the pharmaceutical
and medical device sectors, as a May 2022 report by Fortune &nbsp;pointed out, many emerging companies in the United States at
the cross-section of ESG and biotechnology are not publicly traded. ESG investment in the biotech sector is an area worth exploring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our management team&rsquo;s
expertise in the medical and biotech sectors make them uniquely positioned to identify biotech companies that ride the tide in
providing ESG-focused solutions. Biotech and bioscience solutions have emerged man areas in addressing key ESG issues, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Sustainable Manufacturing. </I></B>Biotechnology has tremendous potential in addressing manufacturing
and packaging issues. According to a report by the Biotechnology Innovation Organization, manufacturing of everyday products, like
apparel, plastics, packaging, carpet and cosmetics, is a major greenhouse gas emitter, responsible for 22% of total GHG emissions.
Biotechnology &nbsp;can dramatically reduce these emissions by making their building blocks from renewable feedstocks rather than
fossil fuels; in many cases, biology allows drop-in replacements of existing building blocks, enabling faster adoption throughout
our economy with homegrown solutions. For &nbsp;example, use of enzymes and microorganism in manufacturing can reduce 80% in consumer
products manufacturing; applying silk proteins can create edible protective layer to prolong food packaging while reducing plastic
needs; using CRISPR gene-editing technology can make food more resistant to diseases and resilient amid climate change.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Carbon Capture. </I></B>Biotechnology also provide first-class solutions in providing lower-carbon
products and enhancing carbon sequestration. The success story of first-generation biofuels in reducing U.S. transportation-sector
GHG emissions in the past decades have been a strong restatement to the potential for providing low-carbon products, as the biofuel
sector contributed 980 million tons in CHG emission reduction over the past thirteen years, equivalent to taking roughly 16 million
vehicles off the road, or 19 coal-fired power plants offline, for that period. Biotech innovations in feedstocks, processing, co-products,
and carbon recycling have shown great success in lowering their carbon intensity of the food and agriculture sectors as well, such
as production &nbsp;of plant-based meats, algae feed ingredients, and anaerobic digestion of animal waste.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Green and Environmental
Technology</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Green and environmental
technology investments benefit the natural environment by both reducing pollution and waste, and encouraging sustainable and renewable
energy alternatives. These forward-looking technologies include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Green Transportation. </I></B>Electric vehicles and EV charging infrastructure are rapidly
growing technologies that can help reduce burning fossil fuels and its attendant pollution. According to a KPMG survey, automobile
executives expect 52% of new vehicle sales to be all-electric by 2030&nbsp;. By the end of the decade, all public buses in Taiwan
are expected to go electric, according to the Ministry of Transportation and Communications&nbsp;. And in the U.S., the number
of EV-charging stations is expected to grow dramatically, to between 800,000 and 1.7 million, according to the International Energy
Agency&nbsp;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Pollution Control and Waste Management.</I></B> From reducing greenhouse gas emissions on
industrial power plants, minimizing the emissions that come out of the tailpipe of your car, to increasing efficiency in recycling
waste and used utility, the pollution control and waste management industries are on the rise. The growing market for improving
biological and biomedical waste management practices alone is a booming sector, with development driven by several key factors,
most recently the tens of thousands of tons of extra medical waste from the response to the COVID-19 pandemic. This surging problem,
coupled with an expanding public awareness of the threats that medical waste pose to human and environmental health, create favorable
growth trends for biological and biomedical waste management investment opportunities. The global medical waste management market&mdash;valued
at $7.2 billion in 2020&mdash;is projected to reach $12.8 billion by 2030, registering a CAGR, or compound annual growth rate,
of 5.8% from 2021 to 2030, according to Allied Market Research&nbsp;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Green Agriculture. </I></B>Farming and livestock are major contributors to carbon dioxide
emission. Agricultural Fertilizers and pesticides also have significant environmental and ecological consequences. Increasingly,
green agriculture has become an emerging ESG investment target areas, with a 2017 &nbsp;Global Impact Investing Network report
listing that 63% of impact investors expressing interests in the food and agriculture industries. Ag-tech companies providing organic
farming, aquaculture, and other green agriculture solutions have become key investment targets for ESG investors to fight climate
change. According to a 2020 report by US SIF: The Forum for Sustainable and Responsible Investment, surveyed investors have identified
sustainable agriculture as one of the top five criteria for ESG investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that the
experience of our management and board of directors in investing and company-building will enable us to source and evaluate the
highest-quality targets that have the potential to capitalize on the growing global ESG-related technology industry generally and
the biotechnology and green/environmental sectors particularly. We will leverage the access provided by our management and board
of directors to identify a wide range of opportunities focusing on ESG solutions in biotech and environmental and green technology
sectors, utilizing their network of relationships with public and private companies, private equity sponsors, public investors
and intermediaries including investment bankers, lenders, attorneys, accountants, and other advisors. Given our profile and industry
expertise, we anticipate that target business candidates may be brought to our attention from various unaffiliated sources, including
investors in other private and public companies in our networks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon completion of this
offering, management team will immediately begin the active search for a target business by communicating with our network of relationships
and other interested parties to articulate our initial business combination criteria, including the parameters of our search for
a target business, and will begin the process of pursuing and reviewing potential opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Competitive Advantages</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our management team
has a proven track record of executing investment strategies, growing and managing businesses and generating returns for investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our broad network of contacts and corporate
relationships enable us to efficiently:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Source and evaluate businesses</I>. Mr. Chang, our Chairman and CEO, has over 20 years&rsquo; experience in business strategy,
finance and investment management. He has also led Inkstone Capital in investing in biotech-related companies in the past. Mr.
Tian, our CFO and an original member of our Board, has extensive experience as a financial analyst, corporate advisor and investor
relations consultant, with expertise in land resources and management. Two independent director nominees, Dr. Li and Dr. Chen,
both developed their career from a medical background, enabling them to understand and evaluate the fundamentals of biotechnology
companies. The combined team has a successful track record of understanding public capital markets and leading the transition of
private companies to public markets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I><U>Negotiate and execute transactions in a timely and professional manner.</U></I> Our management team&rsquo;s experience
and professionalism in providing investment management and financial advisory services has helped create value for investors. We
have a wellspring of expertise in negotiating and closing major business transactions. Mr. Chang and Dr. Chen has experience in
closing dozens of deals in their investment careers with technology companies. Mr. Vassily has served on various special purpose
acquisition companies and public companies, with experience in identifying and executing transactions efficiently and effectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Acquisition Criteria</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are not limited to
a particular geographic region for purposes of consummating an initial business combination except that we will not undertake our
initial business combination with any company being based in or having the majority of the company&rsquo;s operations in China
(including Hong Kong and Macau).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with our
acquisition strategy and objectives, we have identified the following criteria that we believe are important in evaluating prospective
target businesses. We may, however decide to enter into our initial business combination with a target business that does not meet
these criteria. We currently intend to acquire a company that we believe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">is developing products or services with existing environmental sustainability practices or enforceable
business plan for such practices, or that may benefit, both operationally and economically, from our management team&rsquo;s commitment
and expertise in executing such practices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">has a platform with potential for multiple long-term growth drivers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">has significant potential across the U.S. and Taiwan commercial markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">has a defensible position within its target market as a result of differentiated products, proprietary
technology, supply chains or distribution channels, or other competitive advantages;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">is ready to go public, with a strong and experienced management team and with corporate governance
and reporting policies in place; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">can benefit from being a public company with access to capital markets to support future growth.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These criteria are not
intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination may be based, to
the extent relevant, on these general guidelines as well as other considerations, factors and criteria that our management team
may deem relevant. In the event that we decide to enter into our initial business combination with a target business that does
not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder
communications related to our initial business combination, which, as discussed in this prospectus, would be in the form of tender
offer documents or proxy solicitation materials that we would file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial business
combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of
the assets held in the trust account (excluding deferred underwriting commissions and taxes payable released for working capital
purposes on the income earned on the trust account) at the time of the agreement to enter into the initial business combination.
If our board is not able to independently determine the fair market value of the target business or businesses, we will obtain
an opinion from an independent investment banking firm that is a member of FINRA, or an independent accounting firm with respect
to the satisfaction of such criteria. Our shareholders may not be provided with a copy of such opinion, nor will they be able to
rely on such opinion. We shall not undertake our initial business combination with any company being based in or having the majority
of the company&rsquo;s operations in China (including Hong Kong and Macau). Our amended and restated certificate of incorporation
to be adopted upon the effectiveness of the registration statement of which this prospectus forms a part will prohibit us from
undertaking our initial business combination with any company being based in or having the majority of the company&rsquo;s operations
in China (including Hong Kong and Macau).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The net proceeds of
this offering and the sale of the private units released to us from the trust account upon the closing of our initial business
combination may be used as consideration to pay the sellers of a target business with which we complete our initial business combination.
If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust
account are used for payment of the consideration in connection with our initial business combination or used for redemption of
our public shares, we may use the balance of the cash released to us from the trust account following the closing for general corporate
purposes, including for maintenance or expansion of operations of the post-transaction businesses, the payment of principal or
interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or
for working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we may
be required to obtain additional financing in connection with the closing of our initial business combination to be used following
the closing for general corporate purposes as described above. There is no limitation on our ability to raise funds through the
issuance of equity or 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 agreements we may enter into following consummation
of this offering. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with
the completion of our initial business combination. At this time, we are not a party to any arrangement or understanding with any
third party with respect to raising any additional funds through the sale of securities or otherwise. None of our founders or shareholders
is required to provide any financing to us in connection with or after our initial business combination. We may also obtain financing
prior to the closing of our initial business combination to fund our working capital needs and transaction costs in connection
with our search for and completion of our initial business combination. Our amended and restated certificate of incorporation will
provide that, following this offering and prior to the consummation of our initial business combination, we will be prohibited
from issuing additional securities that would entitle the holders thereof to (i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote
as a class with our public shares (a)&nbsp;on any initial business combination or (b)&nbsp;to approve an amendment to our then
existing amended and restated certificate of incorporation to (x)&nbsp;extend the time we have to consummate a business combination
beyond 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus) or (y)&nbsp;amend the foregoing provisions, unless (in connection with any such amendment to our
then existing amended and restated certificate of incorporation) we offer our public shareholders the opportunity to redeem their
public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Acquisition Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will utilize the
diligence, rigor, and expertise of our managements&rsquo; respective platforms to evaluate potential targets&rsquo; strengths,
weaknesses, and opportunities to identify the relative risk and return profile of any potential target for our initial business
combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each of our officers
and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly, if
any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he
or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations
to present such opportunity to such entity. Our management team is continuously made aware of potential investment opportunities,
one or more of which we may desire to pursue for a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">On May 13, 2022, Mr. Xuedong (Tony)
Tian, our Chief Financial Officer, acquired 60,000 founder shares for a purchase price of $869.57 prior to the offering. Mr. Xuedong (Tony)
Tian is also the Managing Director and Head of Capital Markets of US Tiger. We may utilize Mr.&nbsp;Tian&rsquo;s affiliation with US Tiger
during our search for suitable targets, if that occurs, we may engage US Tiger to act as our advisor in connection with the marketing
of our business combination and pay to US Tiger a fee for such services upon consummation of our initial business combination. US Tiger
is also affiliated or associated with Tradeup Inc., a founder of TradeUP Acquisition Corp. (&ldquo;TradeUP Acquisition&rdquo;), a SPAC
listed on Nasdaq. If we engage US Tiger to assist with marketing of our business combination, we may compete with TradeUP Acquisition
for business opportunities, and certain members of management who presently has, and any of them in the future may have, additional fiduciary,
contractual or other obligations to US Tiger, TradeUP Acquisition or to clients of US Tiger, or other affiliates of our sponsor pursuant
to which such officer or director is or will be required to present a business combination opportunity. Additionally, certain of our officers
and directors have fiduciary and contractual duties to other SPACs listed or to be listed on Nasdaq including Denali Capital, Feutune
Light and Fortune Joy. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable
for an entity to which he or she has then current fiduciary, contractual or other obligations, including TradeUP Acquisition, Denali Capital,
Feutune Light or Fortune Joy, he or she will honor his or her fiduciary, contractual or other obligations to present such opportunity
to such entity and only present it to us if such entity rejects the opportunity and he or she determines to present the opportunity to
us (including as described above). These conflicts may not be resolved in our favor and a potential target business may be presented to
another entity prior to its presentation to us. However, we do not believe that the fiduciary duties or contractual obligations of our
officers or directors will materially affect our ability to complete our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">Our officers may become an officer
or director of any other special purpose acquisition company with a class of securities registered under the Exchange&nbsp;Act, even before
we enter into a definitive agreement regarding our initial business combination or we have failed to complete our initial business combination
within 12 months after the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described
in this prospectus). Certain of our officers and directors have fiduciary and contractual duties to Denali Capital, Feutune Light and
Fortune Joy. Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition may compete with us for business combination opportunities.
If Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition decide to pursue any such opportunity, we may be precluded from
pursuing such opportunities. Subject to his or her fiduciary duties under Delaware law, none of the members of our management team who
are also employed by, or directors of, our sponsor or its affiliates have any obligation to present us with any opportunity for a potential
business combination of which they become aware. Our sponsor and directors and officers are also not prohibited from sponsoring, investing
or otherwise becoming involved with, any other blank check companies, including in connection with their initial business combinations,
prior to us completing our initial business combination. Our management team, in their capacities as directors, officers or employees
of our sponsor or its affiliates or in their other endeavors, may choose to present potential business combinations to the related entities
described above, current or future entities affiliated with or managed by our sponsor, or third parties, before they present such opportunities
to us, subject to his or her fiduciary duties under Delaware law and any other applicable fiduciary duties. Our amended and restated certificate
of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such
opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the company and it is an opportunity
that we are able to complete on a reasonable basis.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event we seek
to complete our initial business combination with a company that is affiliated with, or which there is a fiduciary, contractual
or other obligation by, our sponsor, officers or directors, we, or a committee of independent directors, may obtain an opinion
from an independent investment banking firm which is a member of the Financial Industry Regulatory Authority, or FINRA, or an independent
accounting firm that the consideration to be paid by us in the initial business combination is fair to our company from a financial
point of view. Any such entity may co-invest&nbsp;with us in the target business at the time of our initial business combination,
or we could raise additional proceeds to complete the acquisition by making a specified future issuance to any such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Status as a Public Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe our structure
will make us an attractive business combination partner to target businesses. As an existing public company, we offer a target
business an alternative to the traditional initial public offering through a merger or other business combination. In this situation,
the owners of the target business would exchange their shares of stock in the target business for shares of our stock or for a
combination of shares of our stock and cash, allowing us to tailor the consideration to the specific needs of the sellers. Although
there are various costs and obligations associated with being a public company, we believe target businesses will find this method
a more certain and cost effective method to becoming a public company than the typical initial public offering. In a typical initial
public offering, there are additional expenses incurred in marketing, road show and public reporting efforts that may not be present
to the same extent in connection with a business combination with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, once a
proposed business combination is completed, the target business will have effectively become public, whereas an initial public
offering is always subject to the underwriters&rsquo; ability to complete the offering, as well as general market conditions, which
could delay or prevent the offering from occurring or could have negative valuation consequences. Once public, we believe the target
business would then have greater access to capital and an additional means of providing management incentives consistent with shareholders&rsquo;
interests. It can offer further benefits by augmenting a company&rsquo;s profile among potential new customers and vendors and
aid in attracting talented employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are an &ldquo;emerging
growth company,&rdquo; as defined in Section&nbsp;2(a)&nbsp;of the Securities Act, as modified by the JOBS Act. As such, we are
eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies
that are not &ldquo;emerging growth companies&rdquo; including, but not limited to, not being required to comply with the auditor
attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find our securities
less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may
be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, Section&nbsp;107
of the JOBS Act also provides that an &ldquo;emerging growth company&rdquo; can take advantage of the extended transition period
provided in Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act for complying with new or revised accounting standards. In other
words, an &ldquo;emerging growth company&rdquo; can delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will remain an emerging
growth company until the earlier of (1)&nbsp;the last&nbsp;day of the fiscal year (a)&nbsp;following the fifth anniversary of the
completion of this offering, (b)&nbsp;in which we have total annual gross revenue of at least $1.07&nbsp;billion, or (c)&nbsp;in
which we are deemed to be a large accelerated filer, which means the market value of our Class&nbsp;A common stock that is held
by non-affiliates exceeds $700&nbsp;million as of the prior June&nbsp;30<SUP>th</SUP>, and (2)&nbsp;the date on which we have issued
more than $1.0&nbsp;billion in non-convertible debt securities during the prior three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial Position</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With funds in the trust
account available for a business combination initially in the amount of $59,100,000, after payment of $2,100,000 for deferred underwriting
commissions (or $67,965,000 after payment of $2,415,000 for deferred underwriting commissions if the underwriters&rsquo; over-allotment
option is exercised in full), in each case before fees and expenses associated with our initial business combination, we offer
a target business a variety of options such as creating a liquidity event for its owners, providing capital for the potential growth
and expansion of its operations or strengthening its balance sheet by reducing its debt or leverage ratio. Because we are able
to complete our business combination using our cash, debt or equity securities, or a combination of the foregoing, we have the
flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the target business
to fit its needs and desires. However, we have not taken any steps to secure third-party financing and there can be no assurance
it will be available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Effecting our Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are not presently
engaged in, and we will not engage in, any operations for an indefinite period of time following this offering. We intend to complete
our initial business combination using cash from the proceeds of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">this offering and the private placement
of the private units, our capital stock, debt or a combination of these as the consideration to be paid in our initial business
combination. We may seek to complete our initial business combination with a company or business that may be financially unstable
or in its early stages of development or growth, which would subject us to the numerous risks inherent in such companies and businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If our initial business
combination is paid for using equity or debt instruments, or not all of the funds released from the trust account are used for
payment of the consideration in connection with our business combination or used for redemptions of our Class&nbsp;A common stock,
we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance
or expansion of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in
completing our initial business combination, to fund the purchase of other assets, companies or for working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may seek to raise
additional funds through a private offering of debt or equity securities in connection with the completion of our initial business
combination, and we may complete our initial business combination using the proceeds of such offering rather than using the amounts
held in the trust account. Subject to compliance with applicable securities laws, we would expect to complete such financing only
simultaneously with the completion of our business combination. In the case of an initial business combination funded with assets
other than the trust account assets, our tender offer documents or proxy materials disclosing the business combination would disclose
the terms of the financing and, only if required by law, we would seek shareholder approval of such financing. There is no limitation
on our ability to raise funds through the issuance of equity or 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 agreements we
may enter into following consummation of this offering. At this time, we are not a party to any arrangement or understanding with
any third party with respect to raising any additional funds through the sale of securities or otherwise. None of our founders,
officers, directors, or shareholders is required to provide any financing to us in connection with or after our initial business
combination. Our amended and restated certificate of incorporation will provide that, following this offering and prior to the
consummation of our initial business combination, we will be prohibited from issuing additional securities that would entitle the
holders thereof to (i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote as a class with our public shares (a)&nbsp;on
any initial business combination or (b)&nbsp;to approve an amendment to our then existing amended and restated certificate of incorporation
to (x)&nbsp;extend the time we have to consummate a business combination beyond 12 months from the closing of this offering (or
up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (y)&nbsp;amend the
foregoing provisions, unless (in connection with any such amendment to our then existing amended and restated certificate of incorporation)
we offer our public shareholders the opportunity to redeem their public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The time required to
select and evaluate a target business and to structure and complete our initial business combination, and the costs associated
with this process, are not currently ascertainable with any degree of certainty. Any costs incurred with respect to the identification
and evaluation of a prospective target business with which our business combination is not ultimately completed will result in
our incurring losses and will reduce the funds we can use to complete another business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ability to Extend Time to Complete Business
Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">If we anticipate
that we may not be able to consummate our initial business combination within 12 months from closing of this offering, we
may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional
three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant to the terms of
our amended and restated certificate of incorporation and the trust agreement to be entered into between us and Continental Stock Transfer &amp; Trust Company on the
date of this prospectus, in order to extend the time available for us to consummate our initial business combination, our
sponsor, upon at least five days advance notice prior to the applicable deadline, must deposit into the trust account for
each three-month extension, $600,000, or $690,000 if the underwriters&rsquo; over-allotment option is exercised in full
($0.10 per unit in either case), up to an aggregate of $1,200,000 or $1,380,000 if the underwriters&rsquo; over-allotment
option is exercised in full ($0.20 per unit in either case), on or prior to the date of the applicable deadline. Our public
shareholders will not be afforded an opportunity to vote on our extension of time to consummate an initial business
combination from 12 months to up to 18 months described above or redeem their shares in connection with such extensions. The
sponsor will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not
be repaid in the event that we are unable to close a business combination unless there are funds available outside the trust
account to do so. Such notes would either be paid upon consummation of our initial business combination, or, at the
lender&rsquo;s discretion, converted upon consummation of our business combination into additional private units at a price
of $10.00 per unit. Our shareholders have approved the issuance of the private units upon conversion of such notes, to the
extent the holder wishes to so convert such shares at the time of the consummation of our initial business combination. In
the event that we receive notice from our founders five&nbsp;days prior to the applicable deadline of their intent to effect
an extension, we intend to issue a press release announcing such intention at least three&nbsp;days prior to the applicable
deadline. In addition, we intend to issue a press release the&nbsp;day after the applicable deadline announcing whether or
not the funds had been timely deposited. Our founders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. Any notes issued pursuant to these loans
would be in addition to any notes issued pursuant to working capital loans made to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sources of Target Businesses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expect to receive
a number of proprietary transaction opportunities to originate as a result of the business relationships, direct outreach, and
deal sourcing activities of our management team. In addition to the proprietary deal flow, we anticipate that target business candidates
will be brought to our attention from various unaffiliated sources, including investment banking firms, consultants, accounting
firms, private equity groups, large business enterprises, and other market participants. These sources may also introduce us to
target businesses in which they think we may be interested on an unsolicited basis, since many of these sources will have read
this prospectus and know what types of businesses we are targeting. Our management team and founders, as well as their affiliates,
may also bring to our attention target business candidates that they become aware of through their business contacts as a result
of formal or informal inquiries or discussions they may have, as well as attending trade shows or conventions. Some of our officers,
directors, and advisors may enter into employment or consulting agreements with the post-transaction company following our initial
business combination. The presence or absence of any such fees or arrangements will not be used as a criterion in our selection
process of an acquisition candidate. In no event will our sponsor or any of our existing officers or directors, or any entity with
which they are affiliated, be paid any finder&rsquo;s fee, consulting fee, advisory fee or other compensation prior to, or for
any services they render in order to effectuate, the completion of our initial business combination (regardless of the type of
transaction that it is) although we may consider cash or other compensation to officers or advisors we may hire subsequent to this
offering to be paid either prior to or in connection with our initial business combination. We have agreed to reimburse our founders
for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, because
Mr. Xuedong (Tony) Tian, our Chief Financial Officer, is the Managing Director and Head of Capital Markets of US Tiger, we may
utilize his affiliation with US Tiger during our search for suitable targets. If that occurs, we may engage US Tiger to act as
our advisors in connection with the marketing of our business combination and pay to US Tiger a fee for such services upon consummation
of our initial business combination which would be at market rates and conditioned upon the completion of the business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are not prohibited
from pursuing an initial business combination with a business combination target that is affiliated with our founders, officers,
directors, or advisors or making the acquisition through a joint venture or other form of shared ownership with our officers, directors
or advisors. In the event we seek to complete our initial business combination with a business combination target that is affiliated
with our founders, officers, directors, or advisors, we, or a committee of independent directors, would obtain an opinion from
an independent investment banking firm which is a member of FINRA or an independent accounting firm that such an initial business
combination is fair to our company from a financial point of view. We are not required to obtain such an opinion in any other context.
As more fully discussed in the section of this prospectus entitled &ldquo;Management&nbsp;&mdash;&nbsp;Conflicts of Interest,&rdquo;
if any of our officers or directors becomes aware of a business combination opportunity that falls within the line of business
of any entity to which he or she has pre-existing fiduciary or contractual obligations, he or she may be required to present such
business combination opportunity to such entity prior to presenting such business combination opportunity to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lack of Business Diversification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For an indefinite period
of time after the completion of our initial business combination, the prospects for our success may depend entirely on the future
performance of a single business. Unlike other entities that have the resources to complete business combinations with multiple
entities in one or several industries, it is probable that we will not have the resources to diversify our operations and mitigate
the risks of being in a single line of business. In addition, we intend to focus our search for an initial business combination
in a single industry. By completing our business combination with only a single entity, our lack of diversification may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">subject us to negative economic, competitive and regulatory developments, any or all of which may
have a substantial adverse impact on the particular industry in which we operate after our initial business combination, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">cause us to depend on the marketing and sale of a single product or limited number of products
or services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limited Ability to Evaluate the Target&rsquo;s
Management Team</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we intend to
closely scrutinize the management of a prospective target business when evaluating the desirability of effecting our business combination
with that business, our assessment of the target business&rsquo; management may not prove to be correct. In addition, the future
management may not have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role
of members of our management team or of our board, if any, in the target business cannot presently be stated with any certainty.
While it is possible that one or more of our directors will remain associated in some capacity with us following our business combination,
it is presently unknown if any of them will devote their full efforts to our affairs subsequent to our business combination. Moreover,
we cannot assure you that members of our management team will have significant experience or knowledge relating to the operations
of the particular target business. The determination as to whether any members of our board of directors will remain with the combined
company will be made at the time of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following a business
combination, to the extent that we deem it necessary, we may seek to recruit additional managers to supplement the incumbent management
team of the target business. We cannot assure you that we will have the ability to recruit additional managers, or that additional
managers will have the requisite skills, knowledge or experience necessary to enhance the incumbent management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shareholders May&nbsp;Not Have the Ability
to Approve our Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may conduct redemptions
without a shareholder vote pursuant to the tender offer rules&nbsp;of the SEC.&nbsp;However, we will seek shareholder approval
if it is required by law or applicable stock exchange rule, or we may decide to seek shareholder approval for business or other
legal reasons. Presented in the table below is a graphic explanation of the types of initial business combinations we may consider
and whether shareholder approval is currently required under Delaware law for each such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; width: 84%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Transaction</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whether<U><BR>
</U>Shareholder<U><BR>
</U>Approval is<U><BR>
</U>Required</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase of assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase of stock of target not involving a merger with the company</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger of target into a subsidiary of the company</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger of the company with a target</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under Nasdaq&rsquo;s
listing rules, shareholder approval would be required for our initial business combination if, for example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">we issue shares of Class&nbsp;A common stock that will be equal to or in excess of 20% of the number
of shares of our common stock then outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">any of our directors, officers or substantial shareholders (as defined by Nasdaq rules) has a 5%
or greater interest (or such persons collectively have a 10% or greater interest), directly or indirectly, in the target business
or assets to be acquired or otherwise and the present or potential issuance of common stock could result in an increase in outstanding
common shares or voting power of 5% or more; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the issuance or potential issuance of common stock will result in our undergoing a change of control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The decision as to whether
we will seek shareholders approval of a proposed business combination in those instances in which shareholder approval is not required
by applicable law or stock exchange listing requirements will be made by us, solely in our discretion, and will be based on business
and legal reasons, which include a variety of factors, including, but not limited to: (i)&nbsp;the timing of the transaction, including
in the event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder
approval or doing so would place the company at a disadvantage in the transaction or result in other additional burdens on the
company; (ii)&nbsp;the expected cost of holding a shareholder vote; (iii)&nbsp;the risk that the shareholders would fail to approve
the proposed business combination; (iv)&nbsp;other time and budget constraints of the company; and (v)&nbsp;additional legal complexities
of a proposed business combination that would be time-consuming and burdensome to present to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Permitted Purchases of our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event we seek
shareholder approval of our business combination and we do not conduct redemptions in connection with our business combination
pursuant to the tender offer rules, our founders, officers, directors, advisors or their affiliates may purchase shares in privately
negotiated transactions or in the open market either prior to or following the completion of our initial business combination.
However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms
or conditions for any such transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">None of the funds in
the trust account will be used to purchase shares in such transactions. They will not make any such purchases when they are in
possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation&nbsp;M
under the Exchange&nbsp;Act. Such a purchase may include a contractual acknowledgement that such shareholder, although still the
record holder of our shares is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights.
In the event that our founders, officers, directors, advisors or their affiliates purchase shares in privately negotiated transactions
from public shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required
to revoke their prior elections to redeem their shares. We do not currently anticipate that such purchases, if any, would constitute
a tender offer subject to the tender offer rules&nbsp;under the Exchange&nbsp;Act or a going-private transaction subject to the
going-private rules&nbsp;under the Exchange&nbsp;Act; however, if the purchasers determine at the time of any such purchases that
the purchases are subject to such rules, the purchasers will comply with such rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The purpose of such
purchases would be to (i)&nbsp;vote such shares in favor of the business combination and thereby increase the likelihood of obtaining
shareholder approval of the business combination or (ii)&nbsp;to satisfy a closing condition in an agreement with a target that
requires us to have a minimum net worth or a certain amount of cash at the closing of our business combination, where it appears
that such requirement would otherwise not be met. This may result in the completion of our business combination that may not otherwise
have been possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if such
purchases are made, the public &ldquo;float&rdquo; of our common stock may be reduced and the number of beneficial holders of our
securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities
on a national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our founders, officers,
directors, advisors or their affiliates anticipate that they may identify the shareholders with whom our founders, officers, directors,
advisors or their affiliates may pursue privately negotiated purchases by either the shareholders contacting us directly or by
our receipt of redemption requests submitted by shareholders following our mailing of proxy materials in connection with our initial
business combination. To the extent that our founders, officers, directors, advisors or their affiliates enter into a private purchase,
they would identify and contact only potential selling shareholders who have expressed their election to redeem their shares for
a pro rata share of the trust account or vote against the business combination. Our founders, officers, directors, advisors or
their affiliates will only purchase shares if such purchases comply with Regulation&nbsp;M under the Exchange&nbsp;Act and the
other federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any purchases by our
founders, officers, directors, advisors or their affiliates who are affiliated purchasers under Rule&nbsp;10b-18 under the Exchange&nbsp;Act
will only be made to the extent such purchases are able to be made in compliance with Rule&nbsp;10b-18, which is a safe harbor
from liability for manipulation under Section&nbsp;9(a)(2)&nbsp;and Rule&nbsp;10b-5 under, the Exchange&nbsp;Act. Rule&nbsp;10b-18
has certain technical requirements that must be complied with in order for the safe harbor to be available to the purchaser. Our
founders, officers, directors, advisors or their affiliates will not make purchases of common stock if the purchases would violate
Section&nbsp;9(a)(2)&nbsp;of, or Rule&nbsp;10b-5 under, the Exchange&nbsp;Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Redemption Rights for Public Shareholders
upon Completion of our Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">We will provide our public shareholders
with the opportunity to redeem all or a portion of their shares of Class&nbsp;A common stock upon the completion of our initial
business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
as of two&nbsp;business days prior to the consummation of the initial business combination including interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public
shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be approximately
$10.20 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced
by deferred underwriting commissions we will pay to the underwriters. Our founders, officers, directors, advisors will enter into
a letter agreement with us, pursuant to which they will agree to waive their redemption rights with respect to any founder shares
and any private shares held by them in connection with the completion of our business combination. However, if our founders, officers
or directors acquire public shares in or after this 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 allotted 12-month
time period (or 18-month period if extended).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Manner of Conducting Redemptions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will provide our
public shareholders with the opportunity to redeem all or a portion of their shares of Class&nbsp;A common stock upon the completion
of our initial business combination either (i)&nbsp;in connection with a shareholder meeting called to approve the business combination
or (ii)&nbsp;by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination
or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing
of the transaction and whether the terms of the transaction would require us to seek shareholder approval under the law or stock
exchange listing requirement. Asset acquisitions and stock purchases would not typically require shareholder approval while direct
mergers with our company where we do not survive and any transactions where we issue more than 20% of our outstanding common stock
or seek to amend our then existing amended and restated certificate of incorporation would require shareholder approval. If we
structure a business combination transaction with a target company in a manner that requires shareholder approval, we will not
have discretion as to whether to seek a shareholder vote to approve the proposed business combination. We intend to conduct redemptions
without a shareholder vote pursuant to the tender offer rules&nbsp;of the SEC unless shareholder approval is required by law or
stock exchange listing requirements or we choose to seek shareholder approval for business or other legal reasons. So long as we
obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with such rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a shareholder vote
is not required and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended
and restated certificate of incorporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">conduct the redemptions pursuant to Rule&nbsp;13e-4 and Regulation&nbsp;14E under the Exchange&nbsp;Act,
which regulate issuer tender offers, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">file tender offer documents with the SEC prior to completing our initial business combination which
contain substantially the same financial and other information about the initial business combination and the redemption rights
as is required under Regulation&nbsp;14A under the Exchange&nbsp;Act, which regulates the solicitation of proxies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the public announcement
of our business combination, we or our founders will terminate any plan established in accordance with Rule&nbsp;10b5-1 to purchase
shares of our Class&nbsp;A common stock in the open market if we elect to redeem our public shares through a tender offer, to comply
with Rule&nbsp;14e-5 under the Exchange&nbsp;Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event that we
conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20&nbsp;business days,
in accordance with Rule&nbsp;14e-1(a)&nbsp;under the Exchange&nbsp;Act, and we will not be permitted to complete our initial business
combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on public shareholders
not tendering more than a specified number of public shares which are not purchased by our founders, which number will be based
on the requirement that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be
at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters&rsquo; fees and commissions
(so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement
which may be contained in the agreement relating to our initial business combination. If public shareholders tender more shares
than we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If, however, shareholder
approval of the transaction is required by law or stock exchange listing requirement, or we decide to obtain shareholder approval
for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation&nbsp;14A
under the Exchange&nbsp;Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">file proxy materials with the SEC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event that we
seek shareholder approval of our initial business combination, we will distribute proxy materials and, in connection therewith,
provide our public shareholders with the redemption rights described above upon completion of the initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we seek shareholder
approval, we will complete our initial business combination only if a majority of the then outstanding shares of common stock present
and entitled to vote at the meeting to approve the initial business combination are voted in favor of the initial business combination.
A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the
company representing a majority (more than 50%) of the voting power of all outstanding shares of capital stock of the company entitled
to vote at such meeting. Our initial shareholders will count toward this quorum and have agreed to vote their founder shares and
private units and any public shares purchased during or after this offering in favor of our initial business combination. For purposes
of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval
of our initial business combination once a quorum is obtained. As a result, in the event that only the minimum number of shares
representing a quorum is present at a shareholders&rsquo; meeting held to vote on our initial business combination, in addition
to our initial shareholders&rsquo; founder shares and private shares, we would need only 64,501 or 1.08%, of the 6,000,000 public
shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination
approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering
or units or shares in the after-market). In the event that all shares of our outstanding common stock are voted, we would need
2,043,001 or 34.05%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination
in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial
shareholders do not purchase any units in this offering or units or shares in the after-market). We intend to give approximately
30&nbsp;days (but not less than 10&nbsp;days nor more than 60&nbsp;days) prior written notice of any such meeting, if required,
at which a vote shall be taken to approve our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These quorums and voting
thresholds, and the voting agreements of our initial shareholders may make it more likely that we will consummate our initial business
combination. Each public shareholder may elect to redeem its public shares irrespective of whether they vote, do not vote or abstain,
and if they do vote, irrespective of whether they vote for or against the proposed transaction, and irrespective of whether they
were a public shareholder on the record date for the general meeting held to approve the proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will provide that we will only redeem our public shares so long as (after such redemption) our net
tangible assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters&rsquo;
fees and commissions (so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible
asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the
proposed business combination may require: (i)&nbsp;cash consideration to be paid to the target or its owners, (ii)&nbsp;cash to
be transferred to the target for working capital or other general corporate purposes or (iii)&nbsp;the retention of cash to satisfy
other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration
we would be required to pay for all shares of Class&nbsp;A common stock that are validly submitted for redemption plus any amount
required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash
available to us, we will not complete the business combination or redeem any shares, and all shares of Class&nbsp;A common stock
submitted for redemption will be returned to the holders thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Limitation on Redemption
upon Completion of Initial Business Combination if we Seek Shareholder Approval</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, if we seek
shareholder approval of our initial business combination and we do not conduct redemptions in connection with our business combination
pursuant to the tender offer rules, our amend and restated certificate of incorporation 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 &ldquo;group&rdquo;
(as defined under Section&nbsp;13 of the Exchange&nbsp;Act), will be restricted from seeking redemption rights with respect to
more than an aggregate of 15% of the shares sold in this offering, which we refer to as the &ldquo;Excess Shares.&rdquo; We believe
this restriction will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders
to use their ability to exercise their redemption rights against a proposed business combination as a means to force us or our
management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent
this provision, a public shareholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to
exercise its redemption rights if such holder&rsquo;s shares are not purchased by us or our management at a premium to the then-current
market price or on other undesirable terms. By limiting our shareholders&rsquo; ability to redeem no more than 15% of the shares
sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our
ability to complete our business combination, particularly in connection with a business combination with a target that requires
as a closing condition that we have a minimum net worth or a certain amount of cash. However, our amended and restated certificate
of incorporation will not restrict our shareholders&rsquo; ability to vote all of their shares (including Excess Shares) for or
against our business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Tendering Stock Certificates
in Connection with a Tender Offer or Redemption Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may require our public
shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &ldquo;street
name,&rdquo; to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents
mailed to such holders, or up to two&nbsp;business days prior to the vote on the proposal to approve the business combination in
the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using the Depository Trust
Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s option. The tender offer or proxy materials,
as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate
whether we are requiring public shareholders to satisfy such delivery requirements. Accordingly, a public shareholder would have
from the time we send out our tender offer materials until the close of the tender offer period, or up to two&nbsp;days prior to
the vote on the business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek
to exercise its redemption rights. Given the relatively short exercise period, it is advisable for shareholders to use electronic
delivery of their public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is a nominal cost
associated with the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC
System. The transfer agent will typically charge the tendering broker $100.00 and it would be up to the broker whether or not to
pass this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders
seeking to exercise redemption rights to tender their shares. The need to deliver shares is a requirement of exercising redemption
rights regardless of the timing of when such delivery must be effectuated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The foregoing is different
from the procedures used by many blank check companies. In order to perfect redemption rights in connection with their business
combinations, many blank check companies would distribute proxy materials for the shareholders&rsquo; vote on an initial business
combination, and a holder could simply vote against a proposed business combination and check a box on the proxy card indicating
such holder was seeking to exercise his or her redemption rights. After the business combination was approved, the company would
contact such shareholder to arrange for him or her to deliver his or her certificate to verify ownership. As a result, the shareholder
then had an &ldquo;option window&rdquo; after the completion of the business combination during which he or she could monitor the
price of the company&rsquo;s stock in the market. If the price rose above the redemption price, he or she could sell his or her
shares in the open market before actually delivering his or her shares to the company for cancellation. As a result, the redemption
rights, to which shareholders were aware they needed to commit before the shareholder meeting, would become &ldquo;option&rdquo;
rights surviving past the completion of the business combination until the redeeming holder delivered its certificate. The requirement
for physical or electronic delivery prior to the meeting ensures that a redeeming holder&rsquo;s election to redeem is irrevocable
once the business combination is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any request to redeem
such shares, once made, may be withdrawn at any time up to the date set forth in the tender offer materials or the date of the
shareholder meeting set forth in our proxy materials, as applicable. Furthermore, if a holder of a public share delivered its certificate
in connection with an election of redemption rights and subsequently decides prior to the applicable date not to elect to exercise
such rights, such holder may simply request that the transfer agent return the certificate (physically or electronically). It is
anticipated that the funds to be distributed to holders of our public shares electing to redeem their shares will be distributed
promptly after the completion of our business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If our initial business
combination is not approved or completed for any reason, then our public shareholders who elected to exercise their redemption
rights would not be entitled to redeem their shares for the applicable pro rata share of the trust account. In such case, we will
promptly return any certificates delivered by public holders who elected to redeem their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If our initial proposed
business combination is not completed, we may continue to try to complete a business combination with a different target until
12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described
in this prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Redemption of Public Shares
and Liquidation if no Initial Business Combination</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will provide that we will have only 12 months from the closing of this offering to complete our initial
business combination (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus).
If we are unable to complete our business combination within such 12-month period (or up to 18 months, if we extend the time to
complete a business combination as described in this prospectus), we will: (i)&nbsp;cease all operations except for the purpose
of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten&nbsp;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 and not previously released to us to pay our taxes (less up to $75,000 of interest
to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public shareholders&rsquo; rights as shareholders (including the right to receive further liquidating distributions, if any), subject
to applicable law, and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our
remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating
distributions with respect to our warrants, which will expire worthless if we fail to complete our business combination within
the 12-month time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we anticipate
that we may not be able to consummate our initial business combination within 12 months from closing of this offering, we
may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional
three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant to the terms of
our amended and restated certificate of incorporation and the trust agreement to be entered into between us and Continental
Stock Transfer &amp; Trust Company on the date of this prospectus, in order to extend the time available for us to consummate
our initial business combination, our sponsor, upon at least five days advance notice prior to the applicable deadline, must
deposit into the trust account for each three-month extension, $600,000, or $690,000 if the underwriters&rsquo;
over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of $1,200,000 or $1,380,000 if
the underwriters&rsquo; over-allotment option is exercised in full ($0.20 per unit in either case), on or prior to the date
of the applicable deadline. Our public shareholders will not be afforded an opportunity to vote on our extension of time to
consummate an initial business combination from 12 months to up to 18 months described above or redeem their shares in
connection with such extensions. The sponsor will receive a non-interest bearing, unsecured promissory note equal to the
amount of any such deposit that will not be repaid in the event that we are unable to close a business combination unless
there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our
initial business combination, or, at the lender&rsquo;s discretion, converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such unit at the time of the consummation of our
initial business combination. In the event that we receive notice from our founders five&nbsp;days prior to the applicable
deadline of their intent to effect an extension, we intend to issue a press release announcing such intention at least
three&nbsp;days prior to the applicable deadline. In addition, we intend to issue a press release the&nbsp;day after the
applicable deadline announcing whether or not the funds had been timely deposited. Our founders and their affiliates or
designees are not obligated to fund the trust account to extend the time for us to complete our initial business combination.
Any notes issued pursuant to these loans would be in addition to any notes issued pursuant to working capital loans made to
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial shareholders
have waived their rights to liquidating distributions from the trust account with respect to any founder shares and private units
held by them if we fail to complete our initial business combination within 12 months from the closing of this offering (or up
to 18 months, if we extend the time to complete a business combination as described in this prospectus). However, if our initial
shareholder acquire public shares in or after this 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 allotted 12-month
time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">Our initial shareholders have agreed, pursuant
to a letter agreement with us (filed as an exhibit to the registration statement of which this prospectus forms a part), that they
will not propose any amendment to our then existing amended and restated certificate of incorporation (i)&nbsp;that would 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 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), or (ii)&nbsp;with
respect to any other material provision relating to shareholders&rsquo; rights or pre-initial business combination activity, unless
we provide our public shareholders with the opportunity to redeem their shares of Class&nbsp;A common stock upon approval of any
such amendment 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. However, we will only redeem our public shares so long as (after such redemption) our net tangible
assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters&rsquo;
fees and commissions (so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules). If this optional redemption
right is exercised with respect to an excessive number of public shares such that we cannot satisfy the net tangible asset requirement
(described above) we would not proceed with the amendment or the related redemption of our public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expect that all costs
and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts
remaining out of the approximately $650,000 of proceeds held outside the trust account, although we cannot assure you that there
will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs and expenses associated
with implementing our plan of dissolution, to the extent that there is any interest accrued in the trust account not required to
pay taxes on interest income earned on the trust account balance, we may request the trustee to release to us an additional amount
of up to $75,000 of such accrued interest to pay those costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we were to expend
all of the net proceeds of this offering and the sale of the private units, other than the proceeds deposited in the trust account,
and without taking into account interest, if any, earned on the trust account, the per-share redemption amount received by shareholders
upon our dissolution would be approximately $10.20. The proceeds deposited in the trust account could, however, become subject
to the claims of our creditors which would have higher priority than the claims of our public shareholders. We cannot assure you
that the actual per-share redemption amount received by shareholders will not be substantially less than $10.20. Under Section&nbsp;281(b)&nbsp;of
the DGCL, our plan of dissolution must provide for all claims against us to be paid in full or make provision for payments to be
made in full, as applicable, if there are sufficient assets. These claims must be paid or provided for before we make any distribution
of our remaining assets to our shareholders. While we intend to pay such amounts, if any, we cannot assure you that we will have
funds sufficient to pay or provide for all creditors&rsquo; claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we will seek
to have all vendors, service providers, prospective target businesses or other entities with which we do business execute agreements
with us waiving any right, title, interest and claim of any kind in or to any monies held in the trust account for the benefit
of our public shareholders, there is no guarantee that they will execute such agreements or even if they execute such agreements
that they would be prevented from bringing claims against the trust account including but not limited to fraudulent inducement,
breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in
each case in order to gain an advantage with respect to a claim against our assets, including the funds held in the trust account.
If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account, our management
will perform an analysis of the alternatives available to it and will only enter into an agreement with a third party that has
not executed a waiver if management believes that such third party&rsquo;s engagement would be significantly more beneficial to
us than any alternative. Examples of possible instances where we may engage a third party that refuses to execute a waiver include
the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly
superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service
provider willing to execute a waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, there is
no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any
negotiations, contracts or agreements with us and will not seek recourse against the trust account for any reason. Our sponsor
has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold
to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of
funds in the trust account to below (i)&nbsp;$10.20 per public share or (ii)&nbsp;such lesser amount per public share held in the
trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each case
net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver
of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of
this offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver
is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for
such third party claims We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations
and believe that our sponsor&rsquo;s only assets are securities of our company. We have not asked our sponsor to reserve for such
indemnification obligations. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. As a
result, if any such claims were successfully made against the trust account, the funds available for our initial business combination
and redemptions could be reduced to less than $10.20 per public share. In such event, we may not be able to complete our initial
business combination, and you would receive such lesser amount per share in connection with any redemption of your public shares.
None of our officers will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective
target businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event that the
proceeds in the trust account are reduced below (i)&nbsp;$10.20 per public share or (ii)&nbsp;such lesser amount per public share
held in the trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets,
in each case net of the amount of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy
its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent directors
would determine whether to take legal action against our sponsor to enforce its indemnification obligations. While we currently
expect that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification
obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so
if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable
or if the independent directors determine that a favorable outcome is not likely. We have not asked our sponsor to reserve for
such indemnification obligations and we cannot assure you that our sponsor would be able to satisfy those obligations. Accordingly,
we cannot assure you that due to claims of creditors the actual value of the per-share redemption price will not be less than $10.20
per public share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will seek to reduce
the possibility that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all
vendors, service providers, prospective target businesses or other entities with which we do business execute agreements with us
waiving any right, title, interest or claim of any kind in or to monies held in the trust account. Our sponsor will also not be
liable as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities
under the Securities Act. We will have access to up to approximately $650,000 from the proceeds of this offering with which to
pay any such potential claims. In the event that we liquidate and it is subsequently determined that the reserve for claims and
liabilities is insufficient, shareholders who received funds from our trust account could be liable for claims made by creditors.
In the event that our offering expenses exceed our estimate of $1,090,000, we may fund such excess with funds from the funds not
to be held in the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease
by a corresponding amount. Conversely, in the event that the offering expenses are less than our estimate of $1,090,000, the amount
of funds we intend to be held outside the trust account would increase by a corresponding amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the DGCL, shareholders
may be held liable for claims by third parties against a corporation to the extent of distributions received by them in a dissolution.
The pro rata portion of our trust account distributed to our public shareholders upon the redemption of our public shares in the
event we do not complete our business combination within 12 months from the closing of this offering (or up to 18 months, if we
extend the time to complete a business combination as described in this prospectus) may be considered a liquidating distribution
under Delaware law. If the corporation complies with certain procedures set forth in Section&nbsp;280 of the DGCL intended to ensure
that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims
can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to shareholders, any liability of shareholders with respect
to a liquidating distribution is limited to the lesser of such shareholder&rsquo;s pro rata share of the claim or the amount distributed
to the shareholder, and any liability of the shareholder would be barred after the third anniversary of the dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, if the
pro rata portion of our trust account distributed to our public shareholders upon the redemption of our public shares in the event
we do not complete our business combination within 12 months from the closing of this offering (or up to 18 months, if we extend
the time to complete a business combination as described in this prospectus), is not considered a liquidating distribution under
Delaware law and such redemption distribution is deemed to be unlawful, then pursuant to Section&nbsp;174 of the DGCL, the statute
of limitations for claims of creditors could then be six&nbsp;years after the unlawful redemption distribution, instead of three&nbsp;years,
as in the case of a liquidating distribution. If we are unable to complete our business combination within 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus),
we will: (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not
more than ten&nbsp;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 and not previously
released to us to pay our taxes or for working capital purposes (less up to $75,000 of interest to pay dissolution expenses), divided
by the number of then outstanding public shares, which redemption will completely extinguish public shareholders&rsquo; rights
as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii)&nbsp;as&nbsp;promptly
as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors,
dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Accordingly, it is our intention to redeem our public shares as soon as reasonably possible following
our 15<SUP>th</SUP> month and, therefore, we do not intend to comply with those procedures. As such, our shareholders could potentially
be liable for any claims to the extent of distributions received by them (but no more) and any liability of our shareholders may
extend well beyond the third anniversary of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because we will not
be complying with Section&nbsp;280, Section&nbsp;281(b)&nbsp;of the DGCL requires us to adopt a plan, based on facts known to us
at such time that will provide for our payment of all existing and pending claims or claims that may be potentially brought against
us within the subsequent 10&nbsp;years. However, because we are a blank check company, rather than an operating company, and our
operations will be limited to searching for prospective target businesses to acquire, the only likely claims to arise would be
from our vendors (such as lawyers, investment bankers,&nbsp;etc.) or prospective target businesses. As described above, pursuant
to the obligation contained in our underwriting agreement, we will seek to have all vendors, service providers, prospective target
businesses or other entities with which we do business execute agreements with us waiving any right, title, interest or claim of
any kind in or to any monies held in the trust account. As a result of this obligation, the claims that could be made against us
are significantly limited and the likelihood that any claim that would result in any liability extending to the trust account is
remote. Further, our sponsor may be liable only to the extent necessary to ensure that the amounts in the trust account are not
reduced below (i)&nbsp;$10.20 per public share or (ii)&nbsp;such lesser amount per public share held in the trust account as of
the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each case net of the amount
of interest withdrawn to pay taxes and will not be liable as to any claims under our indemnity of the underwriters of this offering
against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver is deemed to
be unenforceable against a third party, our sponsor will not be responsible to the extent of any liability for such third-party
claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we file a bankruptcy
petition or an involuntary bankruptcy petition is filed against us that is not dismissed, the proceeds held in the trust account
could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third
parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the trust account, we cannot
assure you we will be able to return $10.20 per share to our public shareholders. Additionally, if we file a bankruptcy petition
or an involuntary bankruptcy petition is filed against us that is not dismissed, any distributions received by shareholders could
be viewed under applicable debtor/creditor and/or bankruptcy laws as either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent
conveyance.&rdquo; As a result, a bankruptcy court could seek to recover some or all amounts received by our shareholders. Furthermore,
our board of directors may be viewed as having breached its fiduciary duty to our creditors and/or may have acted in bad faith,
thereby exposing itself and our company to claims of punitive damages, by paying public shareholders from the trust account prior
to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our public shareholders will be entitled
to receive funds from the trust account only (i)&nbsp;in the event of the redemption of our public shares if we do not complete
our business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete
a business combination as described in this prospectus), subject to applicable law, (ii)&nbsp;(a)&nbsp;in connection with a shareholder
vote to approve an amendment to our then existing amended and restated certificate of incorporation 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 12 months from the closing of this offering (or up to
18 months, if we extend the time to complete a business combination as described in this prospectus) or (b)&nbsp;with respect to
any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity or (iii)&nbsp;our completion
of an initial business combination, and then only in connection with those public shares that such shareholder properly elected
to redeem, subject to the limitations described in this prospectus. In no other circumstances will a shareholder have any right
or interest of any kind to or in the trust account. In the event we seek shareholder approval in connection with our initial business
combination, a shareholder&rsquo;s voting in connection with the business combination alone will not result in a shareholder&rsquo;s
redeeming its shares to us for an applicable pro rata share of the trust account. Such shareholder must have also exercised its
redemption rights as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Comparison of Redemption
or Purchase Prices in Connection with our Initial Business Combination and if We Fail to Complete our Business Combination</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
compares the redemptions and other permitted purchases of public shares that may take place in connection with the completion of
our initial business combination and if we are unable to complete our business combination within 12 months from the closing of
this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 27%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemptions in<BR>
Connection with our Initial<BR>
Business Combination</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Permitted<BR>
Purchases of Public<BR>
Shares by us or<BR>
our Affiliates</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemptions if we<BR>
fail to Complete an<BR>
Initial Business<BR>
Combination</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation&nbsp;of&nbsp;redemption price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account as of two&nbsp;business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.20 per public share), 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 limitation that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination and any limitations (including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed business combination.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we seek shareholder approval of our initial business combination, our founders, officers, directors, or their affiliates may purchase shares in privately negotiated transactions or in the open market prior to or following completion of our initial business combination. There is no limit to the prices that our founders, officers, directors or their affiliates may pay in these transactions.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we are unable to complete our business combination within 12&nbsp;months from the closing of this offering (or up to 18&nbsp;months, if we extend the time to complete a business combination as described in this prospectus), we will redeem all public shares at a per-share price, payable in cash, equal to the aggregate amount, then on deposit in the trust account (which is initially anticipated to be $10.20 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $75,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 23%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemptions in<BR>
Connection with our Initial<BR>
Business Combination</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Permitted<BR>
Purchases of Public<BR>
Shares by us or<BR>
our Affiliates</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 28%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemptions if we<BR>
fail to Complete an<BR>
Initial Business<BR>
Combination</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Impact to remaining shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders, who will bear the burden of deferred underwriting commissions, working capital and taxes payable released to us.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the permitted purchases described above are made there would be no impact to our remaining shareholders because the purchase price would not be paid by us.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The redemption of our public shares if we fail to complete our business combination will reduce the book value per share for the shares held by our initial shareholders, who will be our only remaining shareholders after such redemptions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Comparison of This Offering to Those
of Blank Check Companies Subject to Rule&nbsp;419</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
compares the terms of this offering to the terms of an offering by a blank check company subject to the provisions of Rule&nbsp;419.
This comparison assumes that the gross proceeds, underwriting commissions and underwriting expenses of our offering would be identical
to those of an offering undertaken by a company subject to Rule&nbsp;419, and that the underwriters will not exercise their over-allotment
option. None of the provisions of Rule&nbsp;419 apply to our offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of Our Offering</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Escrow of offering proceeds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61,200,000 of the net proceeds of this offering and the sale of the private units will be deposited into a U.S.-based trust account with Continental Stock Transfer &amp; Trust Company, acting as trustee.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately $52,002,000 </FONT><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of the offering proceeds would be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investment of net proceeds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61,200,000 of the net offering proceeds and the sale of the private units held in trust will be invested only in U.S.&nbsp;government treasury bills with a maturity of 185&nbsp;days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S.&nbsp;government treasury obligations.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United&nbsp;States.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Receipt of interest on escrowed funds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest on proceeds from the trust account to be paid to shareholders is reduced by (i)&nbsp;any taxes paid or payable; (ii)&nbsp;amounts released for working capital, and (iii)&nbsp;in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $75,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of Our Offering</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation on fair value or net assets of target business</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding deferred underwriting commissions and interest income earned on the trust account released to us to pay taxes or for working capital purposes) at the time of the agreement to enter into the initial business combination.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading of securities issued</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The units will begin trading on or promptly after the date of this prospectus. The Class&nbsp;A common stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP>&nbsp;day following the date of this prospectus unless the representatives inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form&nbsp;8-K promptly after the closing of this offering, which is anticipated to take place three&nbsp;business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such Current Report on Form&nbsp;8-K, an additional Current Report on Form&nbsp;8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No trading of the units or the underlying Class&nbsp;A common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise of the warrants</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants cannot be exercised until the later of 30&nbsp;days after the completion of our initial business combination or 12&nbsp;months from the closing of this offering.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of Our Offering</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Election to remain an investor</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will provide our public shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two&nbsp;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, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by law to hold a shareholder vote. If we are not required by law and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules&nbsp;of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC&rsquo;s proxy rules. If, however, we hold a shareholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if a majority of the then outstanding shares of common stock present and entitled to vote at the meeting to approve the initial business combination are voted in favor of the initial business combination. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority (more than 50%) of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20&nbsp;business days and no more than 45&nbsp;business days from the effective date of a post-effective amendment to the company&rsquo;s registration statement, to decide if it elects to remain a shareholder of the company or require the return of its investment. If the company has not received the notification by the end of the 45<SUP>th</SUP> business&nbsp;day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of Our Offering</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business combination deadline</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we are unable to complete an initial business combination within 12&nbsp;months from the closing of this offering (or up to 18&nbsp;months, if we extend the time to complete a business combination as described in this prospectus), we will (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten&nbsp;business days thereafter, redeem 100% of 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 and not previously released to us to pay our taxes or for working capital purposes (less up to $75,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an acquisition has not been completed
        within 12&nbsp;months after the effective date of the company&rsquo;s registration statement, funds held in the trust or escrow
        account are returned to investors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proceeds held in the escrow account
        are not released until the earlier of the completion of a business combination or the failure to effect a business combination
        within the allotted time.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of Our Offering</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release of funds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering and the sale of the private units that are deposited and held in the trust account will not be released from the trust account until the earliest to occur of: (i)&nbsp;the completion of our initial business combination, (ii)&nbsp;the redemption of any public shares properly submitted in connection with a shareholder vote to amend our then existing amended and restated certificate of incorporation (a)&nbsp;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 12&nbsp;months from the closing of this offering (or up to 18&nbsp;months, if we extend the time to complete a business combination as described in this prospectus) or (b)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity and (iii)&nbsp;the redemption of 100% of our public shares if we are unable to complete a business combination within the required time frame (subject to the requirements of applicable law).</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In identifying, evaluating
and selecting a target business for our business combination, we may encounter intense competition from other entities having a
business objective similar to ours, including other blank check companies, private equity groups and leveraged buyout funds, and
operating businesses seeking strategic acquisitions. Many of these entities are well established and have extensive experience
identifying and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess greater
financial, technical, human and other resources than we do. Our ability to acquire larger target businesses will be limited by
our available financial resources. This inherent limitation gives others an advantage in pursuing the acquisition of a target business.
Furthermore, our obligation to pay cash in connection with our public shareholders who exercise their redemption rights may reduce
the resources available to us for our initial business combination and our outstanding warrants, and the future dilution they potentially
represent, may not be viewed favorably by certain target businesses. Either of these factors may place us at a competitive disadvantage
in successfully negotiating an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Facilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our executive offices
are located at 7683 SE 27th St. #268, Mercer Island, WA 98040.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We currently have two
executive officers including Mr. I-Fa Chang, the Chief Executive Officer, and Mr.&nbsp;Xuedong (Tony) Tian, the Chief Financial
Officer. These individuals are not obligated to devote any specific number of&nbsp;hours to our matters but they intend to devote
as much of their time as they deem necessary to our affairs until we have completed our initial business combination. The amount
of time they will devote in any time period will vary based on whether a target business has been selected for our initial business
combination and the stage of the initial business combination process we are in. We do not intend to have any full-time employees
prior to the completion of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Periodic Reporting and Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will register our
units, Class&nbsp;A common stock and warrants under the Exchange&nbsp;Act and have reporting obligations, including the requirement
that we file annual, quarterly and current reports with the SEC.&nbsp;In accordance with the requirements of the Exchange&nbsp;Act,
our annual reports will contain financial statements audited and reported on by our independent registered public accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the date of
this prospectus, we will file a Registration Statement on Form&nbsp;8-A with the SEC to voluntarily register our securities under
Section&nbsp;12 of the Exchange&nbsp;Act. As a result, we will be subject to the rules&nbsp;and regulations promulgated under the
Exchange&nbsp;Act. We have no current intention of filing a Form&nbsp;15 to suspend our reporting or other obligations under the
Exchange&nbsp;Act prior or subsequent to the consummation of our business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will provide shareholders
with audited financial statements of the prospective target business as part of the tender offer materials or proxy solicitation
materials sent to shareholders to assist them in assessing the target business. In all likelihood, these financial statements will
need to be prepared in accordance with GAAP.&nbsp;We cannot assure you that any particular target business selected by us as a
potential acquisition candidate will have financial statements prepared in accordance with GAAP or that the potential target business
will be able to prepare its financial statements in accordance with GAAP.&nbsp;To the extent that this requirement cannot be met,
we may not be able to acquire the proposed target business. While this may limit the pool of potential acquisition candidates,
we do not believe that this limitation will be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will be required
to evaluate our internal control procedures for the fiscal year ending December&nbsp;31, 2023 as required by the Sarbanes-Oxley
Act. Only in the event we are deemed to be a large accelerated filer or an accelerated filer will we be required to have our internal
control procedures audited. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy
of their internal controls. The development of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley
Act may increase the time and costs necessary to complete any such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is no material
litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their
capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Officers, Directors and Director Nominees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our officers, directors
and director nominees are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; width: 26%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 67%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I-Fa Chang</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Chairman</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xuedong (Tony) Tian</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Director </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hanzhong (Han) Li</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director Nominee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Teng-Wei Chen</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director Nominee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin Vassily</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director Nominee</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Mr. I-Fa Chang </B>has
been the Chairman of our board of directors and our Chief Executive Officer since the inception of our Company. Mr. Chang has more
two decades of investment management and advisory experience. In 2012, Mr. Chang founded Inkstone Capital Co., Ltd., a technology-focused
investment advisory firm (&ldquo;Inkstone Capital&rdquo;) serving clients in Mainland China, Hong Kong and Taiwan, and has served
as its chief executive officer ever since. He has also served as an independent director of Sichuan Tianfu Bank, a regional
bank based in Southeast China since 2015. Between October 2017 and June 2018, Mr. Chang served as a director and finance control
officer for Finconn Inc., a subsidiary of the Taiwanese electronic manufacturing conglomerate, Foxconn. Before founding Inkstone
Capital, Mr. Chang had extensive experience in financial and investment management across different sectors. Between June 2006
to December 2008, Mr. Chang served as a financial consultant for Chengdu Jiannanchun Shengbo Technology Co., Ltd., an IT solution
company. He also served as a managing director for ARC China Investment Corporation, an investment management company from April
2007 to July 2011, and as a managing director for Xiamen Dazhou-ARC Investment Management Co., Ltd., a joint venture between ARC
China and Dazhou Holding Group, a multi-industry conglomerate based in Xiamen, Fujian Province, PRC, from August 2011 to October
2012. Mr. Chang received his MBA in Finance from National Pingtung Science and Technology University in Taiwan, and his B.A. in
Management Information System from California State University, San Bernardino.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that Mr.
Chang qualifies as our Chairman because of his investment and financial management experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Mr. Xuedong (Tony)
Tian</B> has been our Chief Financial Officer and a member of our board of directors since the inception of our Company. Mr. Tian
has served as a managing director and head of capital markets at US Tiger Securities, Inc. since October 2020. From May 2012 to
October 2020, Mr. Tian was the founder and president of Weitian Group LLC, a corporate advisory and investor relations firm. Prior
to that, Mr. Tian served as a sell-side equity analyst at various investment banks, including managing director covering China
at Merriman Capital, Inc. from June 2013 to January 2016; executive director and lead analyst covering China Industrials and IT
outsourcing at Oppenheimer &amp; Co. Inc. from May 2011 to May 2012; vice president and lead China analyst at Ladenburg Thalmann
&amp; Co. Inc. from May 2010 to April 2011; senior associate covering Networking, Hardware &amp; IT Supply Chain at Ticonderoga
Securities LLC from October 2009 to May 2010; and associate covering Semiconductor &amp; Semiconductor Capital Equipment at Pacific
Crest Securities LLC (now part of KeyBanc) from April 2008 to September 2009. Mr. Tian holds an MBA degree from New York University,
a M.A. degree in Economics from the University of Connecticut and M.S. and B.S. degrees in Land Resources and Management from China
Agricultural University. Mr. Tian is a CFA charter holder and currently holds Series 7, 24, 63, and 79 licenses. Since March 2022,
Mr. Tian has been the Chief Executive Officer of Feutune Light Acquisition Corporation, a special purpose acquisition company to
be listed on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that Mr.
Tian qualifies as our director because of his experience in capital market.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Dr. Hanzhong (Han)
Li</B> will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part. Dr. Li has more than two decades of investment, operational and management experience in biotechnology industry.
Since February 2019, Dr. Li has served as the senior vice president for Corporate Development
at Eureka Therapeutics, a clinical stage biotechnology company developing antibody-TCR T-Cell therapies for oncology treatment
based in California. In this role, Dr. Li is responsible for a variety of initiatives on finance, corporate and business development
for the company. Before joining Eureka, Dr. Li spent two years as the chief financial officer at Ascentage Pharma Group. Between
2010 and 2017, Dr. Li served as deputy director in the strategy and portfolio management group at Bayer Pharmaceuticals (FWB: BAYN),
a German pharmaceutical company. Earlier in his career, Dr. Li served as an equity research analyst at Morgan Stanley, Suntrust
Robinson Humphrey and Stanford Financial Group in New York, covering biotech and biopharmaceutical companies for the period between
2002 and 2009. He also worked as a research scientist at Genentech&nbsp;, Inc., where he served as lead inventor of three patents
on novel cytokines&nbsp;. Dr. Li received his Ph.D. in Pharmacology from the Boston University School of Medicine and MBA from
the Anderson School of Business at UCLA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that Dr. Li qualifies as our
director because of his experience in the biotech industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Dr. Teng-Wei Chen
</B>will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus forms
a part. Dr. Chen is an active start-up and early-stage investor in Southern Taiwan. Dr. Chen has served as managing director at
You-Ci Management Consulting Co., Ltd., an investment company based in Pingtung, Taiwan, since 2015. Since 2018, Dr. Chen has been
a director of New-shine Biomedical Co., Ltd., a Taiwanese biotechnology company of which he was also an investor. In 2019, he founded
iDentist Business Space Co., Ltd., a provider of coworking and shared conferencing space provider in Pingtung, Taiwan. In 2021,
Dr. Chen founded You-Cheng Internet Information Co., Ltd., an IT solution company based in Pingtung, and has served as its Chairman
and CEO since then. As a dentist by training, Dr. Chen has been the chief dentist and manager of Sunshine Dental Clinic, in Pingtung,
Taiwan since September 2015. From August 2012 to March 2014, Dr. Chen was a visiting dental specialist at Tainan Hospital, Ministry
of Health and Welfare, Taiwan. Dr. Chen finished his residency at National Cheng Kung University Hospital, Taiwan, in July 2012,
where he was a resident dentist for six years. Dr. Chen received his D.D.S. in Dentistry from China Medical University, Taiwan,
in 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that Dr. Chen qualifies as our
director because of his background as an active investor in Taiwan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Mr. Kevin Vassily
</B>will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part<B>. </B>Mr. Vassily has extensive working experience as a senior management team member serving private and public
companies. In January 2021, he was appointed Chief Financial Officer, and in March 2021, became a member of the board of directors
of iPower Inc. (Nasdaq: IPW), a leading online hydroponic equipment retailer and supplier. Prior to joining iPower, from 2019
to January 2021, Mr. Vassily served as Vice President of Market Development for Facteus, a financial analytics company focused
on the Asset Management industry. From March 2019 through 2020, he served as an advisor at Woodseer, a financial technology firm
providing global dividend forecasts. From Oct 2018 through its acquisition in 2020, Mr. Vassily served as an advisor at Go Capture,
where he was responsible for providing strategic, business development, and product development advisory services for the company&rsquo;s
emerging &ldquo;Data as a Service&rdquo; platform. Since February 2020, Mr. Vassily has served as a director of Zhongchao Inc.
(Nasdaq: ZCMD), a provider of healthcare information, education and training services to healthcare professionals and the public
in China. Since July 2018, Mr. Vassily has also served as an advisor at Prometheus Fund, a Shanghai- based merchant bank/PE firm
focused on the &ldquo;green&rdquo; economy. And from 2015 through 2018, Mr. Vassily served as an associate director of research
at Keybanc Capital Markets, and helped to co-manage the Technology Research vertical. From 2010 to 2014, he served as the director
of research at Pacific Epoch (a wholly owned subsidiary of Pacific Crest Securities), where he was responsible for a complete
overhaul of product and a complete business model restart post acquisition, re focusing the firm around a &ldquo;data-first&rdquo;
research offering. From 2007 to 2010, he served as the Asia Technology business development representative and as a senior analyst
at Pacific Crest Securities, responsible for establishing the firm&rsquo;s presence and relevance covering Asia Technology. From
2003 to 2006, he served as senior research analyst in the semiconductor technology group at Susquehanna International Group, responsible
for research in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily served as the vice president and senior
research analyst for semiconductor capital equipment at Thomas Weisel Partners, responsible for publishing research and maintaining
financial models on each of the companies under coverage. Mr. Vassily began his career on Wall Street in 1998, as a research associate
covering the semiconductor industry at Lehman Brothers. He holds a B.A. in liberal arts from Denison University and an M.B.A.
from the Tuck School of Business at Dartmouth College. Mr. Vassily is a director of Denali Capital Acquisition Corp., a special
purpose acquisition company listed on Nasdaq and a director nominee of two additional special purpose acquisition companies seeking
listing on Nasdaq: Fortune Joy International Acquisition Corporation and Feutune Light Acquisition Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that Mr. Vassily qualifies as
our director because of his experience as a public company director and investor in technology companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the closing of this offering, all of our executive officers and directors
are located in the United States except that our Chief Executive Officer, Mr. Chang, and our independent director, Dr. Chen, are
located in Taiwan. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As a result,
it may be difficult, or in some cases not possible, for investors in the United States to enforce their legal rights, to effect
service of process upon those directors located outside the United States, to enforce judgments of United States courts predicated
upon civil liabilities and criminal penalties on our directors under United States securities laws. In particular, Taiwan does
not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the United States and many
other countries and regions. Therefore, recognition and enforcement in Taiwan of judgement of United States courts in relation
to any matter not subject to a binding arbitration provision may be difficult or impossible.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Number and Terms of Office
of Officers and Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We intend to have five directors upon the effectiveness of this
prospectus. Our board of directors will be divided into three classes with only one class of directors being elected in each year
and each class (except for those directors appointed prior to our first annual meeting of shareholders) serving a three-year term.
The term of office of the first class of directors, consisting of Mr. Vassily, will expire at our first annual meeting of shareholders.
The term of office of the second class of directors, consisting of Dr. Li and Dr. Chen, will expire at the second annual meeting
of shareholders. The term of office of the third class of directors, consisting of Mr. Chang and Mr. Tian, will expire at the third
annual meeting of shareholders. We may not hold an annual meeting of shareholders until after we consummate our initial business
combination. In addition, the founder shares, all of which are held by our initial shareholders, will entitle the initial shareholders
to elect and remove, with or without cause, all of our directors prior to our initial business combination. Holders of our public
shares will have no right to vote on the election of directors during such time. These provisions of our amended and restated certificate
of incorporation may only be amended by the vote of at least 90% of our issued and outstanding common stock entitled to vote thereon.
As a result, you will not have any influence over the election of directors prior to our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our officers are appointed
by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our
board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws
provide that our officers may consist of one or more Chairmen of the Board, one or more Chief Executive Officers, a President,
a Chief Financial Officer, Vice Presidents, Secretary, Treasurer, Assistant Secretary and such other offices as may be determined
by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Nasdaq listing standards
require that a majority of our board of directors be independent. An &ldquo;independent director&rdquo; is defined generally as
a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which
in the opinion of the company&rsquo;s board of directors, would interfere with the director&rsquo;s exercise of independent judgment
in carrying out the responsibilities of a director. Our board of directors has determined that Mr. Vassily, Dr. Li and Dr. Chen are &ldquo;independent directors&rdquo;
as defined in the Nasdaq listing standards and applicable SEC rules. Our audit committee will be entirely composed of independent
directors meeting Nasdaq&rsquo;s additional requirements applicable to members of the audit committee. Our independent directors
will have regularly scheduled meetings at which only independent directors are present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Officer and Director Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">None of our officers or directors
has received any cash compensation for services rendered to us, except that (i)&nbsp;our CFO and Director, Mr.&nbsp;Xuedong (Tony) Tian,
has acquired 60,000 founder shares for a purchase price of $869.57 on May 13, 2022; and (ii)&nbsp;our sponsor has agreed to transfer an
aggregate amount of 60,000 founder shares to certain of our directors, officers, and their designees prior to the closing of this offering,
among which, each 20,000 founder shares will be transferred to each of Dr. Li, Dr. Chen and Mr. Vassily, our independent director nominees.
Other than as set forth elsewhere in this prospectus, no compensation of any kind, including finder&rsquo;s and consulting fees, will
be paid to our founders or any of their respective affiliates, for services rendered prior to or in connection with the completion of
our initial business combination although we may consider cash or other compensation to officers or advisors we may hire subsequent to
this offering to be paid either prior to or in connection with our initial business combination. In addition, our officers, directors
or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee
will review on a quarterly basis all payments that were made to our founders or their affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">After the completion
of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management
fees from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the tender
offer materials or proxy solicitation materials furnished to our shareholders in connection with a proposed business combination.
We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members
of management. It is unlikely the amount of such compensation will be known at the time of the proposed business combination, because
the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation
to be paid to our officers will be determined, or recommended to the board of directors for determination, either by a compensation
committee constituted solely by independent directors or by a majority of the independent directors on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following a business
combination, to the extent we deem it necessary, we may seek to recruit additional managers to supplement the incumbent management
team of the target business. We cannot assure you that we will have the ability to recruit additional managers, or that additional
managers will have the requisite skills, knowledge or experience necessary to enhance the incumbent management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our board of directors
will have two standing committees: an audit committee and a compensation committee. Subject to phase-in rules and a limited exception,
the rules of Nasdaq and Rule&nbsp;10A-3 of the Exchange&nbsp;Act require that the audit committee of a listed company be comprised
solely of independent directors, and the rules of Nasdaq require that the compensation committee of a listed company be comprised
solely of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Audit Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the consummation of this offering, we will establish
an audit committee of the board of directors. Mr. Vassily, Dr. Li and Dr. Chen will serve as members of our audit committee, with
Mr. Vassily serving as the Chairman of the audit committee. Under the Nasdaq listing standards and applicable SEC rules, we are
required to have at least three members of the audit committee, all of whom must be independent, subject to certain phase-in provisions.
Each such person meets the independent director standard under Nasdaq listing standards and under Rule&nbsp;10-A-3(b)(1)&nbsp;of
the Exchange&nbsp;Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each member of the audit
committee is financially literate and our board of directors has determined that [ ] qualifies as an &ldquo;audit committee financial
expert&rdquo; as defined in applicable SEC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will adopt an audit
committee charter, which will detail the principal functions of the audit committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the appointment, compensation, retention, replacement, and oversight of the work of the independent
auditors and any other independent registered public accounting firm engaged by us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">pre-approving all audit and permitted non-audit services to be provided by the independent auditors
or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing and discussing with the independent auditors all relationships the auditors have with
us in order to evaluate their continued independence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">setting clear hiring policies for employees or former employees of the independent auditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">setting clear policies for audit partner rotation in compliance with applicable laws and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">obtaining and reviewing a report, at least annually, from the independent auditors describing (i)&nbsp;the
independent auditor&rsquo;s internal quality-control procedures and (ii)&nbsp;any material issues raised by the most recent internal
quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities
within the preceding five&nbsp;years respecting one or more independent audits carried out by the firm and any steps taken to deal
with such issues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing and approving any related party transaction required to be disclosed pursuant to Item&nbsp;404
of Regulation&nbsp;S-K promulgated by the SEC prior to us entering into such transaction; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing with management, the independent auditors, and our legal advisors, as appropriate, any
legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints
or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes
in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Compensation Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the consummation of this offering, we will establish
a compensation committee of the board of directors. Mr. Vassily, Dr. Li and Dr. Chen will serve as members of our compensation
committee, with Dr. Chen serving as the chairwoman of the compensation committee. Under the Nasdaq listing standards and applicable
SEC rules, we are required to have at least two members of the compensation committee, all of whom must be independent, subject
to certain phase-in provisions. Each such person meets the independent director standard under Nasdaq listing standards applicable
to members of the compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will adopt a compensation
committee charter, which will detail the principal functions of the compensation committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief
Executive Officer&rsquo;s compensation, evaluating our Chief Executive Officer&rsquo;s performance in light of such goals and objectives
and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing and approving on an annual basis the compensation of all of our other officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing on an annual basis our executive compensation policies and plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">implementing and administering our incentive compensation equity-based remuneration plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">assisting management in complying with our proxy statement and annual report disclosure requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">approving all special perquisites, special cash payments and other special compensation and benefit
arrangements for our officers and employees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">if required, producing a report on executive compensation to be included in our annual proxy statement;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notwithstanding the
foregoing, as indicated above, other than reimbursement of expenses, no compensation of any kind, including finders, consulting
or other similar fees, will be paid to any of our existing shareholders, officers, directors or any of their respective affiliates,
prior to, or for any services they render in order to complete the consummation of a business combination although we may consider
cash or other compensation to officers or advisors we may hire subsequent to this offering to be paid either prior to or in connection
with our initial business combination. Accordingly, it is likely that prior to the consummation of an initial business combination,
the compensation committee will only be responsible for the review and recommendation of any compensation arrangements to be entered
into in connection with such initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The charter will also
provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,
legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of
any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other
adviser, the compensation committee will consider the independence of each such adviser, including the factors required by Nasdaq
and the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Nominations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We do not have a standing
nominating committee. In accordance with Rule&nbsp;5605(e)(2)&nbsp;of the Nasdaq Rules, a majority of the independent directors
may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent
directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation
of a standing nominating committee. As there is no standing nominating committee, we do not have a nominating committee charter
in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The board of directors
will also consider director candidates recommended for nomination by our shareholders during such times as they are seeking proposed
nominees to stand for election at the next annual meeting of shareholders (or, if applicable, a special meeting of shareholders).
Our shareholders that wish to nominate a director for election to our board of directors should follow the procedures set forth
in our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not formally
established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general,
in identifying and evaluating nominees for director, our board of directors considers educational background, diversity of professional
experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the
best interests of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation Committee Interlocks and
Insider Participation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">None of our officers
currently serves, and in the past year have not served, as a member of the compensation committee of any entity that has one or
more officers serving on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the consummation
of this offering, we will have adopted a Code of Ethics applicable to our directors, officers and employees. We will file a copy
of our Code of Ethics and our audit and compensation committee charters as exhibits to the registration statement of which this
prospectus is a part. You will be able to review these documents by accessing our public filings at the SEC&rsquo;s web site at
<I>www.sec.gov</I>. In addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to
disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form&nbsp;8-K.&nbsp;See
the section of this prospectus entitled &ldquo;Where You Can Find Additional Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">One of our founders,
Xuedong (Tony) Tian, our CFO, is the Managing Director and Head of Capital Markets of US Tiger, a representative of the underwriters
in this offering. As a result, US Tiger, as a representative to the underwriters of this offering and a member of the Financial
Industry Regulatory Authority, or FINRA, is an affiliate of us. Therefore, US Tiger have a &ldquo;conflict of interest&rdquo; within
the meaning of Rule 5121 of the Conduct Rules of FINRA. Accordingly, our initial public offering will be made in compliance with
Rule 5121 of FINRA&rsquo;s Conduct Rules, which prohibits US Tiger from making sales to discretionary accounts without the prior
written approval of the account holder and requires that a &ldquo;qualified independent underwriter,&rdquo; as defined by FINRA
participate in the preparation of the registration statement and exercise the usual standard of due diligence with respect to such
document. We have engaged [ ] to be the qualified independent underwriter and participate in the preparation of the registration
statement and exercise the usual standards of &ldquo;due diligence&rdquo; in respect thereto. We agreed to indemnify [ ] against
certain liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the
Securities Act. [ ] will receive $[ ] as compensation for serving as qualified independent underwriter in connection with this
offering. In addition, no underwriter with a conflict of interest will confirm sales to any account over which it exercises discretionary
authority without the specific prior written approval of the account holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Because of Mr. Tian&rsquo;s positions
as Managing Director and Head of Capital Markets of US Tiger, all 60,000 founder shares have been deemed to be compensation for US Tiger
under FINRA Rule 5110 and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1), commencing on the effective date
of the registration statement of which this prospectus forms a part. Pursuant to FINRA Rule 5110(e)(1) these securities will not be sold
during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the effective date of the registration statement of which this prospectus forms a part or commencement of sales of the public
offering, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided
that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, some of our officers and directors have fiduciary and contractual
duties to Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition. Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition
may compete with us for business combination opportunities. If Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition decide
to pursue any such opportunity, we may be precluded from pursuing such opportunities. Subject to his or her fiduciary duties under Delaware
law, none of the members of our management team who are also employed by, or directors of, our sponsor or its affiliates have any obligation
to present us with any opportunity for a potential business combination of which they become aware. Our sponsor and directors and officers
are also not prohibited from sponsoring, investing or otherwise becoming involved with, any other blank check companies, including in
connection with their initial business combinations, prior to us completing our initial business combination. Our management team, in
their capacities as directors, officers or employees of our sponsor or its affiliates or in their other endeavors, may choose to present
potential business combinations to the related entities described above, current or future entities affiliated with or managed by our
sponsor, or third parties, before they present such opportunities to us, subject to his or her fiduciary duties under Delaware law and
any other applicable fiduciary duties. Our certificate of incorporation provides that we renounce our interest in any corporate opportunity
offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director
or officer of the company and it is an opportunity that we are able to complete on a reasonable basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we do not believe
any conflict currently exists between us and our founders, affiliates of our founders or an officer or director may compete with
us for acquisition opportunities. If such entities decide to pursue an opportunity, we may be precluded from procuring such opportunity.
In addition, investment ideas generated within our founders may be suitable for both us and for an affiliate of founders and may
be directed to such entity rather than to us. Neither our founders nor members of our management team who are also employed by
or affiliated with our founders will have any obligation to present us with any opportunity for a potential business combination
of which they become aware, unless presented to such member specifically in his or her capacity as an officer or director of the
company. Our founders and/or our management team, in their capacities as employees or affiliates of our founders or in their other
endeavors, may be required to present potential business combinations to future founders&rsquo; affiliates or third parties, before
they present such opportunities to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each of our officers
and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present business combination opportunities to such entity.
Accordingly, in the future, if any of our officers or directors becomes aware of a business combination opportunity which is suitable
for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary
or contractual obligations to present such opportunity to such entity. We do not believe, however, that any fiduciary duties or
contractual obligations of our officers arising in the future would materially undermine our ability to complete our business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our officers or directors
may become an officer or director of any other special purpose acquisition company with a class of securities registered under
the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934, as amended, or the Exchange&nbsp;Act, even before we enter into a definitive
agreement regarding our initial business combination or we have failed to complete our initial business combination within 12 months
after the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in
this prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our founders, officers
or directors may also purchase public units or shares during or after this offering, including in the open market or through privately
negotiated transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Potential investors
should also be aware of the following other potential conflicts of interest:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">None of our officers or directors is required to commit his or her full time to our affairs and,
accordingly, may have conflicts of interest in allocating his or her time among various business activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our officers may become an officer or director of any other SPACs even
before we enter into a definitive agreement regarding our initial business combination or we have failed to complete our initial business
combination within 12 months after the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus); as a matter of fact, certain of our officers and directors are officers and directors of other SPACs
listed or to listed on Nasdaq; as a result, our officers or directors may present a potential target to our competitor that would had
been presented to us or devote time to our affairs which may have a negative impact on our ability to complete our initial business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">In the course of their other business activities, our officers and directors may become aware of
investment and business opportunities which may be appropriate for presentation to us as well as the other entities with which
they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity
should be presented.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our founders, officers and directors have agreed to waive their redemption rights with respect
to any founder shares, private shares and any public shares held by them in connection with the consummation of our initial business
combination. Additionally, our founders, officers and directors have agreed to waive their redemption rights with respect to any
founder shares and private shares held by them if we fail to consummate our initial business combination within 12 months after
the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this
prospectus). If we do not complete our initial business combination within such applicable time period, the proceeds of the sale
of the private units held in the trust account will be used to fund the redemption of our public shares, and the private units
will be worthless. With certain limited exceptions, 50% of founder shares will not be transferable, assignable by our founders
until the earlier to occur of: (A)&nbsp;six&nbsp;months after the date of the consummation of our initial business combination,
or (B)&nbsp;the date on which the closing price of our Class&nbsp;A common stock equals or exceeds $12.50 per share (as adjusted
for share splits, share dividends, reorganizations and recapitalizations) for any 20&nbsp;trading days within any 30-trading&nbsp;day
period commencing after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned
or sold until six&nbsp;months after the date of the consummation of our initial business combination, or earlier, in either case,
if, subsequent to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar
transaction which results in all of our shareholders having the right to exchange their shares for cash, securities or other property.
With certain limited exceptions, the private units and the underlying securities, the working capital units that may be issued
upon conversion of working capital loans (including extension notes) and the underlying securities, will not be transferable, assignable
or salable by our sponsor or its permitted transferees until 30&nbsp;days after the completion of our initial business combination.
Since our initial shareholders may directly or indirectly own founder shares and private units following this offering, our initial
shareholders may have a conflict of interest in determining whether a particular target business is an appropriate business with
which to complete our initial business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our officers and directors may have a conflict of interest with respect to evaluating a particular
business combination if the retention or resignation of any such officers and directors was included by a target business as a
condition to any agreement with respect to our initial business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our initial shareholders may have a conflict of interest with respect to evaluating a business
combination and financing arrangements as we may obtain loans from our founders or an affiliate of our founders or any of our officers
and directors to finance transaction costs in connection with an intended initial business combination. Up to $3,000,000 of such
loans may be convertible into working capital units at a price of $10.00 per unit at the option of the lender. Such working capital
units would be identical to the private units sold in the private placement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The conflicts described
above may not be resolved in our favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In general, officers
and directors of a corporation incorporated under the laws of the State of Delaware are required to present business opportunities
to a corporation if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the corporation could financially undertake the opportunity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the opportunity is within the corporation&rsquo;s line of business; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">it would not be fair to our company and its shareholders for the opportunity not to be brought
to the attention of the corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accordingly, as a result
of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting business
opportunities meeting the above-listed criteria to multiple entities. Furthermore, our amended and restated certificate of incorporation
will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity
is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity
is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent
the director or officer is permitted to refer that opportunity to us without violating another legal obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Below is a table summarizing
the entities to which our executive officers, directors and director nominees currently have fiduciary duties or contractual obligations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 22%"><FONT STYLE="font-size: 10pt"><B>Individual</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Entity</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Entity&rsquo;s Business</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Affiliation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">I-Fa Chang&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Inkstone Feibo Sponsor LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Holding Company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Inkstone Capital Limited</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Investment Consulting</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">CEO</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Inkstone Securities Co., Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Broker/Dealer</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">CEO</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Sichuan Tianfu Bank Co., Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Bank</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Inkstone States Regional Center LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Lunar Fund</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Limited Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Xuedong (Tony) Tian</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US Tiger Securities, Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Broker/Dealer</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Managing Director, Head of Capital Markets</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Feutune Light Acquisition Corporation</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SPAC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Hanzhong (Han) Li</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Eureka
                                   Therapeutics, Inc.</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Biotech</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Senior
                                   Vice President</FONT></P><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Teng-Wei Chen</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Sunshine Dental Clinic</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Medical</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Manager/Dentist</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">New-shine Biomedical Co., Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Biotech</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">iDentist Business Space Co., Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Real Estate</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Founder and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">You-Cheng Internet Information Co., Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">IT</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Founder and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">You-Ci Management Consulting Co., Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Owner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Aikang Industry Co., Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Owner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Kevin Vassily</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">iPower Inc. </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Manufacturing</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Zhongchao Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Healthcare</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Prometheus Fund</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Investment Fund</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Advisor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Denali Capital Acquisition Corp.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SPAC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Fortune Joy International Acquisition Corp.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SPAC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director Nominee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Feutune Light Acquisition Corporation</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SPAC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director Nominee</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are not prohibited
from pursuing an initial business combination with a company that is affiliated with our initial shareholders or any affiliate
of them, subject to certain approvals and consents. In the event we seek to complete our initial business combination with such
a company, we, or a committee of independent directors, would obtain an opinion from an independent investment banking firm which
is a member of FINRA, or from an independent accounting firm, that such an initial business combination is fair to our company
from a financial point of view.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">US
Tiger is an investment banking and advisory firm which provides advice on mergers and acquisitions, financial restructurings, valuation
and capital structure to companies, institutions and governments. US Tiger is continuously made aware of potential business opportunities,
one or more of which we may desire to pursue for an initial business combination. While US Tiger may become aware of a potential
transaction that is an attractive opportunity for us, US Tiger will not have any duty or other obligation to offer acquisition
opportunities to us. </FONT>In addition, our officers and directors may have a duty to offer acquisition opportunities to clients
of US Tiger,  TradeUP Acquisition, or our other affiliates or other entities to which they owe duties.
<FONT STYLE="font-family: Times New Roman, Times, Serif">As a result, our affiliates and their respective clients may compete with
us for business combination opportunities in the same industries and sectors as we may target for our initial business combination.
If any of them decide to pursue any such opportunity, we may be precluded from procuring such opportunities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Conflicts may arise
from US Tiger&rsquo; affiliation with us, its provision of services both to us,  TradeUP Acquisition, and to third-party clients, as well as from actions undertaken by US Tiger for its own account. <FONT STYLE="font-family: Times New Roman, Times, Serif">US
Tiger is often engaged as a financial advisor, or placement agent, to corporations and other entities and their directors and managers
in connection with the sale of those entities, their assets or their subsidiaries. Clients generally require US Tiger to act exclusively
on their behalf and as a result and/or for other reasons, we may be precluded from attempting to acquire securities of the business
being sold or otherwise participating as a buyer in the transaction. Alternatively, US Tiger, or another affiliate of our sponsor,
may be a financial advisor to a target business that we pursue a business combination with and US Tiger, or another affiliate of
our sponsor, may receive fees from the target business in connection with a business combination. US Tiger also represents potential
buyer&rsquo;s businesses and may be incentivized or obligated to direct an opportunity to one of these buyers in lieu of us, thereby
eliminating or reducing the investment opportunity available to us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event that we
submit our initial business combination to our shareholders for a vote, our initial shareholders have agreed to vote any founder
shares and private shares units held by them and any public shares purchased during or after the offering in favor of our initial
business combination and our officers and directors have also agreed to vote any public shares purchased during or after the offering
in favor of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limitation on Liability and Indemnification
of Officers and Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will provide that our officers and directors will be indemnified by us to the fullest extent authorized
by Delaware law, as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation
will provide that our directors will not be personally liable for monetary damages to us or our shareholders for breaches of their
fiduciary duty as directors, unless they violated their duty of loyalty to us or our shareholders, acted in bad faith, knowingly
or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions,
or derived an improper personal benefit from their actions as directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will enter into agreements
with our officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended
and restated certificate of incorporation. Our bylaws also will permit us to secure insurance on behalf of any officer, director
or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification.
We will purchase a policy of directors&rsquo; and officers&rsquo; liability insurance that insures our officers and directors against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify
our officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These provisions may
discourage shareholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also
may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder&rsquo;s investment may be adversely
affected to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that these
provisions, the directors&rsquo; and officers&rsquo; liability insurance and the indemnity agreements are necessary to attract
and retain talented and experienced officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>PRINCIPAL <FONT STYLE="text-transform: uppercase">Shareholders</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
sets forth information regarding the beneficial ownership of our common stock as of the date of this prospectus, and as adjusted
to reflect the sale of our common stock included in the units offered by this prospectus, and assuming no purchase of units in
this offering, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">each person known by us to be the beneficial owner of more than 5% of our outstanding shares of
common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">each of our executive officers and directors upon completion of this offering that beneficially
owns shares of our common stock; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">all our executive officers and directors upon completion of this offering as a group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated,
we believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock
beneficially owned by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On May 13, 2022, our CFO and
sponsor acquired an aggregate of 1,725,000 shares of common stock for an aggregate purchase price of $25,000. Our sponsor has committed
to transfer the aggregated amount of 60,000 founder shares to certain of our directors, officers, and their designees prior to the closing
of this offering at the original purchase price. The following table presents the number of shares and percentage of our common stock
owned by our initial shareholders before and after this offering. The post-offering numbers and percentages presented assume that the
underwriters do not exercise their over-allotment option, that our sponsor and CFO forfeit 225,000 founder shares together but our sponsor
purchased 414,000 private units, and that there are 7,914,000&nbsp; shares of our common stock (including Class&nbsp;A common stock and
Class&nbsp;B common stock) issued and outstanding after this offering&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Before &nbsp;Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>After Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name and Address of Beneficial Owner<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number&nbsp;of <BR>
Shares <BR>
Beneficially <BR>
Owned</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Approximate <BR>
Percentage <BR>
of <BR>
Outstanding<BR>
Common Stock</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number&nbsp;of <BR>
Shares <BR>
Beneficially <BR>
Owned</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Approximate <BR>
Percentage <BR>
of <BR>
Outstanding<BR>
Common Stock</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 48%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Inkstone Feibo Sponsor LLC<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,605,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">93.04&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,801,826<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;22.77&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">I-Fa Chang<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,605,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">93.04&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,801,826&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22.77&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Xuedong (Tony) Tian</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">60,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.48&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">52,174&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 20pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Hanzhong (Han) Li</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Teng-Wei Chen<SUP>(5)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Kevin Vassily<SUP>(5)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">All sponsor, executive officers and directors as a group<SUP>(6)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,725,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,914,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24.18</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">less than 1%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD>Unless otherwise noted, the business address of each of the
following entities or individuals is c/o Inkstone Feibo Acquisition Corporation, 221 W 9th St, PMB 235, Wilmington, DE 19801.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD>Our sponsor is the record holder of founder shares reported
herein. Mr. I-Fa Chang is the sole manager of our sponsor, and as such may be deemed to have sole voting and investment discretion with
respect to the common stock held by our sponsor.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD>Includes 1,387,826 founder shares and 414,000 private shares.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Immediately after this
offering, our initial shareholders will beneficially own approximately 24.18% of the then-issued and outstanding shares of our
common stock (assuming they do not purchase any units in this offering). If we increase or decrease the size of the offering, we
will effect a stock dividend or a share contribution back to capital, or other appropriate mechanism, as applicable, with respect
to our Class&nbsp;B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership
of our founders at 20% of our issued and outstanding shares of common stock upon the consummation of this offering (excluding the
sale of the private units and assuming our founders do not purchase public shares in this offering). Because of this ownership
block, our founders may be able to effectively influence the outcome of all matters requiring approval by our shareholders, including
the election of directors, amendments to our then existing amended and restated certificate of incorporation and approval of significant
corporate transactions, including approval of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial shareholders
have agreed (A)&nbsp;to vote any shares owned by them in favor of any proposed business combination and (B)&nbsp;not to redeem
any founder shares or private units in connection with a shareholder vote to approve a proposed initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our officers and founders
are deemed to be our &ldquo;promoters&rdquo; as such term is defined under the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Restrictions on Transfers of Founder
Shares and Private Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The founder shares and
private units and working capital units are each subject to transfer restrictions pursuant to lock-up provisions in a letter agreement
with us to be entered into by our initial shareholders. Those lock-up provisions provide that such securities are not transferable
or salable (i)&nbsp;in the case of the founder shares, 50% of founder shares may not be transferred, assigned or sold until the
earlier to occur of: (a)&nbsp;six&nbsp;months after the date of the consummation of our initial business combination, or (b)&nbsp;the
date on which the closing price of our Class&nbsp;A common stock equals or exceeds $12.50 per share (as adjusted for share splits,
share dividends, reorganizations and recapitalizations) for any 20&nbsp;trading days within any 30-trading&nbsp;day period commencing
after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned or sold until
six&nbsp;months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent
to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction
which results in all of our shareholders having the right to exchange their shares for cash, securities or other property, and
(ii)&nbsp;in the case of the private units and working capital units (including underlying securities), until 30&nbsp;days after
the completion of our initial business combination, except in each case (a)&nbsp;to our officers or directors, any affiliates or
family members of any of our officers or directors, any affiliate of our founders, any members of our founders, or any of their
affiliates, officers, directors, direct and indirect equity holders, (b)&nbsp;in the case of an individual, by gift to a member
of the individual&rsquo;s immediate family, to a trust, the beneficiary of which is a member of the individual&rsquo;s immediate
family or an affiliate of such person, or to a charitable organization; (c)&nbsp;in the case of an individual, by virtue of laws
of descent and distribution upon death of the individual; (d)&nbsp;in the case of an individual, pursuant to a qualified domestic
relations order; (e)&nbsp;by private sales or transfers made in connection with the consummation of a business combination at prices
no greater than the price at which the securities were originally purchased; (f)&nbsp;in the event of our liquidation prior to
the completion of our initial business combination; or (g)&nbsp;by virtue of the laws of Delaware or our founders&rsquo; limited
liability company agreement upon dissolution of our founders, provided, however, that in the case of clauses (a)&nbsp;through (e),
or (g)&nbsp;these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The holders of the founder
shares, private units and the working capital units will be entitled to registration rights pursuant to a registration rights agreement
to be signed prior to or on the effective date of this offering requiring us to register such securities and the underlying securities
for resale. 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 &ldquo;piggy-back&rdquo; registration rights with respect to registration
statements filed subsequent to our completion of our initial business combination and rights to require us to register for resale
such securities pursuant to Rule&nbsp;415 under the Securities Act. We will bear the expenses incurred in connection with the filing
of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On May 13, 2022, our Chief Financial Officer and sponsor acquired an aggregate
of 1,725,000 shares of Class B common stock for an aggregate purchase price of $25,000, or the &ldquo;founder shares,&rdquo; from us,
of which: (i) Xuedong (Tony) Tian, our Chief Financial Officer and Director, acquired 60,000 shares of Class B common stock, for a purchase
price of $869.57; and (iii) our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares of Class B common stock, for a purchase
price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares that are subject to forfeiture, including
up to: (i)7,826 shares of Class B common stock under Mr. Tian&rsquo;s ownership, and (iii) 217,174 shares of Class B common stock under
the sponsor&rsquo;s ownership, to the extent that the underwriters&rsquo; over-allotment option is not exercised in full or in part, so
that founder shares will represent 20% of our issued and outstanding shares after this offering (excluding the sale of the private unites
and assuming our founders do not purchase public shares in this offering). None of our founders has indicated any intention to purchase
public shares in this offering. Our sponsor has committed to transfer an aggregated amount of 60,00 founder shares to certain of our directors,
officers, and/or their designees prior to the closing of this offering at the original purchase price. Prior to the initial investment
in the company of $25,000 by our founders, the company had no assets, tangible or intangible. The number of founder shares issued was
determined based on the expectation that such founder shares would represent approximately 20% of the outstanding shares upon completion
of this offering (excluding the sale of the private units and assuming our founders do not purchase public shares in this offering). If
we increase or decrease the size of the offering, we will effect a stock dividend or a share contribution back to capital or other appropriate
mechanism, as applicable, with respect to our Class&nbsp;B common stock immediately prior to the consummation of the offering in such
amount as to maintain the ownership of our founders at 20% of the issued and outstanding shares of our common stock upon the consummation
of this offering (excluding the sale of the private units and assuming our founders do not purchase public shares in this offering). Up
to 225,000 founder shares are subject to forfeiture by our sponsor depending on the extent to which the underwriters&rsquo; over-allotment
option is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our sponsor has committed,
pursuant to a written agreement, to purchase an aggregate of 414,000 private units (or 450,000 private units if the over-allotment
option is exercised in full) for a purchase price of $10.00 per share in a private placement that will occur simultaneously with
the closing of this offering. As such, our founders&rsquo; interest in this transaction is valued at between $4,140,000 and $4,500,000,
depending on the number of private units purchased. The private units sold in the private placement and the working capital units
that may be issued upon conversion of working capital loans (including extension notes) may not, subject to certain limited exceptions,
be transferred, assigned or sold by the holder until 30&nbsp;days following the closing of the business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As more fully discussed
in the section of this prospectus entitled &ldquo;Management&nbsp;&mdash;&nbsp;Conflicts of Interest,&rdquo; if any of our officers
or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which
he or she has then-current fiduciary or contractual obligations, including our founders, he or she will honor his or her fiduciary
or contractual obligations to present such opportunity to such entity. Our officers and directors currently have certain relevant
fiduciary duties or contractual obligations to other entities that may take priority over their duties to us. Other than as set
forth elsewhere in this prospectus, no compensation of any kind, including finder&rsquo;s and consulting fees, will be paid to
our founders, existing officers, directors and advisors, or any of their respective affiliates, for services rendered prior to
or in connection with the completion of an initial business combination although we may consider cash or other compensation to
officers or advisors we may hire subsequent to this offering to be paid either prior to or in connection with our initial business
combination. In addition, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our founders, officers, directors, advisors or
their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling
on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our sponsor
and/or its affiliates have agreed to loan us up to $500,000 to be used for a portion of the expenses of this offering. This
loan is non-interest bearing, unsecured and is due at the earlier of May 12, 2023 or the closing of this offering. The loan
will be repaid upon the closing of this offering out of the offering proceeds not held in the trust account. The value of our
sponsor and/or its affiliates&rsquo; interest in this transaction corresponds to the principal amount outstanding under any
such loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">In addition, in order
to finance transaction costs in connection with an intended initial business combination, our founders or an affiliate of our founders
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial
business combination, we would repay such loaned amounts. In the event that the initial business combination does not close, we
may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust
account would be used for such repayment. Up to $3,000,000 of such loans may be convertible into working capital units at $10.00
per unit at the option of the lender. The working capital units would be identical to the private units sold in the private placement.
The terms of such loans by our sponsor or their affiliates, if any, have not been determined and no written agreements exist with
respect to such loans. We do not expect to seek loans from parties other than our founders or an affiliate of our founders as we
do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access
to funds in our trust account, but if we do, we will request such lender to provide a waiver against any and all rights to seek
access to funds in our trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">After our initial business
combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined
company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender offer or proxy
solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation will be known
at the time of distribution of such tender offer materials or at the time of a shareholder meeting held to consider our initial
business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive
and director compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will enter into a
registration rights agreement with respect to the private units, the working capital units (if any) and the founder shares, which
is described under the section of this prospectus entitled &ldquo;Description of Securities&nbsp;&mdash;&nbsp;Registration Rights.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Related Party Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not yet adopted
a formal policy for the review, approval or ratification of related party transactions. Accordingly, the transactions discussed
above were not reviewed, approved or ratified in accordance with any such policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the consummation
of this offering, we will adopt a code of ethics requiring us to avoid, wherever possible, all conflicts of interests, except under
guidelines or resolutions approved by our board of directors (or the appropriate committee of our board) or as disclosed in our
public filings with the SEC.&nbsp;Under our code of ethics, conflict of interest situations will include any financial transaction,
arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the company. A form of the code
of ethics that we plan to adopt prior to the consummation of this offering is filed as an exhibit to the registration statement
of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, our audit
committee, pursuant to a written charter that we will adopt prior to the consummation of this offering, will be responsible for
reviewing and approving related party transactions to the extent that we enter into such transactions. An affirmative vote of a
majority of the members of the audit committee present at a meeting at which a quorum is present will be required in order to approve
a related party transaction. A majority of the members of the entire audit committee will constitute a quorum. Without a meeting,
the unanimous written consent of all of the members of the audit committee will be required to approve a related party transaction.
A form of the audit committee charter that we plan to adopt prior to the consummation of this offering is filed as an exhibit to
the registration statement of which this prospectus is a part. We also require each of our directors and executive officers to
complete a directors&rsquo; and officers&rsquo; questionnaire that elicits information about related party transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These procedures are
intended to determine whether any such related party transaction impairs the independence of a director or presents a conflict
of interest on the part of a director, employee or officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">To further minimize conflicts of interest,
we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our founders, officers
or directors unless we, or a committee of independent directors, have obtained an opinion from an independent investment banking
firm which is a member of FINRA or an independent accounting firm that our initial business combination is fair to our company
from a financial point of view. Furthermore, other than as set forth elsewhere in this prospectus, no finder&rsquo;s fees, reimbursements
or cash payments will be made to our founders, existing officers, directors or advisors, or our or their affiliates, for services
rendered to us prior to or in connection with the completion of our initial business combination although we may consider cash
or other compensation to officers or advisors we may hire subsequent to this offering to be paid either prior to or in connection
with our initial business combination. In addition, the following payments will be made to our founders or their affiliates, none
of which will be made from the proceeds of this offering held in the trust account prior to the completion of our initial business
combination:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Repayment to an aggregate of up to $500,000 in loans made to us by our sponsor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing
an initial business combination; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Repayment of loans which may be made by our founders or an affiliate of our founders to finance
transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor
have any written agreements been executed with respect thereto. Up to $3,000,000 of such loans may be convertible into working
capital units, at a price of $10.00 per unit at the option of the lender. Such working capital units are identical to the private
units sold in the private placement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our audit committee
will review on a quarterly basis all payments that were made to our founders or their affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to our amended
and restated certificate of incorporation, our authorized capital stock will consist of 21,000,000&nbsp;shares of Class&nbsp;A
common stock, $0.0001 par value, 3,000,000 shares of Class&nbsp;B common stock, $0.0001 par value, and 1,000,000&nbsp;shares of
undesignated preferred stock, $0.0001 par value. The following description summarizes the material terms of our capital stock.
Because it is only a summary, it may not contain all the information that is important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Units&nbsp;Sold in this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each unit has an offering
price of $10.00 and consists of one whole share of Class&nbsp;A common stock and one-half of one redeemable warrant. Each whole
warrant entitles the holder thereof to purchase one share of our Class&nbsp;A common stock at a price of $11.50 per share, subject
to adjustment as described in this prospectus. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only
for a whole number of shares of Class&nbsp;A common stock. This means that only a whole warrant may be exercised at any given time
by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly,
unless you purchase at least two units, you will not be able to receive or trade a whole warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Class&nbsp;A common
stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP>&nbsp;day following the date of this
prospectus unless the representatives inform us of their decision (based upon, among other things, their assessment of the relative
strengths of the securities markets, of comparably capitalized companies and of blank check companies in general, and the trading
pattern of, and demand for, our securities in particular) to allow earlier separate trading, subject to our having filed the Current
Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading will begin. Once
the shares of Class&nbsp;A common stock and warrants commence separate trading, holders will 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 shares of Class&nbsp;A common stock and warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In no event will the
Class&nbsp;A common stock and warrants be traded separately until we have filed with the SEC a Current Report on Form&nbsp;8-K
which includes an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file&nbsp;a
Current Report on Form&nbsp;8-K which includes this audited balance sheet upon the completion of this offering, which is anticipated
to take place three&nbsp;business days after the date of this prospectus. If the underwriters&rsquo; over-allotment option is exercised
following the initial filing of such Current Report on Form&nbsp;8-K, a second or amended Current Report on Form&nbsp;8-K will
be filed to provide updated financial information to reflect the exercise of the underwriters&rsquo; over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Private Units&nbsp;Sold in the Private
Placement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The private units are
identical to public unit sold in this offering. With certain limited exceptions, the private units and the underlying securities
are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with
or related to our founders, each of whom will be subject to the same transfer restrictions) until&nbsp;30&nbsp;days after the completion
of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the closing of
this offering, 7,914,000 shares of our common stock will be outstanding (assuming no exercise of the underwriters&rsquo; over-allotment
option and the corresponding forfeiture of 225,000 founder shares by our founders), consisting of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">6,000,000 shares of our Class&nbsp;A common stock included in the units being offered in this offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">414,000 shares of our Class&nbsp;A common stock included in the private units sold in the private
placement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">1,500,000 shares of Class&nbsp;B common stock held by our founders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">Common shareholders of record are entitled
to one vote for each share held on all matters to be voted on by shareholders. Holders of the Class&nbsp;A common stock and holders
of the Class&nbsp;B common stock will vote together as a single class on all matters submitted to a vote of our shareholders, except
as required by law and the amended and restated certificate of incorporation. Unless specified in our amended and restated certificate
of incorporation or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative
vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on by our shareholders.
Our board of directors will be divided into three classes, each of which will generally serve for a term of three&nbsp;years with
only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors
provided that prior to the consummation of our business combination, holders of Class&nbsp;B common stock are entitled to elect
or remove all directors of the board. Our shareholders are entitled to receive ratable dividends when, as and if declared by the
board of directors out of funds legally available therefor. The holders of Class&nbsp;B common stock, have the right to elect all
of our directors prior to our initial business combination&nbsp;and shares of the Class&nbsp;B common stock will automatically&nbsp;convert
into shares of Class&nbsp;A common stock at the closing of our initial business combination on a one-for-one&nbsp;basis, subject
to adjustment as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because our amended
and restated certificate of incorporation will authorize the issuance of up to 100,000,000 shares of Class&nbsp;A common stock,
if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to
increase the number of shares of Class&nbsp;A common stock which we are authorized to issue at the same time as our shareholders
vote on the business combination to the extent we seek shareholder approval in connection with our business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with Nasdaq
corporate governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal
year end following our listing on Nasdaq. Under Section&nbsp;211(b)&nbsp;of the DGCL, we are, however, required to hold an annual
meeting of shareholders for the purposes of electing directors in accordance with our bylaws, unless such election is made by written
consent in lieu of such a meeting. We may not hold an annual meeting of shareholders to elect and remove, with or without cause,
new directors prior to the consummation of our initial business combination, and thus we may not be in compliance with Section&nbsp;211(b)&nbsp;of
the DGCL, which requires an annual meeting. Therefore, if our shareholders want us to hold an annual meeting prior to the consummation
of our initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court
of Chancery in accordance with Section&nbsp;211(c)&nbsp;of the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 as of two&nbsp;business
days prior to the consummation of our initial business combination including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be approximately $10.0 per public share. The per-share
amount we will distribute to investors who properly redeem their shares will not be reduced by deferred underwriting commissions
we will pay to the underwriters. Our founders, officers and directors will enter into a letter agreement with us, pursuant to which
they will agree to waive their redemption rights with respect to any founder shares and any private shares held by them in connection
with the completion of our business combination. Unlike many blank check 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 certificate of incorporation, conduct the redemptions pursuant to the tender offer rules&nbsp;of the SEC, and file
tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated certificate
of incorporation will require these tender offer documents to contain substantially the same financial and other information about
the initial business combination and the redemption rights as is required under the SEC&rsquo;s proxy rules. If, however, shareholder
approval of the transaction is required by law, or we decide to obtain shareholder approval for business or other legal reasons,
we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy
rules&nbsp;and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination
only if a majority of the then outstanding shares of common stock present and entitled to vote at the meeting to approve the initial
business combination are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders
present in person or by proxy of shares of outstanding capital stock of the company representing a majority (more than 50%) of
the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting. However, the participation
of our founders, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this prospectus),
if any, could result in the approval of our business combination even if a majority of our public shareholders vote, or indicate
their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding
shares of common stock voted, non-votes will have no effect on the approval of our business combination once a quorum is obtained.
We intend to give approximately 30&nbsp;days (but not less than 10&nbsp;days nor more than 60&nbsp;days) prior written notice of
any such meeting, if required, at which a vote shall be taken to approve our business combination. These quorums and voting thresholds,
and the voting agreements of our initial shareholders, may make it more likely that we will consummate our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we seek shareholder
approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant
to the tender offer rules, our amended and restated certificate of incorporation will provide that a public shareholder, together
with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo;
(as defined under Section&nbsp;13 of the Exchange&nbsp;Act), will be restricted from redeeming its shares with respect to more
than an aggregate of 15% of the shares of common stock sold in this offering, which we refer to as the Excess Shares. However,
we would not be restricting our shareholders&rsquo; ability to vote all of their shares (including Excess Shares) for or against
our business combination. Our shareholders&rsquo; inability to redeem the Excess Shares will reduce their influence over our ability
to complete our 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 the business combination. And, 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 stock in open market transactions, potentially
at a loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we seek shareholder
approval in connection with our business combination, our initial shareholders have agreed to vote their founder shares and private
shares and public shares purchased during or after this offering in favor of our initial business combination. A quorum for such
a vote will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing
a majority (more than 50%) of the voting power of all outstanding shares of capital stock of the company entitled to vote at such
meeting. As a result, in the event that only the minimum number of shares representing a quorum is present at a shareholders&rsquo;
meeting held to vote on our initial business combination, in addition to our initial shareholders&rsquo; founder shares and private
shares, we would need only 64,501 or 1.08%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial
business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised,
and the initial shareholders do not purchase any units in this offering or units or shares in the after-market). In the event that
all shares of our outstanding common stock are voted, we would need 2,043,001 or 34.05%, of the 6,000,000 public shares sold in
this offering to be voted in favor of an initial business combination in order to have our initial business combination approved
(assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or
units or shares in the after-market). Additionally, each public shareholder may elect to redeem its public shares irrespective
of whether they vote, do not vote or abstain, and if they do vote, irrespective of whether they vote for or against the proposed
transaction, and irrespective of whether they were a public shareholder on the record date for the general meeting held to approve
the proposed transaction (subject to the limitation described in the preceding paragraph).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to our amended
and restated certificate of incorporation, if we are unable to complete our business combination within 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus),
we will (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but no
more than ten&nbsp;business days thereafter subject to lawfully available funds therefor, 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 and not previously released to us to pay our taxes or for working capital purposes (less up to $75,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely
extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidating distributions,
if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the
approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations
under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our founders, officers and
directors have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares
and private shares held by them if we fail to complete our business combination within 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus). However, if our
founders acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account
with respect to such public shares if we fail to complete our business combination within the prescribed time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 stock, if any, having
preference over the common stock. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions
applicable to the common stock, except that we will provide our public shareholders with the opportunity to redeem their public
shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion
of our initial business combination, subject to the limitations described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Founder Shares and Private Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The founder shares are
designated as Class&nbsp;B common stock. Except as described below, the founder shares and private shares are identical to the
shares of Class&nbsp;A common stock included in the units being sold in this offering, and holders of founder shares have the same
shareholder rights as public shareholders, except that (i)&nbsp;the founder shares and private shares are subject to certain transfer
restrictions, as described in more detail below, (ii)&nbsp;our initial shareholders will enter a letter agreement with us, pursuant
to which they will agree (A)&nbsp;to waive their redemption rights with respect to any founder shares and private shares, and any
public shares held by them in connection with the completion of our initial business combination, (B)&nbsp;to waive their redemption
rights with respect to their founder shares and private shares and public shares in connection with a shareholder vote to approve
an amendment to our then existing amended and restated certificate of incorporation to (a)&nbsp;modify the substance or timing
of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (b)&nbsp;with
respect to any other material provisions relating to shareholders&rsquo; rights or pre-initial business combination activity, and
(C)&nbsp;to waive their rights to liquidating distributions from the trust account with respect to any founder shares and private
shares held by them if we fail to complete our initial business combination within 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), 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, (iii)&nbsp;the founder shares are shares of our Class&nbsp;B common stock
that will automatically convert into shares of our Class&nbsp;A common stock at the time of our initial business combination on
a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights as described herein, (iv)&nbsp;holders of our
Class&nbsp;B common stock have the right to elect all of our directors prior to our initial business combination, and (v)&nbsp;are
entitled to registration rights. If we submit our initial business combination to our public shareholders for a vote, our initial
shareholders have agreed (and their permitted transferees will agree) pursuant to the letter agreement to vote any founder shares
and private shares held by them and any public shares purchased during or after this offering (including in open market and privately-negotiated
transactions) in favor of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With certain limited
exceptions, our initial shareholders have agreed not to transfer, assign or sell 50% of its founder shares until the earlier to
occur of: (A)&nbsp;six&nbsp;months after the date of the consummation of our initial business combination, or (B)&nbsp;the date
on which the closing price of our Class&nbsp;A common stock equals or exceeds $12.50 per share (as adjusted for share splits, share
dividends, reorganizations and recapitalizations) for any 20&nbsp;trading days within any 30-trading&nbsp;day period commencing
after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned or sold until
six&nbsp;months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent
to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction
which results in all of our shareholders having the right to exchange their shares for cash, securities or other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With certain limited
exceptions, the private shares are not transferable, assignable or salable (except to our officers and directors and other persons
or entities affiliated with or related to our founders, each of whom will be subject to the same transfer restrictions) until&nbsp;30&nbsp;days
after the completion of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">Our amended and restated certificate of
incorporation will provide that shares of preferred stock 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 preferred stock with voting and other rights that could
adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The
ability of our board of directors to issue preferred stock without 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 preferred stock outstanding at the date
hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so
in the future. No shares of preferred stock are being issued or registered in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Public Shareholders&rsquo;
Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each whole warrant entitles
the registered holder to purchase one whole share of our Class&nbsp;A common stock at a price of $11.50 per share, subject to adjustment
as discussed below, at any time commencing on the later of 12&nbsp;months from the closing of this offering or 30&nbsp;days after
the completion of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants
only for a whole number of shares of Class&nbsp;A common stock. This means that only a whole warrant may be exercised at any given
time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants will
expire five&nbsp;years after the completion of our initial business combination, at 5:00&nbsp;p.m., New&nbsp;York City time, or
earlier upon redemption or liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not be obligated
to deliver any shares of Class&nbsp;A common stock pursuant to the exercise of a warrant and will have no obligation to settle
such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class&nbsp;A common
stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class&nbsp;A
common stock upon exercise of a warrant unless Class&nbsp;A common stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event
will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised
warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share
of Class&nbsp;A common stock underlying such unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have agreed that
as soon as practicable, but in no event later than 30&nbsp;business&nbsp;days, after the closing of our initial business combination,
we will use our reasonable best efforts to file, and within 60&nbsp;business&nbsp;days following our initial business combination
to have declared effective, a registration statement for the registration, under the Securities Act, of the shares of Class&nbsp;A
common stock issuable upon exercise of the warrants. We will use our reasonable best efforts to maintain the effectiveness of such
registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the
provisions of the warrant agreement. Notwithstanding the above, if our Class&nbsp;A common stock is at the time of any exercise
of a warrant not listed on a national securities exchange such that it satisfies the definition of a &ldquo;covered security&rdquo;
under Section&nbsp;18(b)(1)&nbsp;of the Securities Act, we may, at our option, require holders of public warrants who exercise
their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities Act and,
in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required
to use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Redemption of
Warrants.&nbsp;&nbsp;&nbsp;&nbsp;</I></B>Once the warrants become exercisable, we may call the warrants for redemption:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">in whole and not in part;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">at a price of $0.01 per warrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">upon not less than 30&nbsp;days&rsquo; prior written notice of redemption (the &ldquo;30-day redemption
period&rdquo;) to each warrant holder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">if, and only if, the reported last sale price of the Class&nbsp;A common stock equals or exceeds
$16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20&nbsp;trading&nbsp;days
within a 30-trading&nbsp;day period ending three&nbsp;trading&nbsp;&nbsp;days before we send the notice of redemption to the warrant
holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If and when the warrants
become redeemable by us, we may exercise our redemption right on a cashless basis even if we are unable to register or qualify
the underlying securities for sale under all applicable state securities laws. We will use our best efforts to register or qualify
such shares of Class&nbsp;A common stock under the blue sky laws of the state of residence in those states in which the warrants
were offered by us in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have established
the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant
premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants,
each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the
Class&nbsp;A common stock may fall below the $16.50 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is
issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Redemption Procedures
and Cashless Exercise.&nbsp;&nbsp;&nbsp;&nbsp;</I></B>If we call the warrants for redemption as described above, our management
will have the option to require any holder that wishes to exercise its warrant to do so on a &ldquo;cashless basis.&rdquo; In determining
whether to require all holders to exercise their warrants on a &ldquo;cashless basis,&rdquo; our management will consider, among
other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our shareholders of issuing
the maximum number of shares of Class&nbsp;A common stock issuable upon the exercise of our warrants. If our management takes advantage
of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of
Class&nbsp;A common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of Class&nbsp;A
common stock underlying the warrants, multiplied by the excess of the &ldquo;fair market value&rdquo; (defined below) over the
exercise price of the warrants by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo; shall mean the average last
reported sale price of the Class&nbsp;A common stock for the 10&nbsp;trading&nbsp;days ending on the third&nbsp;trading&nbsp;day
prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this
option, the notice of redemption will contain the information necessary to calculate the number of shares of Class&nbsp;A common
stock to be received upon exercise of the warrants, including the &ldquo;fair market value&rdquo; in such case. Requiring a cashless
exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption.
We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial
business combination. If we call our warrants for redemption and our management does not take advantage of this option, our founders
and their permitted transferees would still be entitled to exercise their private warrants for cash or on a cashless basis using
the same formula described above that other warrant holders would have been required to use had all warrant holders been required
to exercise their warrants on a cashless basis, as described in more detail below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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&rsquo;s affiliates),
to the warrant agent&rsquo;s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify)
of the shares of Class&nbsp;A common stock outstanding immediately after giving effect to such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the number of outstanding
shares of Class&nbsp;A common stock is increased by a stock dividend payable in shares of Class&nbsp;A common stock, or by a split-up
of shares of Class&nbsp;A common stock or other similar event, then, on the effective date of such stock dividend, split-up or
similar event, the number of shares of Class&nbsp;A common stock issuable on exercise of each warrant will be increased in proportion
to such increase in the outstanding shares of Class&nbsp;A common stock. A rights offering to holders of Class&nbsp;A common stock
entitling holders to purchase shares of Class&nbsp;A common stock at a price less than the fair market value will be deemed a stock
dividend of a number of shares of Class&nbsp;A common stock equal to the product of (i)&nbsp;the number of shares of Class&nbsp;A
common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for Class&nbsp;A common stock) multiplied by (ii)&nbsp;one (1)&nbsp;minus the quotient
of (x)&nbsp;the price per share of Class&nbsp;A common stock paid in such rights offering divided by (y)&nbsp;the fair market value.
For these purposes (i)&nbsp;if the rights offering is for securities convertible into or exercisable for Class&nbsp;A common stock,
in determining the price payable for Class&nbsp;A common stock, there will be taken into account any consideration received for
such rights, as well as any additional amount payable upon exercise or conversion and (ii)&nbsp;fair market value means the volume
weighted average price of Class&nbsp;A common stock as reported during the ten (10)&nbsp;trading&nbsp;day period ending on the&nbsp;trading&nbsp;day
prior to the first date on which the shares of Class&nbsp;A common stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if we,
at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other
assets to the holders of Class&nbsp;A common stock on account of such shares of Class&nbsp;A common stock (or other shares of our
capital stock into which the warrants are convertible), other than (a)&nbsp;as described above, (b)&nbsp;certain ordinary cash
dividends, (c)&nbsp;to satisfy the redemption rights of the holders of Class&nbsp;A common stock in connection with a proposed
initial business combination, (d)&nbsp;to satisfy the redemption rights of the holders of Class&nbsp;A common stock in connection
with a shareholder vote to amend our then existing amended and restated certificate of incorporation (i)&nbsp;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 12 months (or up to 18 months if extended) from the closing
of this offering or (ii)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business
combination activity, or (e)&nbsp;in connection with the redemption of our public shares upon our failure to complete our initial
business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such
event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class&nbsp;A
common stock in respect of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the number of outstanding
shares of our Class&nbsp;A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of
shares of Class&nbsp;A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse
stock split, reclassification or similar event, the number of shares of Class&nbsp;A common stock issuable on exercise of each
warrant will be decreased in proportion to such decrease in outstanding shares of Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Whenever the number
of shares of Class&nbsp;A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant
exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x)&nbsp;the
numerator of which will be the number of shares of Class&nbsp;A common stock purchasable upon the exercise of the warrants immediately
prior to such adjustment, and (y)&nbsp;the denominator of which will be the number of shares of Class&nbsp;A common stock so purchasable
immediately thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In case of any reclassification
or reorganization of the outstanding shares of Class&nbsp;A common stock (other than those described above or that solely affects
the par value of such shares of Class&nbsp;A common stock), or in the case of any merger or consolidation of us with or into another
corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification
or reorganization of our outstanding shares of Class&nbsp;A common stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which
we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the warrants and in lieu of the shares of our Class&nbsp;A common stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised
their warrants immediately prior to such event. The warrants will be issued in registered form under a warrant agreement between
Continental Stock Transfer &amp; Trust Company as warrant agent, and us. You should review a copy of the warrant agreement, which will be filed as an exhibit to the registration
statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants.
The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants
to make any change that adversely affects the interests of the registered holders of public warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if (x)&nbsp;we
issue additional shares of Class&nbsp;A common stock or equity-linked securities at a Newly Issued Price of less than $9.20 per
share of Class&nbsp;A common stock (with such issue price or effective issue price to be determined in good faith by our board
of directors and, in the case of any such issuance to our founders or their affiliates, without taking into account any founder
shares held by our founders or such affiliates, as applicable, prior to such issuance), (y)&nbsp;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)&nbsp;the
Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal
to 115% of the greater of the Market Value and the Newly Issued Price, and the $16.50 per share redemption trigger price described
above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with
the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class&nbsp;A common stock or
any voting rights until they exercise their warrants and receive shares of Class&nbsp;A common stock. After the issuance of shares
of Class&nbsp;A common stock upon exercise of the warrants, each holder will be entitled to one (1)&nbsp;vote for each share held
of record on all matters to be voted on by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No fractional shares
will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class&nbsp;A common stock to be
issued to the warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Private Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The private warrants
have terms and provisions that are identical to those of the warrants being sold as part of the units in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The private warrants
(including the ordinary shares issuable upon exercise of the private warrants) will not be transferable, assignable or saleable
until 30&nbsp;days after the completion of our initial business combination (except as described herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not paid any
cash dividends on our common stock 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 conditions 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. If we increase the size of the offering,
in which case we will effect a stock dividend immediately prior to the consummation of the offering in such amount as to maintain
the ownership of founder shares by our initial shareholders prior to this offering at 20% of the issued and outstanding shares
of our common stock upon the consummation of this offering. Further, if we incur any indebtedness, our ability to declare dividends
may be limited by restrictive covenants we may agree to in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Transfer Agent and Warrant Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The transfer agent for our common stock and warrant agent for
our warrants is Continental Stock Transfer &amp; Trust Company .&nbsp;We have agreed to indemnify Continental Stock Transfer &amp;
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, willful misconduct or bad faith of the indemnified person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Amended and Restated Certificate
of Incorporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will contain certain requirements and restrictions relating to this offering that will apply to us
until the completion of our initial business combination. These provisions cannot be amended without the approval of the holders
of 65% of our common stock. Our initial shareholders, who will collectively beneficially own approximately 24.18% of our common
stock upon the closing of this offering (assuming they do not purchase any units in this offering), will participate in any vote
to amend our amended and restated certificate of incorporation and will have the discretion to vote in any manner they choose.
Specifically, our amended and restated certificate of incorporation will provide, among other things, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">If we are unable to complete our initial business combination
within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus), we will (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly
as reasonably possible but not more than ten&nbsp;business days thereafter subject to lawfully available funds therefor, redeem
100% of 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 and not previously released to us to pay our taxes or for working
capital purposes (less up to $75,000 of interest to pay dissolution expenses), divided by the number of then outstanding public
shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to
receive further liquidating distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible
following such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate,
subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Prior to our initial business combination, we may not issue additional shares of capital stock
that would entitle the holders thereof to: (i)&nbsp;receive funds from the trust account; (ii)&nbsp;vote on any initial business
combination; or (iii)&nbsp;vote on matters related to our pre-initial business combination activity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Although we do not intend to enter into a business combination with a target business that is affiliated
with our founders, 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 that is a member
of FINRA or an independent accounting firm that such a business combination is fair to our company from a financial point of view;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">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&nbsp;13e-4
and Regulation&nbsp;14E under the Exchange&nbsp;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&nbsp;14A under the Exchange&nbsp;Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Our initial business combination must occur with one or more target businesses that together have
an aggregate fair market value of at least 80% of our assets held in the trust account (excluding deferred underwriting commissions
and interest income earned on the trust account that is released to us to pay taxes or for working capital purposes) at the time
of the agreement to enter into the initial business combination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If our shareholders approve an amendment to our then existing amended and restated certificate
of incorporation (i)&nbsp;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 12 months
from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in
this prospectus) or (ii)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business
combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their shares of
common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided
by the number of then outstanding public shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We will not complete our initial business combination with another blank check company or a similar
company with nominal operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, our amended
and restated certificate of incorporation will provide that we will only redeem our public shares so long as (after such redemption)
our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of
underwriters&rsquo; fees and commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Anti-Takeover Provisions of
Delaware Law and our Amended and Restated Certificate of Incorporation and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will be subject to
the provisions of Section&nbsp;203 of the DGCL regulating corporate takeovers upon completion of this offering. This statute prevents
certain Delaware corporations, under certain circumstances, from engaging in a &ldquo;business combination&rdquo; with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a shareholder who owns 15% or more of our outstanding voting stock (otherwise known as an &ldquo;interested
shareholder&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an affiliate of an interested shareholder; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an associate of an interested shareholder, for three&nbsp;years following the date that the shareholder
became an interested shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A &ldquo;business combination&rdquo;
includes a merger or sale of more than 10% of our assets. However, the above provisions of Section&nbsp;203 do not apply if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our board of directors approves the transaction that made the shareholder an &ldquo;interested
shareholder,&rdquo; prior to the date of the transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">after the completion of the transaction that resulted in the shareholder becoming an interested
shareholder, that shareholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than
statutorily excluded shares of common stock; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">on or subsequent to the date of the transaction, the business combination is approved by our board
of directors and authorized at a meeting of our shareholders, and not by written consent, by an affirmative vote of at least two-thirds
of the outstanding voting stock not owned by the interested shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will provide that our board of directors will be 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 meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our authorized but unissued
common stock and preferred stock 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 common stock and preferred stock could render more difficult or discourage an attempt
to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Exclusive forum for certain
lawsuits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name,
actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in
the Court of Chancery in the State of Delaware, except any action (A)&nbsp;as to which the Court of Chancery in the State of Delaware
determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable
party does not consent to the personal jurisdiction of the Court of Chancery within ten&nbsp;days following such determination),
(B)&nbsp;which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C)&nbsp;for which
the Court of Chancery does not have subject matter jurisdiction, or (D)&nbsp;any action arising under the Securities Act, as to
which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction. If
an action is brought outside of Delaware, the shareholder bringing the suit will be deemed to have consented to service of process
on such shareholder&rsquo;s counsel. Although we believe this provision benefits us by providing increased consistency in the application
of Delaware law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to
the extent it is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although
our shareholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted
by applicable law. Section&nbsp;27 of the Exchange&nbsp;Act creates exclusive federal jurisdiction over all suits brought to enforce
any duty or liability created by the Exchange&nbsp;Act or the rules and regulations thereunder. As a result, the exclusive forum
provision will not apply to suits brought to enforce any duty or liability created by the Exchange&nbsp;Act or any other claim
for which the federal courts have exclusive jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Special meeting of shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our bylaws provide that
special meetings of our shareholders may be called only by a majority vote of our board of directors, by our Chief Executive Officer
or by our Chairman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Advance notice requirements
for shareholder proposals and director nominations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our bylaws provide that
shareholders seeking to bring business before our annual meeting of shareholders, or to nominate candidates for election as directors
at our annual meeting of shareholders, must provide timely notice of their intent in writing. To be timely, a shareholder&rsquo;s
notice will need to be received by the company secretary at our principal executive offices not later than the close of business
on the 90<SUP>th</SUP>&nbsp;day nor earlier than the close of business on the 120<SUP>th</SUP>&nbsp;day prior to the anniversary
date of the immediately preceding annual meeting of shareholders. Pursuant to Rule&nbsp;14a-8 of the Exchange&nbsp;Act, proposals
seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our bylaws also specify
certain requirements as to the form and content of a shareholders&rsquo; meeting. These provisions may preclude our shareholders
from bringing matters before our annual meeting of shareholders or from making nominations for directors at our annual meeting
of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Action by written consent</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subsequent to the consummation
of the offering, any action required or permitted to be taken by our common shareholders must be effected by a duly called annual
or special meeting of such shareholders and may not be effected by written consent of the shareholders other than with respect
to our Class&nbsp;B common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Classified Board of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our board of directors
will initially be divided into three classes, Class&nbsp;I, Class&nbsp;II and Class&nbsp;III, with members of each class serving
staggered three-year terms. Our amended and restated certificate of incorporation will provide that the authorized number of directors
may be changed only by resolution of the board of directors. Subject to the terms of any preferred stock, any or all of the directors
may be removed from office at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting
power of all then outstanding shares of our capital stock entitled to vote generally in the election of directors, voting together
as a single class, provided that prior to the consummation of our business combination, holders of Class&nbsp;B common stock are
entitled to elect or remove all directors of the board. Any vacancy on our board of directors, including a vacancy resulting from
an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Class&nbsp;B Common Stock
Consent Right</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For so long as any shares
of Class&nbsp;B common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority
of the shares of Class&nbsp;B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision
our amended and restated certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration
or repeal would alter or change the powers, preferences or relative, participating, optional or other or special rights of the
Class&nbsp;B common stock. Any action required or permitted to be taken at any meeting of the holders of Class&nbsp;B common stock
may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the
action so taken, shall be signed by the holders of the outstanding Class&nbsp;B common stock having not less than the minimum number
of votes that would be necessary to authorize or take such action at a meeting at which all shares of Class&nbsp;B common stock
were present and voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Securities Eligible for Future Sale</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Immediately after the
consummation of this offering (assuming no exercise of the underwriters&rsquo; over-allotment option) we will have 7,914,000 (or
9,075,000 if the underwriters&rsquo; over-allotment option is exercised in full) shares of common stock outstanding. Of these shares,
the 6,000,000 shares (or 6,900,000 shares if the underwriters&rsquo; over-allotment option is exercised in full) sold in this offering
will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by
one of our affiliates within the meaning of Rule&nbsp;144 under the Securities Act. All of the 1,500,000 (or 1,725,000 if the underwriters&rsquo;
over-allotment option is exercised in full) founder shares, and all 414,000 (or up to 450,000 if the underwriters&rsquo; over-allotment
option is exercised in full) private units are restricted securities under Rule&nbsp;144, in that they were issued in private transactions
not involving a public offering. The founder shares and private units are subject to transfer restrictions as set forth elsewhere
in this prospectus. The founder shares and private units (including underlying securities) and working capital units (including
underlying securities) will be subject to registration rights as more fully described below under &ldquo;&mdash;&nbsp;Registration
Rights.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Rule&nbsp;144</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to Rule&nbsp;144,
a person who has beneficially owned restricted shares of our common stock or warrants for at least six&nbsp;months would be entitled
to sell their securities provided that (i)&nbsp;such person is not deemed to have been one of our affiliates at the time of, or
at any time during the three&nbsp;months preceding, a sale and (ii)&nbsp;we are subject to the Exchange&nbsp;Act periodic reporting
requirements for at least three&nbsp;months before the sale and have filed all required reports under Section&nbsp;13 or 15(d)&nbsp;of
the Exchange&nbsp;Act during the 12&nbsp;months (or such shorter period as we were required to file reports) preceding the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Persons who have beneficially
owned restricted shares of our common stock or warrants for at least six&nbsp;months but who are our affiliates at the time of,
or at any time during the three&nbsp;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">1% of the total number of shares of Class&nbsp;A and Class B common
stock then outstanding, which will equal 79,140 shares immediately after this offering (or 90,750 if the underwriters exercise
their over-allotment option in full); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the average weekly reported trading volume of Class&nbsp;A common stock during the four calendar&nbsp;weeks
preceding the filing of a notice on Form&nbsp;144 with respect to the sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sales by our affiliates
under Rule&nbsp;144 are also limited by manner of sale provisions and notice requirements and to the availability of current public
information about us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Restrictions on the Use of Rule&nbsp;144
by Shell Companies or Former Shell Companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Rule&nbsp;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&nbsp;144 also includes an important exception to
this prohibition if the following conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the issuer of the securities that was formerly a shell company has ceased to be a shell company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the issuer of the securities is subject to the reporting requirements of Section&nbsp;13 or 15(d)&nbsp;of
the Exchange&nbsp;Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the issuer of the securities has filed all Exchange&nbsp;Act reports and materials required to
be filed, as applicable, during the preceding 12&nbsp;months (or such shorter period that the issuer was required to file such
reports and materials), other than Current Reports on Form&nbsp;8-K; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">at least one year has elapsed from the time that the issuer filed current Form&nbsp;10 type information
with the SEC reflecting its status as an entity that is not a shell company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result, our initial
shareholders will be able to sell their founder shares and private units including underlying securities as applicable, pursuant
to Rule&nbsp;144 without registration one year after we have completed our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The holders of the founder
shares, private units and the working capital units including any underlying securities will be entitled to registration rights
pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering, requiring us to register
such securities for resale (in the case of the founder shares, only after conversion to our Class&nbsp;A common stock). The holders
of the majority 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 &ldquo;piggy-back&rdquo; registration rights with respect to registration statements
filed subsequent to the completion of our initial business combination and rights to require us to register for resale such securities
pursuant to Rule&nbsp;415 under the Securities Act. We will bear the expenses incurred in connection with the filing of any such
registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listing of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have applied to have
our units listed on Nasdaq under the symbol &ldquo;[ ]&rdquo;. We expect that our units will be listed on Nasdaq on or promptly
after the date of this prospectus. Following the date the shares of our Class&nbsp;A common stock and warrants are eligible to
trade separately, we anticipate that our Class&nbsp;A common stock and warrants will be separately listed in the Nasdaq under the
symbols &ldquo;[ ]&rdquo; and &ldquo;[ ]&rdquo;, respectively. We cannot guarantee that our securities will be approved for listing
on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a discussion
of certain material U.S.&nbsp;federal income tax consequences of the acquisition, ownership and disposition of our units, shares
of Class&nbsp;A common stock and warrants, which we refer to collectively as our securities. Because the components of a unit are
separable at the option of the holder, the holder of a unit generally should be treated, for U.S.&nbsp;federal income tax purposes,
as the owner of the underlying Class&nbsp;A common stock and one redeemable warrant components of the unit, as the case may be.
As a result, the discussion below with respect to actual holders of Class&nbsp;A common stock and warrants should also apply to
holders of units (as&nbsp;the deemed owners of the underlying Class&nbsp;A common stock and warrants that comprise the units).
This discussion applies only to securities that are held as capital assets for U.S.&nbsp;federal income tax purposes and is applicable
only to holders who purchased units in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This discussion is a
summary only and does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances,
including but not limited to the alternative minimum tax, the Medicare tax on certain investment income and the different consequences
that may apply if you are subject to special rules&nbsp;that apply to certain types of investors, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">financial institutions or financial services entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">broker-dealers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">governments or agencies or instrumentalities thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">regulated investment companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">real estate investment trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">expatriates or former long-term residents of the United&nbsp;States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">persons that actually or constructively own five percent or more of our voting shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">insurance companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">dealers or traders subject to a mark-to-market method of accounting with respect to the securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">persons holding the securities as part of a &ldquo;straddle,&rdquo; hedge, integrated transaction
or similar transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">U.S.&nbsp;holders (as defined below) whose functional currency is not the U.S.&nbsp;dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">partnerships or other pass-through entities for U.S.&nbsp;federal income tax purposes and any beneficial
owners of such entities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">tax-exempt entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you are a partnership
for U.S.&nbsp;federal income tax purposes, the U.S.&nbsp;federal income tax treatment of your partners will generally depend on
the status of the partners and your activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This discussion is based
on the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), and administrative pronouncements, judicial decisions
and final, temporary and proposed Treasury regulations as of the date hereof, which are subject to change, possibly on a retroactive
basis, and changes to any of which subsequent to the date of this prospectus may affect the tax consequences described herein.
This discussion does not address any aspect of state, local or non-U.S.&nbsp;taxation, or any U.S.&nbsp;federal taxes other than
income taxes (such as gift and estate taxes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not sought,
and will not seek, a ruling from the IRS as to any U.S.&nbsp;federal income tax consequence described herein. The IRS may disagree
with the discussion herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation,
regulations, administrative rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.
You are urged to consult your tax advisor with respect to the application of U.S.&nbsp;federal tax laws to your particular situation,
as well as any tax consequences arising under the laws of any state, local or foreign jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Personal Holding Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We could be subject
to a second level of U.S.&nbsp;federal income tax on a portion of our income if we are determined to be a personal holding company,
or PHC, for U.S.&nbsp;federal income tax purposes. A U.S.&nbsp;corporation generally will be classified as a PHC for U.S.&nbsp;federal
income tax purposes in a given taxable year if (i)&nbsp;at any time during the last half of such taxable year, five or fewer individuals
(without regard to their citizenship or residency and including as individuals for this purpose certain entities such as certain
tax-exempt organizations, pension funds and charitable trusts) own or are deemed to own (pursuant to certain constructive ownership
rules) more than 50% of the stock of the corporation by value and (ii)&nbsp;at least 60% of the corporation&rsquo;s adjusted ordinary
gross income, as determined for U.S.&nbsp;federal income tax purposes, for such taxable year consists of PHC income (which includes,
among other things, dividends, interest, certain royalties, annuities and, under certain circumstances, rents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depending on the date
and size of our initial business combination, it is possible that at least 60% of our adjusted ordinary gross income may consist
of PHC income. In addition, depending on the concentration of our stock in the hands of individuals, including the members of our
founders and certain tax-exempt organizations, pension funds and charitable trusts, it is possible that more than 50% of our stock
may be owned or deemed owned (pursuant to the constructive ownership rules) by such persons during the last half of a taxable year.
Thus, no assurance can be given that we will not be a PHC following this offering or in the future. If we are or were to become
a PHC in a given taxable year, we would be subject to an additional PHC tax, currently 20%, on our undistributed PHC income, which
generally includes our taxable income, subject to certain adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Allocation of Purchase Price and Characterization
of a Unit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No statutory, administrative
or judicial authority directly addresses the treatment of a unit or instruments similar to a unit for U.S.&nbsp;federal income
tax purposes and, therefore, that treatment is not entirely clear. The acquisition of a unit should be treated for U.S.&nbsp;federal
income tax purposes as the acquisition of one share of our Class&nbsp;A common stock and one-half of one warrant to acquire one
share of our Class&nbsp;A common stock. For U.S.&nbsp;federal income tax purposes, each holder of a unit must allocate the purchase
price paid by such holder for such unit between the one share of Class&nbsp;A common stock and the one-half of one warrant based
on the relative fair market value of each at the time of issuance. Under U.S.&nbsp;federal income tax law, each investor must make
his or her own determination of such value based on all the relevant facts and circumstances. Therefore, we strongly urge each
investor to consult his or her tax adviser regarding the determination of value for these purposes. The price allocated to each
share of Class&nbsp;A common stock and the one-half of one warrant should be the shareholder&rsquo;s tax basis in such share or
warrant, as the case may be. Any disposition of a unit should be treated for U.S.&nbsp;federal income tax purposes as a disposition
of the share of Class&nbsp;A common stock and one-half of one warrant comprising the unit, and the amount realized on the disposition
should be allocated between the Class&nbsp;A common stock and the one-half of one warrant based on their respective relative fair
market values (as determined by each such unit holder on all the relevant facts and circumstances) at the time of disposition.
The separation of shares of Class&nbsp;A common stock and warrants comprising units should not be a taxable event for U.S.&nbsp;federal
income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The foregoing treatment
of the shares of Class&nbsp;A common stock and warrants and a holder&rsquo;s purchase price allocation are not binding on the Internal
Revenue Service (&ldquo;IRS&rdquo;) or the courts. Because there are no authorities that directly address instruments that are
similar to the units, no assurance can be given that the IRS or the courts will agree with the characterization described above
or the discussion below. Accordingly, each prospective investor is urged to consult its own tax advisors regarding the tax consequences
of an investment in a unit (including alternative characterizations of a unit). The balance of this discussion assumes that the
characterization of the units described above is respected for U.S.&nbsp;federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S.&nbsp;Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This section applies
to you if you are a &ldquo;U.S.&nbsp;holder.&rdquo; A U.S.&nbsp;holder is a beneficial owner of our units, shares of Class&nbsp;A
common stock or warrants who or that is, for U.S.&nbsp;federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an individual who is a citizen or resident of the United&nbsp;States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a corporation (or other entity taxable as a corporation for U.S.&nbsp;federal income tax purposes)
organized in or under the laws of the United&nbsp;States, any state thereof or the District of Columbia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an estate the income of which is includible in gross income for U.S.&nbsp;federal income tax purposes
regardless of its source; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a trust, if (i)&nbsp;a court within the United&nbsp;States is able to exercise primary supervision
over the administration of the trust and one or more United&nbsp;States persons (as defined in the Code) have authority to control
all substantial decisions of the trust or (ii)&nbsp;it has a valid election in effect under Treasury Regulations to be treated
as a United&nbsp;States person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Taxation of Distributions.&nbsp;&nbsp;&nbsp;&nbsp;</I>If
we pay distributions in cash or other property (other than certain distributions of our stock or rights to acquire our stock) to
U.S.&nbsp;Holders of shares of our Class&nbsp;A common stock, such distributions generally will constitute dividends for U.S.&nbsp;federal
income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S.&nbsp;federal
income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital
that will be applied against and reduce (but not below zero) the U.S.&nbsp;holder&rsquo;s adjusted tax basis in our Class&nbsp;A
common stock. Any remaining excess will be treated as gain realized on the sale or other disposition of the Class&nbsp;A common
stock and will be treated as described above &ldquo;U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Dividends we pay to
a U.S.&nbsp;holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding
period is satisfied. With certain exceptions (including, but not limited to, dividends treated as investment income for purposes
of investment interest deduction limitations), and provided certain holding period requirements are met, dividends we pay to a
non-corporate U.S.&nbsp;holder generally will constitute &ldquo;qualified dividends&rdquo; that will be subject to tax at preferential
long-term capital gains rates. It is unclear whether the redemption rights with respect to the Class&nbsp;A common stock described
in this prospectus may prevent a U.S.&nbsp;holder from satisfying the applicable holding period requirements with respect to the
dividends received deduction or the preferential tax rate on qualified dividend income, as the case may be. If the holding period
requirements are not satisfied, then a corporation may not be able to qualify for the dividends received deduction and would have
taxable income equal to the entire dividend amount, and non-corporate holders may be subject to tax on such dividend at regular
ordinary income tax rates instead of the preferential rate that applies to qualified dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants.&nbsp;&nbsp;&nbsp;&nbsp;</I>Upon a sale
or other taxable disposition of our Class&nbsp;A common stock or warrants which, in general, would include a redemption of Class&nbsp;A
common stock or warrants that is treated as a sale of such securities as described below, and including as a result of a dissolution
and liquidation in the event we do not consummate an initial business combination within the required time period, a U.S.&nbsp;holder
generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S.&nbsp;holder&rsquo;s
adjusted tax basis in the Class&nbsp;A common stock or warrants. Any such capital gain or loss generally will be long-term capital
gain or loss if the U.S.&nbsp;holder&rsquo;s holding period for the Class&nbsp;A common stock or warrants so disposed of exceeds
one year. It is unclear, however, whether the redemption rights with respect to the Class&nbsp;A common stock described in this
prospectus may suspend the running of the applicable holding period for this purpose. If the running of the holding period for
the Class&nbsp;A common stock is suspended, then non-corporate U.S.&nbsp;holders may not be able to satisfy the one-year holding
period requirement for long-term capital gain treatment, in which case any gain on a sale or taxable disposition of the shares
or warrants would be subject to short-term capital gain treatment and would be taxed at regular ordinary income tax rates. Long-term
capital gains recognized by non-corporate U.S.&nbsp;holders will be eligible to be taxed at reduced rates. The deductibility of
capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Generally, the amount
of gain or loss recognized by a U.S.&nbsp;holder is an amount equal to the difference between (i)&nbsp;the sum of the amount of
cash and the fair market value of any property received in such disposition (or, if the Class&nbsp;A common stock or warrants are
held as part of units at the time of the disposition, the portion of the amount realized on such disposition that is allocated
to the Class&nbsp;A common stock or the warrants based upon the then fair market values of the Class&nbsp;A common stock and the
warrants included in the units) and (ii)&nbsp;the U.S.&nbsp;holder&rsquo;s adjusted tax basis in its Class&nbsp;A common stock
or warrants so disposed of. A U.S.&nbsp;holder&rsquo;s adjusted tax basis in its Class&nbsp;A common stock or warrants generally
will equal the U.S.&nbsp;holder&rsquo;s acquisition cost (that is, as discussed above, the portion of the purchase price of a unit
allocated to a share of Class&nbsp;A common stock or one-half of one warrant or, as discussed below, the U.S.&nbsp;holder&rsquo;s
initial basis for Class&nbsp;A common stock received upon exercise of warrants) less, in the case of a share of Class&nbsp;A common
stock, any prior distributions treated as a return of capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Redemption of Class&nbsp;A
Common Stock.&nbsp;&nbsp;&nbsp;&nbsp;</I>In the event that a U.S.&nbsp;holder&rsquo;s Class&nbsp;A common stock is redeemed pursuant
to the redemption provisions described in this prospectus under the section of this prospectus entitled &ldquo;Description of Securities&nbsp;&mdash;&nbsp;Common
Stock&rdquo; or if we purchase a U.S.&nbsp;holder&rsquo;s Class&nbsp;A common stock in an open market transaction (each of which
we refer to as a &ldquo;redemption&rdquo;), the treatment of the transaction for U.S.&nbsp;federal income tax purposes will depend
on whether the redemption qualifies as a sale of the Class&nbsp;A common stock under Section&nbsp;302 of the Code. If the redemption
qualifies as a sale of common stock, the U.S.&nbsp;holder will be treated as described under &ldquo;U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants&rdquo; above. If the redemption
does not qualify as a sale of common stock, the U.S.&nbsp;holder will be treated as receiving a corporate distribution with the
tax consequences described above under &ldquo;U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Taxation of Distributions&rdquo;. Whether a redemption
qualifies for sale treatment will depend largely on the total number of shares of our stock treated as held by the U.S.&nbsp;holder
(including any stock constructively owned by the U.S.&nbsp;holder as a result of owning warrants) relative to all of our shares
outstanding both before and after the redemption. The redemption of Class&nbsp;A common stock generally will be treated as a sale
of the Class&nbsp;A common stock (rather than as a corporate distribution) if the redemption (i)&nbsp;is &ldquo;substantially disproportionate&rdquo;
with respect to the U.S.&nbsp;holder, (ii)&nbsp;results in a &ldquo;complete termination&rdquo; of the U.S.&nbsp;holder&rsquo;s
interest in us or (iii)&nbsp;is &ldquo;not essentially equivalent to a dividend&rdquo; with respect to the U.S.&nbsp;holder. These
tests are explained more fully below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In determining whether
any of the foregoing tests are satisfied, a U.S.&nbsp;holder takes into account not only stock actually owned by the U.S.&nbsp;holder,
but also shares of our stock that are constructively owned by it. A U.S.&nbsp;holder may constructively own, in addition to stock
owned directly, stock owned by certain related individuals and entities in which the U.S.&nbsp;holder has an interest or that have
an interest in such U.S.&nbsp;holder, as well as any stock the U.S.&nbsp;holder has a right to acquire by exercise of an option,
which would generally include Class&nbsp;A common stock which could be acquired pursuant to the exercise of the warrants. In order
to meet the substantially disproportionate test, the percentage of our outstanding voting stock actually and constructively owned
by the U.S.&nbsp;holder immediately following the redemption of Class&nbsp;A common stock must, among other requirements, be less
than 80% of the percentage of our outstanding voting stock actually and constructively owned by the U.S.&nbsp;holder immediately
before the redemption. There will be a complete termination of a U.S.&nbsp;holder&rsquo;s interest if either (i)&nbsp;all of the
shares of our stock actually and constructively owned by the U.S.&nbsp;holder are redeemed or (ii)&nbsp;all of the shares of our
stock actually owned by the U.S.&nbsp;holder are redeemed and the U.S.&nbsp;holder is eligible to waive, and effectively waives
in accordance with specific rules, the attribution of stock owned by certain family members and the U.S.&nbsp;holder does not constructively
own any other shares of our stock. The redemption of the Class&nbsp;A common stock will not be essentially equivalent to a dividend
if the redemption results in a &ldquo;meaningful reduction&rdquo; of the U.S.&nbsp;holder&rsquo;s proportionate interest in us.
Whether the redemption will result in a meaningful reduction in a U.S.&nbsp;holder&rsquo;s proportionate interest in us will depend
on the particular facts and circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, the IRS has
indicated in a published ruling that even a small reduction in the proportionate interest of a small minority shareholder in a
publicly held corporation who exercises no control over corporate affairs may constitute such a &ldquo;meaningful reduction.&rdquo;
A U.S.&nbsp;holder should consult with its own tax advisors as to the tax consequences of a redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If none of the foregoing
tests is satisfied, then the redemption will be treated as a corporate distribution and the tax effects will be as described under
&ldquo;U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Taxation of Distributions,&rdquo; above. After the application of those rules, any remaining
tax basis of the U.S.&nbsp;holder in the redeemed Class&nbsp;A common stock will be added to the U.S.&nbsp;holder&rsquo;s adjusted
tax basis in its remaining stock, or, if it has none, to the U.S.&nbsp;holder&rsquo;s adjusted tax basis in its warrants or possibly
in other stock constructively owned by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Exercise, Lapse or
Redemption of a Warrant.&nbsp;&nbsp;&nbsp;&nbsp;</I>Except as discussed below with respect to the cashless exercise of a warrant,
a U.S.&nbsp;holder generally will not recognize taxable gain or loss on the acquisition of common stock upon exercise of a warrant
for cash. The U.S.&nbsp;holder&rsquo;s tax basis in the share of our Class&nbsp;A common stock received upon exercise of the warrant
generally will be an amount equal to the sum of the U.S.&nbsp;holder&rsquo;s initial investment in the warrant (i.e.,&nbsp;the
portion of the U.S.&nbsp;holder&rsquo;s purchase price for a unit that is allocated to the warrant, as described above under &ldquo;&mdash;&nbsp;Allocation
of Purchase Price and Characterization of a Unit&rdquo;) and the exercise price. It is unclear whether the U.S.&nbsp;holder&rsquo;s
holding period for the Class&nbsp;A common stock received upon exercise of the warrants will begin on the date following the date
of exercise or on the date of exercise of the warrants; in either case, the holding period will not include the period during which
the U.S.&nbsp;holder held the warrants. If a warrant is allowed to lapse unexercised, a U.S.&nbsp;holder generally will recognize
a capital loss equal to such holder&rsquo;s tax basis in the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The tax consequences
of a cashless exercise of a warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the
exercise is not a realization event or because the exercise is treated as a recapitalization for U.S.&nbsp;federal income tax purposes.
In either tax-free situation, a U.S.&nbsp;holder&rsquo;s basis in the Class&nbsp;A common stock received would equal the holder&rsquo;s
basis in the warrants exercised therefor. If the cashless exercise were treated as not being a realization event, it is unclear
when a U.S.&nbsp;holder&rsquo;s holding period in the Class&nbsp;A common stock would be treated as commencing. If the cashless
exercise were treated as a recapitalization, the holding period of the Class&nbsp;A common stock would include the holding period
of the warrants exercised therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is also possible
that a cashless exercise could be treated in whole or in part as a taxable exchange in which gain or loss would be recognized.
In such event, a U.S.&nbsp;holder could be deemed to have surrendered a number of warrants having an aggregate fair market value
equal to the exercise price for the total number of warrants to be exercised. The U.S.&nbsp;holder would recognize capital gain
or loss in an amount equal to the difference between the fair market value of the Class&nbsp;A common stock received in respect
of the warrants deemed surrendered and the U.S.&nbsp;holder&rsquo;s tax basis in such warrants. Such gain or loss would be long-term
or short-term, depending on the U.S.&nbsp;holder&rsquo;s holding period in the warrants deemed surrendered. In this case, a U.S.&nbsp;holder&rsquo;s
tax basis in the Class&nbsp;A common stock received would equal the sum of the U.S.&nbsp;holder&rsquo;s initial investment in the
warrants exercised (i.e.,&nbsp;the portion of the U.S.&nbsp;holder&rsquo;s purchase price for a unit that is allocated to the warrant,
as described above under &ldquo;&mdash;&nbsp;Allocation of Purchase Price and Characterization of a Unit&rdquo;) and the exercise
price of such warrants. It is unclear whether a U.S.&nbsp;holder&rsquo;s holding period for the Class&nbsp;A common stock would
commence on the date following the date of exercise or on the date of exercise of the warrant; in either case, the holding period
would not include the period during which the U.S.&nbsp;holder held the warrant. There may also be alternative characterizations
of any such taxable exchange that would result in similar tax consequences, except that a U.S.&nbsp;Holder&rsquo;s gain or loss
would be short-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Due to the absence of
authority on the U.S.&nbsp;federal income tax treatment of a cashless exercise, including when a U.S.&nbsp;holder&rsquo;s holding
period would commence with respect to the Class&nbsp;A common stock received, there can be no assurance which, if any, of the alternative
tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S.&nbsp;holders
should consult their tax advisors regarding the tax consequences of a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we redeem warrants
for cash pursuant to the redemption provisions described in the section of this prospectus entitled &ldquo;Description of Securities&nbsp;&mdash;&nbsp;Redemption
of Warrants&rdquo; or if we purchase warrants in an open market transaction, such redemption or purchase generally will be treated
as a taxable disposition to the U.S. holder, taxed as described above under &ldquo;U.S. Holders&nbsp;&mdash;&nbsp;Gain or Loss
on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Possible Constructive
Distributions.&nbsp;&nbsp;&nbsp;&nbsp;</I>The terms of each warrant provide for an adjustment to the number of shares of Class&nbsp;A
common stock for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in
the section of this prospectus entitled &ldquo;Description of Securities&nbsp;&mdash;&nbsp;Redeemable Warrants&nbsp;&mdash;&nbsp;Public
Shareholders&rsquo; Warrants.&rdquo; An adjustment which has the effect of preventing dilution generally is not taxable. The U.S.&nbsp;holders
of the warrants would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment to
the number of such shares or to such exercise price increases the warrant holders&rsquo; proportionate interest in our assets or
earnings and profits (e.g.,&nbsp;through an increase in the number of shares of Class&nbsp;A common stock that would be obtained
upon exercise or through a decrease in the exercise price of the warrant) as a result of a distribution of cash or other property,
such as other securities, to the holders of shares of our Class&nbsp;A common stock, or as a result of the issuance of a stock
dividend to holders of shares of our Class&nbsp;A common stock, in each case which is taxable to the U.S.&nbsp;holders of such
shares as a distribution. Such constructive distribution would be subject to tax in the same manner as if the U.S.&nbsp;holders
of the warrants received a cash distribution from us equal to the fair market value of such increased interest resulting from the
adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Information Reporting
and Backup Withholding.&nbsp;&nbsp;&nbsp;&nbsp;</I>In general, information reporting requirements may apply to dividends paid to
a U.S.&nbsp;holder and to the proceeds of the sale or other disposition of our units, shares of Class&nbsp;A common stock and warrants,
unless the U.S.&nbsp;holder is an exempt recipient. Backup withholding may apply to such payments if the U.S.&nbsp;holder fails
to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS that it is subject
to backup withholding (and such notification has not been withdrawn).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Backup withholding is
not an additional tax. Any amounts withheld under the backup withholding rules&nbsp;will be allowed as a refund or a credit against
a U.S.&nbsp;holder&rsquo;s U.S.&nbsp;federal income tax liability provided the required information is timely furnished to the
IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All U.S.&nbsp;holders
should consult their tax advisors regarding the application of information reporting and backup withholding to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-U.S.&nbsp;Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This section applies
to you if you are a &ldquo;Non-U.S.&nbsp;holder.&rdquo; As used herein, the term &ldquo;Non-U.S.&nbsp;holder&rdquo; means a beneficial
owner of our units, Class&nbsp;A common stock or warrants who or that is for U.S.&nbsp;federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a non-resident alien individual (other than certain former citizens and residents of the United&nbsp;States
subject to U.S.&nbsp;tax as expatriates);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a foreign corporation or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an estate or trust that is not a U.S.&nbsp;holder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">but generally does not include an individual
who is present in the United&nbsp;States for 183&nbsp;days or more in the taxable year of disposition. If you are such an individual,
you should consult your tax advisor regarding the U.S.&nbsp;federal income tax consequences of the acquisition, ownership or sale
or other disposition of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Taxation of Distributions.&nbsp;&nbsp;&nbsp;&nbsp;</I>In
general, any distributions (including constructive distributions) we make to a Non-U.S.&nbsp;holder of shares of our Class&nbsp;A
common stock, to the extent paid out of our current or accumulated earnings and profits (as determined under U.S.&nbsp;federal
income tax principles), will constitute dividends for U.S.&nbsp;federal income tax purposes and, provided such dividends are not
effectively connected with the Non-U.S.&nbsp;holder&rsquo;s conduct of a trade or business within the United&nbsp;States, we will
be required to withhold tax from the gross amount of the dividend at a rate of 30%, unless such Non-U.S.&nbsp;holder is eligible
for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility
for such reduced rate (usually on an IRS Form&nbsp;W-8BEN or W-8BEN-E). In the case of any constructive dividend, it is possible
that this tax would be withheld from any amount owed to a Non-U.S.&nbsp;holder by the applicable withholding agent, including cash
distributions on other property or sales proceeds from warrants or other property subsequently paid or credited to such holder.
Any distribution not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S.&nbsp;holder&rsquo;s
adjusted tax basis in its shares of our Class&nbsp;A common stock and, to the extent such distribution exceeds the Non-U.S.&nbsp;holder&rsquo;s
adjusted tax basis, as gain realized from the sale or other disposition of the Class&nbsp;A common stock, which will be treated
as described under &ldquo;Non-U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Gain on Sale, Taxable Exchange or Other Taxable Disposition of
Class&nbsp;A Common Stock and Warrants&rdquo; below. In addition, if we determine that we are classified as a &ldquo;United&nbsp;States
real property holding corporation&rdquo; (see &ldquo;Non-U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Gain on Sale, Taxable Exchange or
Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants&rdquo; below), we will withhold 15% of any distribution that
exceeds our current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The withholding tax
does not apply to dividends paid to a Non-U.S.&nbsp;holder who provides a Form&nbsp;W-8ECI, certifying that the dividends are effectively
connected with the Non-U.S.&nbsp;holder&rsquo;s conduct of a trade or business within the United&nbsp;States. Instead, the effectively
connected dividends will be subject to regular U.S.&nbsp;federal income tax as if the Non-U.S.&nbsp;holder were a United&nbsp;States
resident, subject to an applicable income tax treaty providing otherwise. A&nbsp;Non-U.S.&nbsp;corporation receiving effectively
connected dividends may also be subject to an additional &ldquo;branch profits tax&rdquo; imposed at a rate of 30% (or a lower
applicable treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Gain on Sale, Taxable
Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants.&nbsp;&nbsp;&nbsp;&nbsp;</I>A&nbsp;Non-U.S.&nbsp;holder
generally will not be subject to U.S.&nbsp;federal income or withholding tax in respect of gain recognized on a sale, taxable exchange
or other taxable disposition of our Class&nbsp;A common stock, which would include a dissolution and liquidation in the event we
do not complete an initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend
the time to complete a business combination as described in this prospectus), or warrants (including an expiration or redemption
of our warrants), in each case without regard to whether those securities were held as part of a unit, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the gain is effectively connected with the conduct of a trade or business by the Non-U.S.&nbsp;holder
within the United&nbsp;States (and, under certain income tax treaties, is attributable to a United&nbsp;States permanent establishment
or fixed base maintained by the Non-U.S.&nbsp;holder); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">we are or have been a &ldquo;United&nbsp;States real property holding corporation&rdquo; for U.S.&nbsp;federal
income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that
the Non-U.S.&nbsp;holder held our Class&nbsp;A common stock, and, in the case where shares of our Class&nbsp;A common stock are
regularly traded on an established securities market, the Non-U.S.&nbsp;holder has owned, directly or constructively, more than
5% of our Class&nbsp;A common stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S.&nbsp;holder&rsquo;s
holding period for the shares of our Class&nbsp;A common stock. There can be no assurance that our Class&nbsp;A common stock will
be treated as regularly traded on an established securities market for this purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless an applicable
treaty provides otherwise, gain described in the first bullet point above will be subject to tax at generally applicable U.S.&nbsp;federal
income tax rates as if the Non-U.S.&nbsp;holder were a United&nbsp;States resident. Any gains described in the first bullet point
above of a Non-U.S.&nbsp;holder that is a foreign corporation may also be subject to an additional &ldquo;branch profits tax&rdquo;
at a 30% rate (or lower treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the second bullet
point above applies to a Non-U.S.&nbsp;holder, gain recognized by such holder on the sale, exchange or other disposition of our
Class&nbsp;A common stock or warrants will be subject to tax at generally applicable U.S.&nbsp;federal income tax rates. In addition,
a buyer of our Class&nbsp;A common stock or warrants from such holder may be required to withhold U.S.&nbsp;federal income tax
at a rate of 15% of the amount realized upon such disposition. We cannot determine whether we will be a United&nbsp;States real
property holding corporation in the future until we complete an initial business combination. We will be classified as a United&nbsp;States
real property holding corporation if the fair market value of our &ldquo;United&nbsp;States real property interests&rdquo; equals
or exceeds 50&nbsp;percent of the sum of the fair market value of our worldwide real property interests plus our other assets used
or held for use in a trade or business, as determined for U.S.&nbsp;federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Redemption of Class&nbsp;A
Common Stock.&nbsp;&nbsp;&nbsp;&nbsp;</I>The characterization for U.S.&nbsp;federal income tax purposes of the redemption of a
Non-U.S.&nbsp;holder&rsquo;s Class&nbsp;A common stock generally will correspond to the U.S.&nbsp;federal income tax characterization
of such a redemption of a U.S.&nbsp;holder&rsquo;s Class&nbsp;A common stock, as described under &ldquo;U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Redemption
of Class&nbsp;A Common Stock&rdquo; above, and the consequences of the redemption to the Non-U.S.&nbsp;holder will be as described
above under &ldquo;Non-U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Taxation of Distributions&rdquo; and &ldquo;Non-U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Gain
on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants,&rdquo; as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Exercise or Lapse
of a Warrant.&nbsp;&nbsp;&nbsp;&nbsp;</I>The U.S.&nbsp;federal income tax treatment of a Non-U.S.&nbsp;holder&rsquo;s exercise
of a warrant, or the lapse of a warrant held by a Non-U.S.&nbsp;holder, generally will correspond to the U.S.&nbsp;federal income
tax treatment of the exercise or lapse of a warrant by a U.S.&nbsp;holder, as described under &ldquo;U.S.&nbsp;holders&nbsp;&mdash;&nbsp;Exercise
or Lapse of a Warrant&rdquo; above, although to the extent a cashless exercise results in a taxable exchange, the consequences
would be similar to those described below in &ldquo;Non-U.S.&nbsp;Holders&nbsp;&mdash;&nbsp;Gain on Sale, Taxable Exchange or Other
Taxable Disposition of Class&nbsp;A Common Stock and Warrants.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Possible Constructive
Distributions.&nbsp;&nbsp;&nbsp;&nbsp;</I>The terms of each warrant provide for an adjustment to the number of shares of Class&nbsp;A
common stock for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in
the section of this prospectus entitled &ldquo;Description of Securities&nbsp;&mdash;&nbsp;Redeemable Warrants&nbsp;&mdash;&nbsp;Public
Shareholders&rsquo; Warrants.&rdquo; An adjustment which has the effect of preventing dilution generally is not taxable. The Non-U.S.&nbsp;holders
of the warrants would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment to
the number of such shares or to such exercise price increases the warrant holders&rsquo; proportionate interest in our assets or
earnings and profits (e.g.,&nbsp;through an increase in the number of shares of Class&nbsp;A common stock that would be obtained
upon exercise or through a decrease in the exercise price of the warrant) as a result of a distribution of cash or other property,
such as other securities, to the holders of shares of our Class&nbsp;A common stock, or as a result of the issuance of a stock
dividend to holders of shares of our Class&nbsp;A common stock, in each case which is taxable to the holders of such shares as
a distribution. Such constructive distribution would be subject to tax in the same manner as if the Non-U.S.&nbsp;holders of the
warrants received a cash distribution from us equal to the fair market value of such increased interest resulting from the adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Information Reporting
and Backup Withholding.&nbsp;&nbsp;&nbsp;&nbsp;</I>Information returns will be filed with the IRS in connection with payments of
dividends and the proceeds from a sale or other disposition of our units, shares of Class&nbsp;A common stock and warrants. A Non-U.S.&nbsp;holder
may have to comply with certification procedures to establish that it is not a United&nbsp;States person in order to avoid information
reporting and backup withholding requirements. The certification procedures required to claim a reduced rate of withholding under
a treaty generally will satisfy the certification requirements necessary to avoid the backup withholding as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Backup withholding is
not an additional tax. The amount of any backup withholding from a payment to a Non-U.S.&nbsp;holder will be allowed as a credit
against such holder&rsquo;s U.S.&nbsp;federal income tax liability and may entitle such holder to a refund, provided that the required
information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All Non-U.S.&nbsp;holders
should consult their tax advisors regarding the application of information reporting and backup withholding to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>FATCA Withholding
Taxes.&nbsp;&nbsp;&nbsp;&nbsp;</I>Sections&nbsp;1471 through 1474 of the Code and the Treasury Regulations and administrative guidance
promulgated thereunder (commonly referred as the &ldquo;Foreign Account Tax Compliance Act&rdquo; or &ldquo;FATCA&rdquo;) generally
impose withholding at a rate of 30% in certain circumstances on dividends in respect of our securities which are held by or through
certain foreign financial institutions (including investment funds), unless any such institution (1)&nbsp;enters into, and complies
with, an agreement with the IRS to report, on an annual basis, information with respect to interests in, and accounts maintained
by, the institution that are owned by certain U.S.&nbsp;persons and by certain non-U.S.&nbsp;entities that are wholly or partially
owned by U.S.&nbsp;persons and to withhold on certain payments, or (2)&nbsp;if required under an intergovernmental agreement between
the United&nbsp;States and an applicable foreign country, reports such information to its local tax authority, which will exchange
such information with the U.S.&nbsp;authorities. An intergovernmental agreement between the United&nbsp;States and an applicable
foreign country may modify these requirements. Accordingly, the entity through which our securities are held will affect the determination
of whether such withholding is required. Similarly, dividends in respect of our securities held by an investor that is a non-financial
non-U.S.&nbsp;entity that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%,
unless such entity either (1)&nbsp;certifies to us or the applicable withholding agent that such entity does not have any &ldquo;substantial
United&nbsp;States owners&rdquo; or (2)&nbsp;provides certain information regarding the entity&rsquo;s &ldquo;substantial United&nbsp;States
owners,&rdquo; which will in turn be provided to the U.S.&nbsp;Department of Treasury. All prospective investors should consult
their tax advisors regarding the possible implications of FATCA on their investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>UNDERWRITING (CONFLICT
OF INTEREST)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the terms
and conditions of the underwriting agreement dated the date of this prospectus, each underwriter named below has severally agreed
to purchase, and we have agreed to sell to that underwriter, the number of units set forth opposite the underwriter&rsquo;s name.</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of <BR> Units</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>US Tiger Securities,&nbsp;Inc.</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">[&bull;]</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">6,000,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriting agreement
provides that the obligations of the underwriters to purchase the units included in this offering are subject to approval of legal
matters by counsel and to other conditions. The underwriters are obligated to purchase all of the units (other than those covered
by the over-allotment&nbsp;option described below) if they purchase any of the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The offering of the
units by the underwriters is subject to receipt and acceptance and subject to the underwriters&rsquo; right to reject any order
in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Units&nbsp;sold by the
underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus.
Any units sold by the underwriters to securities dealers may be sold at a discount from the initial public offering price not to
exceed $0.20 per unit. If all of the units are not sold at the initial offering price, the underwriters may change the offering
price and the other selling terms. If the underwriters sell more units than the total number set forth in the table above, we have
granted to the underwriters an option, exercisable for 45&nbsp;days from the date of this prospectus, to purchase up to 900,000
additional units at the public offering price less the underwriting discount. The underwriters may exercise this option solely
for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each
underwriter must purchase a number of additional units approximately proportionate to that underwriter&rsquo;s initial purchase
commitment. Any units issued or sold under the option will be issued and sold on the same terms and conditions as the other units
that are the subject of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our initial shareholders
have agreed, subject to certain exception, (i) in the case of founder shares, not to transfer, assign or sell 50% of their founder
shares until the earlier to occur of: (A) six months after the date of the consummation of our initial business combination, or
(B)&nbsp;the date on which the closing price of our Class A common stock equals or exceeds $12.50 per share (as adjusted for share
splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned or sold until
six months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent to
our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction which
results in all of our shareholders having the right to exchange their shares for cash, securities or other property (except with
respect to permitted transferees as in the section of this prospectus entitled &ldquo;Principal Shareholders&nbsp;&mdash;&nbsp;Restrictions
on Transfers of Founder Shares and Private Units&rdquo;). The private units (including underlying securities) will not be transferable,
assignable or salable until 30&nbsp;days after the completion of our initial business combination (except with respect to permitted
transferees as described herein under the section of this prospectus entitled &ldquo;Principal Shareholders&nbsp;&mdash;&nbsp;Restrictions
on Transfers of Founder Shares and Private Units&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to this offering,
there has been no public market for our securities. Consequently, the initial public offering price for the units was determined
by negotiations between us and the underwriters. Among the factors considered in determining initial public offering price were
the history and prospects of companies whose principal business is the acquisition of other companies, prior offerings of those
companies, our management, our capital structure, and currently prevailing general conditions in equity securities markets, including
current market valuations of publicly traded companies considered comparable to our company. We cannot assure you, however, that
the price at which the units, Class&nbsp;A common stock or warrants will sell in the public market after this offering will not
be lower than the initial public offering price or that an active trading market in our units, Class&nbsp;A common stock or warrants
will develop and continue after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listing of our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have applied to list
our units on Nasdaq under the symbol &ldquo;[ ]&rdquo; We expect that our common stock and warrants will be listed under the symbols
&ldquo;[ ]&rdquo; and &ldquo;[ ],&rdquo; respectively, once the common stock and warrants begin separate trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Over-allotment Option</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have granted the
underwriters an option to buy up to 900,000 additional units. The underwriters may exercise this option solely for the purpose
of covering over-allotments, if any, made in connection with this offering. The underwriters have 45&nbsp;days from the date of
this prospectus to exercise this option. If the underwriters exercise this option, they will each purchase additional shares approximately
in proportion to the amounts specified in the table above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Commissions and Discounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Units&nbsp;sold by the
underwriters to the public will initially be offered at the offering price set forth on the cover of this prospectus. Any shares
sold by the underwriters to securities dealers may be sold at a discount of up to $0.20 per share from the public offering price. If
all of the shares are not sold at the initial public offering price, the representative may change the offering price and the other
selling terms. Upon execution of the underwriting agreement, the underwriters will be obligated to purchase the shares at the prices
and upon the terms stated therein, and, as a result, will thereafter bear any risk associated with changing the offering price to
the public or other selling terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">The Company will reimburse
the underwriters for all reasonable out-of-pocket expenses including, without limitation, any expenses and fees incurred by the
underwriters&rsquo; counsel, expenses incurred for background checks on the Company&rsquo;s senior management and board of directors
by a background search firm acceptable to the underwriters, up to a maximum aggregate allowance of $120,000. The Company has paid
to the underwriters an advance against anticipated out-of-pocket expenses (including the cost of any background investigations
performed by the underwriters of the principals of the Company, including individuals for which international searches are required
(the &ldquo;Investigative Searches&rdquo;)) in the amount of $50,000. The underwriters will return to the Company the balance of
any remaining portion of the advance to the extent such monies were not used for out-of-pocket expenses incurred in accordance with FINRA Rule 5110(g)(4)(A)<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
shows the underwriting discounts and commissions that we are to pay to the underwriters in connection with this offering. These
amounts are shown assuming both no exercise and full exercise of the underwriters&rsquo; over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Payable by Inkstone Feibo Acquisition Corporation</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No Exercise</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Full Exercise</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per Unit<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">0.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">0.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,795,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Includes $0.35 per unit, or $2,100,000 (or $2,415,000 if the over-allotment&nbsp;option is exercised
in full) in the aggregate payable to the underwriters for deferred underwriting commissions to be placed in a trust account located
in the United&nbsp;States as described herein. The deferred commissions will be released to the underwriters only on completion
of an initial business combination, as described in this prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we do not complete
our initial business combination and subsequently liquidate, the trustee and the underwriters have agreed that (i)&nbsp;they will
forfeit any rights or claims to their deferred underwriting discounts and commissions, including any accrued interest thereon,
then in the trust account upon liquidation, and (ii)&nbsp;that the deferred underwriting discounts and commissions will be distributed
on a pro rata basis, including interest earned on the funds held in the trust account, and not previously released to us to pay
our taxes, to the public shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><FONT STYLE="background-color: white">On May 13, 2022,
our Chief Financial Officer, Xuedong (Tony) Tian, acquired 60,000 founder shares for a purchase price of $869.57, among which 7,826 shares
of Class B common stock are subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option is not exercised in
full or in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No discounts or commissions
will be paid on the sale of the private units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pricing of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have been advised
by the representative that the underwriters propose to offer the shares to the public at the offering price set forth on the cover
page&nbsp;of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to this offering
there has been no public market for any of our securities. The public offering price of the shares was negotiated between us and
the representative. Factors considered in determining the prices and terms of the shares include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the history and prospects of companies whose principal business is the acquisition of other companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">prior offerings of those companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our prospects for acquiring an operating business at attractive values;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our capital structure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the per share amount of net proceeds being placed into the trust account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an assessment of our management and their experience in identifying operating companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">general conditions of the securities markets at the time of the offering; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">other factors as were deemed relevant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, although these
factors were considered, the determination of our offering price is more arbitrary than the pricing of securities for an operating
company in a particular industry since the underwriters are unable to compare our financial results and prospects with those of
public companies operating in the same industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Regulatory Restrictions on Purchase
of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the
offering, the underwriters may purchase and sell units in the open market. The underwriters have advised us that, in accordance
with Regulation&nbsp;M under the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934, as amended, they may engage in short sale transactions,
purchases to cover short positions, which may include purchases pursuant to the over-allotment option, stabilizing transactions,
syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the
effect of stabilizing or maintaining the market price of our units at a level above that which might otherwise prevail in the open
market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Short sales involve secondary market sales by the underwriters of a greater number of units than
it is required to purchase in the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">&ldquo;Covered&rdquo; short sales are sales of units in an amount up to the number of units represented
by the underwriters&rsquo; over-allotment option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">&ldquo;Naked&rdquo; short sales are sales of units in an amount in excess of the number of units
represented by the underwriters&rsquo; over-allotment option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Covering transactions involve purchases of units either pursuant to the over-allotment option or
in the open market after the distribution has been completed in order to cover short positions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To close a naked short position, the underwriters must purchase units in the open market after
the distribution has been completed. A naked short position is more likely to be created if the underwriters are concerned that
there may be downward pressure on the price of the units in the open market after pricing that could adversely affect investors
who purchase in the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To close a covered short position, the underwriters must purchase units in the open market after
the distribution has been completed or must exercise the over-allotment option. In determining the source of units to close the
covered short position, the underwriters will consider, among other things, the price of units available for purchase in the open
market as compared to the price at which they may purchase units through the over-allotment option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Stabilizing transactions involve bids to purchase units so long as the stabilizing bids do not
exceed a specified maximum.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Purchases to cover short
positions and stabilizing purchases, as well as other purchases by the underwriters for their own account, may have the effect
of preventing or retarding a decline in the market price of the units. They may also cause the price of the units to be higher
than the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct
these transactions in the over-the-counter market or otherwise. Neither we, nor any of the underwriters make any representation
or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our
Class&nbsp;A common stock. The underwriters are not obligated to engage in these activities and, if commenced, any of the activities
may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">One of our founders, Xuedong (Tony)
Tian, our CFO, is the Managing Director and Head of Capital Markets of US Tiger, a representative of the underwriters in this offering.
As a result, US Tiger, as a representative to the underwriters of this offering and a member of the Financial Industry Regulatory Authority,
or FINRA, is an affiliate of us. Therefore, US Tiger has a &ldquo;conflict of interest&rdquo; within the meaning of Rule 5121 of the Conduct
Rules of FINRA. Accordingly, our initial public offering will be made in compliance with Rule 5121 of FINRA&rsquo;s Conduct Rules, which
prohibits US Tiger from making sales to discretionary accounts without the prior written approval of the account holder and requires that
a &ldquo;qualified independent underwriter,&rdquo; as defined by FINRA participate in the preparation of the registration statement and
exercise the usual standard of due diligence with respect to such document. We have engaged [ ] to be the qualified independent underwriter
and participate in the preparation of the registration statement and exercise the usual standards of &ldquo;due diligence&rdquo; in respect
thereto. We agreed to indemnify [ ] against certain liabilities incurred in connection with acting as a qualified independent underwriter,
including liabilities under the Securities Act. [ ] will receive $[ ] as compensation for serving as qualified independent underwriter
in connection with this offering. In addition, no underwriter with a conflict of interest will confirm sales to any account over which
it exercises discretionary authority without the specific prior written approval of the account holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">Because Mr. Tian is also the Managing
Director and Head of Capital Markets of US Tiger, all 60,000 founder shares he purchased on May 13, 2022 (among which 7,826 shares of
Class B common stock that are subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option is not exercised
in full or in part<FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT>have been deemed to be compensation for US Tiger under
FINRA Rule 5110 and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1), commencing on the effective date of
the registration statement of which this prospectus forms a part. Pursuant to FINRA Rule 5110(e)(1) these securities will not be sold
during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the effective date of the registration statement of which this prospectus forms a part or commencement of sales of the public
offering, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided
that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as set forth
above, we are not under any contractual obligation to engage any of the underwriters to provide any services for us after this
offering, and have no present intent to do so. However, any of the underwriters may, among other things, introduce us to potential
target businesses or assist us in raising additional capital, as needs may arise in the future. If any underwriter provides services
to us after this offering, we may pay the underwriter fair and reasonable fees that would be determined at that time in an arm&rsquo;s
length negotiation; provided that no agreement will be entered into with the underwriter and no fees for such services will be
paid to the underwriter prior to the date which is 60&nbsp;days after the date of this prospectus, unless FINRA determines that
such payment would not be deemed underwriter&rsquo;s compensation in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have agreed to indemnify
the underwriters against some liabilities, including civil liabilities under the Securities Act, or to contribute to payments the
underwriters may be required to make in this respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Electronic Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A prospectus in electronic
format may be made available by e-mail or on the web sites or through online services maintained by one or more of the underwriters
or their affiliates. In those cases, prospective investors may view offering terms online and may be allowed to place orders online.
The underwriters may agree with us to allocate a specific number of common shares for sale to online brokerage account holders.
Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than
the prospectus in electronic format, the information on the underwriters&rsquo; web sites and any information contained in any
other web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us
or the underwriters and should not be relied upon by investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Activities and Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriters and
their respective affiliates are full service financial institutions engaged in various activities, which may include securities
trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment,
hedging, financing and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time,
performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received
or will receive customary fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, in the
ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad
array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments
(including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions
in such securities and instruments. Such investments and securities activities may involve securities and/or instruments of ours
or our affiliates. The underwriters and their respective affiliates may also make investment recommendations and/or publish or
express independent research views in respect of such securities or financial instruments and may at any time hold, or recommend
to clients that they acquire, long and/or short positions in such securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Selling Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than in the United&nbsp;States,
no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus
in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or
sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer
and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in
compliance with the applicable rules&nbsp;and regulations of that jurisdiction. Persons into whose possession this prospectus comes
are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus
in any jurisdiction in which such an offer or a solicitation is unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in the
European Economic Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In relation to each
member state of the European Economic Area the Prospectus Regulation lays down requirements for the drawing up, approval and distribution
of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market situated
or operating within a member state. An offer of units described in this prospectus may not be made to the public in that member
state prior to the publication of a prospectus in relation to the units that has been approved by the competent authority in that
relevant member state or, where appropriate, approved in another relevant member state and notified to the competent authority
in that relevant member state, all in accordance with the Prospectus Regulation, except that, an offer of our units may be made
to the public in that relevant member state at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">to any legal entity which is a qualified investor as defined in the Prospectus Regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus
Regulation), as permitted under the Prospectus Regulation, subject to obtaining the prior consent of the relevant Dealer or Dealers
nominated by the issuer for any such offer; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">in any other circumstances that do not require the publication by us of a prospectus pursuant to
Article&nbsp;1(4)&nbsp;of the Prospectus Regulation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that no such offer of units referred
to in the bullet points above shall require us or any underwriter to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus
Regulation or supplement a prospectus pursuant to Article&nbsp;23 of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each purchaser of units
described in this prospectus located within a relevant member state will be deemed to have represented, acknowledged and agreed
that it is a &ldquo;qualified investor&rdquo; within the meaning of Article&nbsp;2(e)&nbsp;of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the purpose of this
provision, the expression an &ldquo;offer of units to the public&rdquo; in any member state means the communication in any form
and by any means of sufficient information on the terms of the offer and the units to be offered so as to enable an investor to
decide to purchase or subscribe for the units and the expression &ldquo;Prospectus Regulation&rdquo; means Regulation (EU) 2017/1129.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not authorized
and do not authorize the making of any offer of units through any financial intermediary on their behalf, other than offers made
by the underwriters with a view to the final placement of the units as contemplated in this prospectus. Accordingly, no purchaser
of the units, other than the underwriters, is authorized to make any further offer of the units on behalf of us or the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in the
United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus is only
being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of
Article&nbsp;2(e)&nbsp;of the Prospectus Regulation that are also (i)&nbsp;investment professionals falling within Article&nbsp;19(5)&nbsp;of
the Financial Services and Markets Act&nbsp;2000 (Financial Promotion) Order 2005 (the &ldquo;Order&rdquo;) or (ii)&nbsp;high net
worth entities, and other persons to whom it may lawfully be communicated, falling within Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;of
the Order (each such person being referred to as a &ldquo;relevant person&rdquo;). The units are only available to, and any invitation,
offer or agreement to purchase or otherwise acquire such units will be engaged in only with, relevant persons. This prospectus
and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by
recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not
act or rely on this document or any of its contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Canada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The units may be sold
in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in
National Instrument&nbsp;45-106 <I>Prospectus Exemptions</I> or subsection&nbsp;73.3(1)&nbsp;of the <I>Securities Act</I> (Ontario),
and are permitted clients, as defined in National Instrument&nbsp;31-103 <I>Registration Requirements, Exemptions and Ongoing Registrant
Obligations</I>. Any resale of the units must be made in accordance with an exemption from, or in a transaction not subject to,
the prospectus requirements of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Securities legislation
in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised
by the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory.
The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory
for particulars of these rights or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Australia</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No placement document,
prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments
Commission (&ldquo;ASIC&rdquo;), in relation to the offering. This prospectus does not constitute a prospectus, product disclosure
statement or other disclosure document under the Corporations Act&nbsp;2001 (the &ldquo;Corporations Act&rdquo;), and does not
purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the
Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any offer in Australia
of the securities may only be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated investors&rdquo;
(within the meaning of section 708(8)&nbsp;of the Corporations Act), &ldquo;professional investors&rdquo; (within the meaning of
section 708(11)&nbsp;of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations
Act so that it is lawful to offer the securities without disclosure to investors under Chapter&nbsp;6D of the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The securities applied
for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12&nbsp;months after the date of
allotment under the offering, except in circumstances where disclosure to investors under Chapter&nbsp;6D of the Corporations Act
would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant
to a disclosure document which complies with Chapter&nbsp;6D of the Corporations Act. Any person acquiring securities must observe
such Australian on-sale restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus contains
general information only and does not take account of the investment objectives, financial situation or particular needs of any
particular person. It does not contain any securities recommendations or financial product advice. Before making an investment
decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances,
and, if necessary, seek expert advice on those matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in New
Zealand</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This document has not
been registered, filed with, or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act&nbsp;2013
(New Zealand) (&ldquo;FMCA&rdquo;). This document is not a product disclosure statement under New Zealand law and is not required
to, and may not, contain all the information that a product disclosure statement under New Zealand law is required to contain.
The Securities are not being offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand)
other than to a person who is a &ldquo;wholesale investor&rdquo; within the meaning of clause 3(2)&nbsp;of Schedule&nbsp;1 of the
FMCA&nbsp;&mdash;&nbsp;that is, a person who:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">is an &ldquo;investment business&rdquo; within the meaning of clause 37 of Schedule&nbsp;1 of the
FMCA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">meets the &ldquo;investment activity criteria&rdquo; specified in clause 38 of Schedule&nbsp;1
of the FMCA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">is &ldquo;large&rdquo; within the meaning of clause 39 of Schedule&nbsp;1 of the FMCA; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">is a &ldquo;government agency&rdquo; within the meaning of clause 40 of Schedule&nbsp;1 of the
FMCA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Securities are not
being offered or sold to retail investors in New Zealand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Singapore</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus has
not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document
or material in connection with the offer or sale, or invitation for subscription or purchase, of the units may not be circulated
or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether
directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the
Securities and Futures Act, Chapter&nbsp;289 of Singapore (the &ldquo;SFA&rdquo;), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1),
or any person pursuant to Section&nbsp;275(1A), and in accordance with the conditions specified in Section&nbsp;275 of the SFA
or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each
case subject to compliance with conditions set forth in the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in the
People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus may
not be circulated or distributed in China and the units may not be offered or sold, and will not offer or sell to any person for
re-offering or resale directly or indirectly to any resident of China except pursuant to applicable laws, rules&nbsp;and regulations
of China. For the purpose of this paragraph only, China does not include Taiwan and the special administrative regions of Hong&nbsp;Kong
and Macau.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Hong&nbsp;Kong</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The units may not be
offered or sold in Hong&nbsp;Kong by means of any document other than (i)&nbsp;in circumstances which do not constitute an offer
to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong&nbsp;Kong), (ii)&nbsp;to &ldquo;professional
investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong&nbsp;Kong) and any rules&nbsp;made
thereunder, or (iii)&nbsp;in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; within the
meaning of the Companies Ordinance (Cap. 32, Laws of Hong&nbsp;Kong) and no advertisement, invitation or document relating to our
units be issued or may be in possession of any person for the purpose of issue (in each case whether in Hong&nbsp;Kong or elsewhere),
which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong&nbsp;Kong (except if permitted
to do so under the laws of Hong&nbsp;Kong) other than with respect to our units which are or are intended to be disposed of only
to persons outside Hong&nbsp;Kong or only to &ldquo;professional investors&rdquo; within the meaning of the Securities and Futures
Ordinance (Cap. 571, Laws of Hong&nbsp;Kong) and any rules&nbsp;made thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Taiwan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The units have not been
and will not be registered with the Financial Supervisory Commission of (&ldquo;Taiwan&rdquo;), pursuant to relevant securities
laws and regulations and may not be offered or sold in Taiwan through a public offering or in any manner which would constitute
an offer within the meaning of the Securities and Exchange&nbsp;Act&nbsp;of&nbsp;Taiwan or would otherwise require registration
with or the approval of the Financial Supervisory Commission of Taiwan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Japan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The units and underlying
Class&nbsp;A common stocks and warrants have not been and will not be registered under the Financial Instruments and Exchange Law
of Japan (Law No.&nbsp;25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan,
or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese
Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese
governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, &ldquo;Japanese Person&rdquo;
will mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Indonesia</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus does
not, and is not intended to, constitute a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Market. This
prospectus may not be distributed in the Republic of Indonesia and the common stocks may not be offered or sold in the Republic
of Indonesia or to Indonesian citizens wherever they are domiciled, or to Indonesia residents, in a manner which constitutes a
public offering under the laws of the Republic of Indonesia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in&nbsp;Vietnam</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This offering of common
stocks has not been and will not be registered with the State Securities Commission of Vietnam under the Law on Securities of Vietnam
and its guiding decrees and circulars. The common stocks will not be offered or sold in Vietnam through a public offering and will
not be offered or sold to Vietnamese persons other than those who are licensed to invest in offshore securities under the Law on
Investment of Vietnam.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in&nbsp;Thailand</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus does
not, and is not intended to, constitute a public offering in Thailand. The common stocks may not be offered or sold to persons
in Thailand, unless such offering is made under the exemptions from approval and filing requirements under applicable laws, or
under circumstances which do not constitute an offer for sale of the shares to the public for the purposes of the Securities and
Exchange&nbsp;Act&nbsp;of&nbsp;1992 of Thailand, nor require approval from the Office of the Securities and Exchange Commission
of Thailand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in&nbsp;Korea</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The common stocks may
not be offered, sold and delivered directly or indirectly, or offered or sold to any person for reoffering or resale, directly
or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including
the Korea Securities and Exchange&nbsp;Act and the Foreign Exchange Transaction Law and the decrees and regulations thereunder.
The common stocks have not been registered with the Financial Services Commission of Korea for public offering in Korea. Furthermore,
the common stocks may not be resold to Korean residents unless the purchaser of the common stocks complies with all applicable
regulatory requirements (including but not limited to government approval requirements under the Foreign Exchange Transaction Law
and its subordinate decrees and regulations) in connection with the purchase of the common stocks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Israel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This document does not
constitute a prospectus under the Israeli Securities Law,&nbsp;5728-1968, or the Israeli Securities Law, and has not been filed
with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only
at, and any offer of the units is directed only at, (i)&nbsp;a limited number of persons in accordance with the Israeli Securities
Law and (ii)&nbsp;investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily
of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members
of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50&nbsp;million and
&ldquo;qualified individuals,&rdquo; each as defined in the Addendum (as it may be amended from time to time), collectively referred
to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts
of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that
they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to section&nbsp;3A.3
of National Instrument&nbsp;33-105 <I>Underwriting Conflicts</I> (NI&nbsp;33-105), the underwriters are not required to comply
with the disclosure requirements of NI&nbsp;33-105 regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Robinson&nbsp;&amp;
Cole LLP, New&nbsp;York, New&nbsp;York, is acting as counsel in connection with the registration of our securities under the Securities
Act, and as such, will pass upon the validity of the securities offered in this prospectus. In connection with this offering, VCL
Law LLP is acting as counsel to the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The financial statements
of Inkstone Feibo Acquisition Corporation as of May 16, 2022, and for the period from April 20, 2022 (inception) through May 16,
2022, appearing in this prospectus have been audited by Friedman LLP, an independent registered public accounting firm, as set
forth in their report thereon, (which contains an explanatory paragraph related to substantial doubt about the ability of Inkstone
Feibo Acquisition Corporation to continue as a going concern as described in Note&nbsp;1 to the financial statements) appearing
elsewhere in this prospectus and are included in reliance upon such report given on the authority of Friedman LLP as experts in
accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in; background-color: white"><B>ENFORCEABILITY
OF CIVIL LIABILITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following the closing of this offering, our officers and directors
will be located in the United States except that our Chief Executive Officer, Mr. Chang, and our independent director, Dr. Chen
are located in Taiwan. As a result, it may be difficult, or in some cases not possible, for investors in the United States to enforce
their legal rights, to effect service of process upon those officers and directors (prior or after the Merger) located outside
the United States, to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties on them
under United States securities laws. In particular, Taiwan does not have treaties providing for the reciprocal recognition and
enforcement of judgments of courts with the United States and many other countries and regions. Therefore, recognition and enforcement
in Taiwan of judgement of United States courts in relation to any matter not subject to a binding arbitration provision may be
difficult or impossible</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have filed with the
SEC a registration statement on Form&nbsp;S-1 under the Securities Act with respect to the securities we are offering by this prospectus.
This prospectus does not contain all of the information included in the registration statement. For further information about us
and our securities, you should refer to the registration statement and the exhibits and schedules filed with the registration statement.
Whenever we make reference in this prospectus to any of our contracts, agreements or other documents, the references are materially
complete but may not include a description of all aspects of such contracts, agreements or other documents, and you should refer
to the exhibits attached to the registration statement for copies of the actual contract, agreement or other document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon completion of this
offering, we will be subject to the information requirements of the Exchange&nbsp;Act and will file annual, quarterly and current
event reports, proxy statements and other information with the SEC.&nbsp;You can read our SEC filings, including the registration
statement, over the Internet at the SEC&rsquo;s website at <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A NAME="a_019"></A>INDEX
TO FINANCIAL STATEMENTS</B></FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 90%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    Sheet as of May 16, 2022</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Operations for the Period from April 20, 2022 (Inception) through May 16, 2022</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Changes in Shareholders&rsquo; Equity for the Period from April 20, 2022 (Inception) through May 16, 2022</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Cash Flows for the Period from April 20, 2022 (Inception) through May 16, 2022</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Financial Statements</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase">&nbsp;<IMG SRC="rc001_img01.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_020"></A>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Shareholders
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inkstone Feibo Acquisition Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance
sheet of Inkstone Feibo Acquisition Corporation (the &ldquo;Company&rdquo;) as of May 16, 2022 and the related statements of operations,
changes in shareholder&rsquo;s equity and cash flows for the period from April 20, 2022 (inception) through May 16, 2022 and the
related notes (collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of May 16, 2022, and the results of its operations and
its cash flows for the period from April 20, 2022 (inception) through May 16, 2022, in conformity with accounting principles generally
accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Explanatory Paragraph &mdash; Going
Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, its
business plan is dependent on the completion of a financing and the Company&rsquo;s cash and working capital as of May 16, 2022
are not sufficient to complete its planned activities. These conditions raise substantial doubt about the Company&rsquo;s ability
to continue as a going concern. Management&rsquo;s plans in regard to these matters are also described in Notes 1 and 3. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based
on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audit in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the
effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable
basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/Friedman LLP</FONT></TD>
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Friedman LLP</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&rsquo;s auditor
since 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_021"></A>INKSTONE
FEIBO ACQUISITION CORPORation<BR>
BALANCE SHEET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="text-align: center; margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0"><B>May
                                         16,<BR>
                                         2022</B></P></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Deferred offering costs</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">120,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities and Shareholder's Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Promissory note - related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Current Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Commitments and Contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Shareholder's Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Preference shares, $0.0001 par value, 1,000,000 shares authorized, none issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Class A ordinary shares, $0.0001 par value, 21,000,000 shares authorized, none issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Class B ordinary shares, $0.0001 par value, 3,000,000 shares authorized, 1,725,000
    shares issued and outstanding <SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,827</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(521</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Shareholder's Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,479</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Liabilities and Shareholder's Equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This number includes an aggregate of up to 225,000 ordinary shares subject to forfeiture if the over-allotment option is not
exercised in full or in part by the underwriters (see Note 5).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_022"></A>INKSTONE
FEIBO ACQUISITION CORPORation<BR>
STATEMENT OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><B>FOR
                                         THE PERIOD <BR>
FROM <BR>
APRIL 20, 2022 <BR>
(INCEPTION) <BR>
THROUGH <BR>
MAY 16, 2022</B></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; text-align: left; padding-bottom: 1pt">Formation and operating costs</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">521</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(521</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Basic and diluted weighted average Class B ordinary shares outstanding</B><SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,500,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Basic and diluted net loss per Class B ordinary share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.0003</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This number excludes an aggregate of up to 225,000 ordinary shares subject to forfeiture if the over-allotment option is not
exercised in full or in part by the underwriters (see Note 5).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_023"></A>INKSTONE
FEIBO ACQUISITION CORPORation<BR> STATEMENT OF CHANGES IN Shareholders&rsquo; EQUITY&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom">FOR THE PERIOD FROM APRIL 20, 2022 (INCEPTION) THROUGH MAY 16,
2022</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom">Preference shares</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom">Ordinary Shares</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; vertical-align: bottom; font-weight: bold; text-align: center">Additional</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">Total</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom">Class A</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom">Class B</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; vertical-align: bottom; font-weight: bold; text-align: center">Paid-in</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; vertical-align: bottom; font-weight: bold; text-align: center">Accumulated</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">Shareholder's</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">Shares</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">Amount</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">Shares</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">Amount</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">Shares</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">Amount</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Deficit</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">Equity</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Balance as of April 20, 2022 (inception)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 19%; text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder shares issued to initial shareholder<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,725,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">173</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">24,827</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balance as of May 16, 2022</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,725,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">173</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,827</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(521</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,479</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><I></I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This number includes an aggregate of up to 225,000 ordinary shares subject to forfeiture if the over-allotment option is not
exercised in full or in part by the underwriters (see Note 5).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_024"></A>INKSTONE
FEIBO ACQUISITION CORPORation<BR>
STATEMENT OF CASH FLOWS</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center"><B>FOR THE PERIOD <BR>
FROM <BR>
APRIL 20, 2022 <BR>
(INCEPTION) <BR>
THROUGH
                                         <BR>
MAY 16, 2022</B></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 87%; text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(521</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1pt">Net Cash Used in Operating Activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Proceeds from sale of class B ordinary shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Payment of deferred offering costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,479</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1pt">Net Cash Provided by Financing Activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Change in Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Cash, April 20, 2022 (inception)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Cash, May 16, 2022</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental Disclosure of Cash Flow Information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Deferred offering costs paid by promissory note - related party</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">95,521</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_025"></A>Inkstone Feibo Acquisition Corporation<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes To Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Note&nbsp;1 &mdash;&nbsp;Organization, Business Operation and
Going Concern Consideration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inkstone Feibo Acquisition Corporation (the
&ldquo;Company&rdquo;) is a newly organized blank check company incorporated as a Delaware corporation on April 20, 2022. The Company
was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar
Business Combination with one or more businesses (the &ldquo;Business Combination&rdquo;). The Company has not selected any potential
Business Combination target or initiated any substantive discussions, directly or indirectly, with any potential Business Combination
prospects. The Company has selected December&nbsp;31 as its fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of May 16, 2022, the Company had not commenced
any operations. For the period from April 20, 2022 (inception) through May 16, 2022, the Company&rsquo;s efforts have been limited
to organizational activities as well as activities related to the Proposed Public Offering (as defined below). The Company will
not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate
non-operating income in the form of interest income from the proceeds derived from the Proposed Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s funders, or initial stockholders,
include the Company&rsquo;s officers, directors and Sponsor. The Company&rsquo;s Sponsor is Inkstone Feibo Sponsor LLC, a Delaware
limited liability company (the &ldquo;Sponsor&rdquo;). The Company&rsquo;s ability to commence operations is contingent upon obtaining
adequate financial resources through a proposed public offering (the &ldquo;Proposed Public Offering,&rdquo; see Note&nbsp;3) and
a private placement of placement units to the initial shareholders (the &ldquo;Private Placement,&rdquo; see Note&nbsp;4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s initial Business Combination
must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held
in the trust account (excluding deferred underwriting commissions and interest income earned on the trust account that is released
for working capital purposes or to pay taxes) at the time of the agreement to enter into the initial Business Combination. However,
the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires an interest in the target sufficient for the post-transaction company not
to be required to register as an investment company under the Investment Company Act&nbsp;of&nbsp;1940, as amended (the &ldquo;Investment
Company Act&rdquo;). There is no assurance that the Company will be able to complete a Business Combination successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon the closing of the Proposed Public offering,
the net proceeds of this offering and the sale of the private units, $10.20 per unit will be placed into a U.S.-based trust account
with Continental Stock Transfer &amp; Trust Company, acting as trustee, and will be invested only in U.S. government treasury bills
with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company
Act which invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held
in the trust account that may be released to pay the Company&rsquo;s tax obligations, the proceeds from this offering and the sale
of the private units that are deposited in the trust account will not be released from the trust account until the earliest to
occur of: (a) the completion of the initial Business Combination, (b) the redemption of any public shares properly submitted in
connection with a shareholder vote to amend the Company&rsquo;s memorandum and articles of association (i) to modify the substance
or timing of the Company&rsquo;s obligation to allow redemption in connection with the initial business combination or to redeem
100% of the Company&rsquo;s public shares if the Company does not complete the initial business combination within 12 months from
the closing of this offering (for a total of up to 18 months to complete a business combination) or (ii) with respect to any other
provision relating to shareholders&rsquo; rights or pre-initial business combination activity and (c) the redemption of the public
shares if the Company is unable to complete the business combination within 12 months from the closing of this offering, subject
to applicable law (for a total of up to 18 months to complete a business combination). The proceeds deposited in the trust account
could become subject to the claims of the Company&rsquo;s creditors, if any, which could have priority over the claims of the public
shareholders. However, if the Company anticipates that the Company may not be able to consummate the initial business combination
within 12 months from closing of this offering, the Company may, but is not obligated to, extend the period of time to consummate
a business combination two times by an additional three- month period each time (for a total of up to 18 months to complete a business
combination).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ordinary shares subject to redemption will
be recorded at a redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance
with Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic&nbsp;480 &ldquo;Distinguishing Liabilities from Equity.&rdquo;
In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001
upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding
shares voted are voted in favor of the Business Combination. The Company will have only 12&nbsp;months from the closing of this
offering (or up to 18 months from the closing of the Proposed Public Offering if the Company extends the period of time to consummate
a Business Combination in full, as described in more detail in this prospectus), the Company will: (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including
interest earned on the funds held in the trust account and not previously released to the Company for working capital purposes
or to pay the taxes (less up to $75,000 of interest to pay dissolution expenses), divided by the number of then outstanding public
shares, which redemption will completely extinguish public shareholders&rsquo; 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 the Company&rsquo;s remaining shareholders and board of directors, dissolve and liquidate,
subject in each case to the Company&rsquo;s obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. There will be no redemption rights or liquidating distributions with respect to the warrants, which will
expire worthless if the Company fails to complete the business combination within the 12-month (or up to 18-month, as applicable)
time period.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes To Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The founder shares are designated as Class
B ordinary shares and are identical to the Class A ordinary shares included in the units being sold in this offering, and holders
of founder shares and private placement shares have the same shareholder rights as public shareholders, except that: (i) prior
to the Company&rsquo;s initial Business Combination, only holders of the founder shares have the right to vote on the appointment
of directors and holders of a majority of the Company&rsquo;s founder shares may remove a member of the board of directors for
any reason; (ii) the founder shares and private placement shares are subject to certain transfer restrictions, as described in
more detail below; (iii) the Company&rsquo;s initial shareholders have entered into a letter agreement with us, pursuant to which
they have agreed to waive: (a) their redemption rights with respect to their founder shares, private placement shares and any public
shares held by them in connection with the completion of the Company&rsquo;s initial Business Combination (and not seek to sell
its shares to the Company in any tender offer the Company undertake in connection with its initial Business Combination); (b) their
redemption rights with respect to their founder shares, private placement shares and any public shares held by them in connection
with a shareholder vote to approve an amendment to the Company&rsquo;s memorandum and articles of association (X) that would affect
the Company&rsquo;s public shareholders&rsquo; ability to convert or sell their shares to the Company in connection with a Business
Combination as described herein or to modify the substance or timing of the Company&rsquo;s obligation to redeem 100% of the Company&rsquo;s
public shares if the Company does not complete the initial Business Combination within 12 months from the closing of this offering
(or up to 18 months including three-month automatic extension period from the closing of this offering if the Company extends the
period of time to consummate a Business Combination in full) or (Y) with respect to any other provision relating to shareholders&rsquo;
rights or pre-initial Business Combination activity; and (c) their rights to liquidating distributions from the trust account with
respect to any founder shares or private placement shares they hold if the Company fail to complete its initial Business Combination
within 12 months (or up to 18 months including three-month automatic extension period from the closing of this offering if the
Company extends the period of time to consummate a Business Combination in full) from the closing of this offering (although they
will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if the Company
fail to complete its initial Business Combination within the prescribed time frame); (iv) the founder shares will automatically
convert into the Company&rsquo;s Class A ordinary shares as described below and (v) the founder shares and private placement shares
are entitled to registration rights. In addition, the Company&rsquo;s directors and officers have also entered into the letter
agreement with respect to public shares acquired by them, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The founder shares will automatically convert
into Class A ordinary shares on the first business day following the completion of the Company&rsquo;s initial Business Combination
on a one-for-one basis, subject to adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked
securities convertible or exercisable for Class A ordinary shares, are issued or deemed issued in excess of the amounts issued
in this offering and related to the closing of the Company&rsquo;s initial Business Combination, the ratio at which founder shares
will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary
shares then in issue) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will
equal, in the aggregate, on an as-converted basis, 20% of the sum of the Company&rsquo;s ordinary shares issued and outstanding
upon the completion of this offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued
in connection with the Company&rsquo;s initial Business Combination (net of redemptions), excluding the private placement shares
underlying the private placement units, any shares underlying units issued upon conversion of working capital loans and any Class
A ordinary shares or equity-linked securities issued, or to be issued, to any seller in the Company&rsquo;s initial Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Sponsor has agreed that it will be liable
to the Company if and to the extent any claims by a third party (other than the Company&rsquo;s registered public accounting firm)
for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering
into a transaction agreement, reduce the amounts in the trust account to below the lesser of (i) $10.20 per public share and (ii)
the actual amount per public share held in the trust account as of the date of the liquidation of the trust account if less than
$10.20 per public share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn
to pay the Company&rsquo;s tax obligations, provided that such liability will not apply to any claims by a third-party or prospective
target business that executed a waiver of any and all rights to seek access to the trust account nor will it apply to any claims
under the indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the sponsor will not be
responsible to the extent of any liability for such third party claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes To Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Going
Concern Consideration</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of May 16, 2022, the Company had a working
capital deficiency of $95,521. The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition
plans. These conditions raise substantial doubt about the Company&rsquo;s ability to continue as a going concern. Management&rsquo;s
plans to address this need for capital through the Proposed Public Offering are discussed in Note&nbsp;3. There is no assurance
that the Company&rsquo;s plans to raise capital or to consummate a Business Combination will be successful or successful within
the Combination Period. On May 12, 2022, the Sponsor agreed to loan the Company up to an aggregate amount of $500,000 as discussed
in Note&nbsp;5 to be used, in part, for transaction costs incurred in connection with the Proposed Public Offering. The financial
statements do not include any adjustments that might result from the Company&rsquo;s inability to consummate the Proposed Public
Offering or a Business Combination to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note&nbsp;2 &mdash;&nbsp;Significant accounting
policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Basis of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying financial statements are presented
in conformity with accounting principles generally accepted in the United&nbsp;States of America (&ldquo;US GAAP&rdquo;) and pursuant
to the rules and regulations of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Emerging Growth Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is an &ldquo;emerging growth company,&rdquo;
as defined in Section&nbsp;2(a)&nbsp;of the Securities Act&nbsp;of&nbsp;1933, as amended, (the &ldquo;Securities Act&rdquo;), as
modified by the Jumpstart The Company&rsquo;s Business Startups Act&nbsp;of&nbsp;2012, (the &ldquo;JOBS Act&rdquo;), and it may
take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are
not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic
reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation
and shareholder approval of any golden parachute payments not previously approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Further, Section&nbsp;102(b)(1)&nbsp;of the
JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a
class of securities registered under the Exchange&nbsp;Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to
opt out of such extended transition period which means that when a standard is issued or revised and it has different application
dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the
time private companies adopt the new or revised standard. This may make comparison of the Company&rsquo;s financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using
the extended transition period difficult or impossible because of the potential differences in accounting standards used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Making estimates requires management to exercise
significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the financial statements, which management considered in formulating its estimate, could change in
the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those
estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cash and Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all short-term investments
with an original maturity of three&nbsp;months or less when purchased to be cash equivalents. The Company had no cash equivalents
as of May 16, 2022.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes To Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Deferred Offering Costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred offering costs consist of underwriting,
legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering
and that will be charged to shareholders&rsquo; equity upon the completion of the Proposed Public Offering. Should the Proposed
Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged
to operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Net Loss Per Ordinary Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net loss per ordinary share is computed by
dividing net loss by the weighted average number of Class&nbsp;B ordinary shares outstanding during the period, excluding ordinary
share subject to forfeiture by the Sponsor. Weighted average shares were reduced for the effect of an aggregate of 225,000 ordinary
shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note&nbsp;5). At May
16, 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into ordinary share and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss
per share for the period presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Class A ordinary shares Subject to Possible
Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for its class A ordinary
shares subject to possible redemption in accordance with the guidance in ASC Topic 480 &ldquo;Distinguishing Liabilities from Equity.&rdquo;
Common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value.
Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control
of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company&rsquo;s control) are
classified as temporary equity. At all other times, common stock are classified as stockholders&rsquo; equity. The Company&rsquo;s
public shares feature certain redemption rights that are considered to be outside of the Company&rsquo;s control and subject to
occurrence of uncertain future events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Concentration of Credit Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject
the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Fair Value of Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the Company&rsquo;s assets
and liabilities, which qualify as financial instruments under ASC Topic&nbsp;820, &ldquo;Fair Value Measurements and Disclosures,&rdquo;
approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes under
ASC 740 Income Taxes (&ldquo;ASC 740&rdquo;). ASC 740 requires the recognition of deferred tax assets and liabilities for both
the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected
future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance
to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC 740 also clarifies the accounting for uncertainty
in income taxes recognized in an enterprise&rsquo;s financial statements and prescribes a recognition threshold and measurement
process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For
those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure
and transition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes accrued interest and
penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued
for interest and penalties as of May 16, 2022. The Company is currently not aware of any issues under review that could result
in significant payments, accruals or material deviation from its position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes To Financial Statements</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has identified the United States
as its only &ldquo;major&rdquo; tax jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company may be subject to potential examination
by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the
timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax
laws. The Company&rsquo;s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision for income taxes was deemed to
be immaterial for the period from April 20, 2022 (inception) through May 16, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Recent Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management does not believe that any recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company&rsquo;s financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note&nbsp;3 &mdash;&nbsp;Proposed Public
Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Proposed Public Offering, the
Company intends to offer for sale 6,000,000&nbsp;Units, (or 6,900,000&nbsp;Units&nbsp;if the underwriters&rsquo; over-allotment
option is exercised in full). Each unit has an offering price of $10.00 and consists of one whole share of Class A common stock
and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one share of the Class A common stock at
a price of $11.50 per share. A warrant holder may exercise its warrants only for a whole number of shares of Class A common stock.
This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Class A common stock and warrants comprising
the units will begin separate trading on the 52nd day following the date of this prospectus unless the representatives inform the
Company of their decision (based upon, among other things, their assessment of the relative strengths of the securities markets,
of comparably capitalized companies and of blank check companies in general, and the trading pattern of, and demand for, our securities
in particular) to allow earlier separate trading, subject to the Company having filed the Current Report on Form 8-K described
below and having issued a press release announcing when such separate trading will begin. Once the shares of Class A common stock
and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the
component securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note&nbsp;4 &mdash;&nbsp;Private Placement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Sponsor has committed, pursuant to a written
agreement, to purchase an aggregate of 414,000 (or 450,000 if the over-allotment option is exercised in full) units, or the &ldquo;private
units&rdquo;, at $10.00 per unit ($4,140,000 in the aggregate or $4,500,000 in the aggregate if the over-allotment option is exercised
in full) in a private placement that will occur simultaneously with the closing of this offering. Each private unit consists of
one share of Class A common stock, and one-half of one warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The private units are identical to the units
sold in this offering. However, the holder of the private units will be entitled to registration rights. In addition, the private
units and the underlying securities may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder
until 30 days after the completion of the initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note&nbsp;5 &mdash;&nbsp;Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Founder Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 13, 2022, the Company&rsquo;s Chief Financial
Officer and sponsor acquired an aggregate of 1,725,000 shares of Class B common stock for an aggregate purchase price of $25,000, or the
&ldquo;founder shares,&rdquo;, of which: (i) Xuedong (Tony) Tian, the Chief Financial Officer and Director Nominee, acquired 60,000 shares
of Class B common stock, for a purchase price of $869.57; and (iii) the sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares
of Class B common stock, for a purchase price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares
that are subject to forfeiture, including up to: (i)7,826 shares of Class B common stock under Mr. Tian&rsquo;s ownership, and (iii) 217,174
shares of Class B common stock under the sponsor&rsquo;s ownership, to the extent that the underwriters&rsquo; over-allotment option is
not exercised in full or in part, so that founder shares will represent 20% of the issued and outstanding shares after this offering (excluding
the sale of the private unites and assuming the founders do not purchase public shares in this offering). If the Company increases or
decreases the size of the offering, the Company will effect a stock dividend or share contribution back to capital, as applicable, immediately
prior to the consummation of the Proposed Public Offering in such amount as to maintain the Founder Share ownership of the Company&rsquo;s
shareholders prior to the Proposed Public Offering at 20% of the Company&rsquo;s issued and outstanding common stock upon the consummation
of the Proposed Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes To Financial Statements</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Initial Shareholders have agreed, subject
to limited exceptions, not to transfer, assign or sell 50% of their founder shares until the earlier to occur of: (A) six months
after the date of the consummation of the initial business combination, or (B) the date on which the closing price of the Class
A common stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the initial business combination and the remaining 50%
of the founder shares may not be transferred, assigned or sold until six months after the date of the consummation of the initial
business combination, or earlier, in either case, if, subsequent to the initial business combination, the Company consummate a
subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders having the
right to exchange their shares for cash, securities or other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Promissory Note&nbsp;&mdash;&nbsp;Related
Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 12, 2022, the Sponsor has agreed to
loan the Company up to $500,000 to be used for a portion of the expenses of this offering. As of May 16, 2022, the Company has
an outstanding loan balance of $95,521.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This loan is non-interest bearing, unsecured
and is due at the earlier of (1)&nbsp;May 12, 2023 or (2)&nbsp;the date on which the Company consummates an initial public offering
of its securities. The loan will be repaid upon the closing of the Proposed Public Offering out of the offering proceeds that has
been allocated to the payment of offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Working Capital Loans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, in order to finance transaction
costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the
Company&rsquo;s officers and directors may, but are not obligated to, loan the Company funds as may be required. Any such loans
would be on an interest-free basis and would be repaid only from funds held outside the trust account or from funds released to
the Company upon completion of the Company&rsquo;s initial Business Combination. Up to $3,000,000 of such loans may be convertible
into units at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private placement units
issued to the Sponsor. The Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor
as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights
to seek access to funds in the Company&rsquo;s trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of May 16, 2022, the Company had no borrowings
under the working capital loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note&nbsp;6 &mdash; Commitments&nbsp;&amp;
Contingencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks and Uncertainties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management is currently evaluating the impact
of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative
effect on the Company&rsquo;s financial position, results of its operations and/or search for a target company, the specific impact
is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">he holders of the founder shares and private
placement units (and any securities underlying the private placement units and Class A ordinary shares that may be issued upon
conversion of the founder shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed
prior to or on the effective date of this offering requiring the Company to register such securities for resale. The holders of
these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company registers
such securities. In addition, the holders have certain &ldquo;piggy-back&rdquo; registration rights with respect to registration
statements filed subsequent to the Company&rsquo;s completion of its initial Business Combination and rights to require the Company
to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement
provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination
of the applicable lock-up period, which occurs (1) in the case of the founder shares, until the earlier to occur of (i) three months
after the date of the consummation of the Company&rsquo;s initial Business Combination or (ii) the date on which the Company consummates
a liquidation, merger, share exchange or other similar transaction which results in all of the Company&rsquo;s shareholders having
the right to exchange their Class A ordinary shares for cash, securities or other property. Notwithstanding the foregoing, (x)
if the closing price of the Company&rsquo;s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions,
share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
150 days after the consummation of the Company&rsquo;s initial Business Combination or (y) following the Company&rsquo;s initial
Business Combination, on the date on which the Company completes a liquidation, merger, share exchange or other similar transaction
that results in all of the Company&rsquo;s shareholders having the right to exchange their ordinary shares for cash, securities
or other property, the founder shares will no longer be subject to such transfer restrictions, and (2) in the case of the private
placement units and the securities underlying such units, 30 days after the completion of the Company&rsquo;s initial Business
Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes To Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Underwriters Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The underwriting agreement provides that the
underwriters are obligated to purchase all the units in this offering if any are purchased, other than those units covered by the
over-allotment option described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has granted to the underwriters
a 45-day option to purchase up to 900,000 additional units at the initial public offering price, less the underwriting discounts
and commissions. The option may be exercised only to cover any over-allotments of units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects to pay an underwriting
discount of 2.00% of the gross proceeds of the Proposed Public Offering, or $1,200,000 (or up to $1,380,000 if the underwriters&rsquo;
over-allotment is exercised in full) to the underwriters at the closing of the Proposed Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will pay the underwriters a cash
fee (the &ldquo;Deferred Underwriting Fee&rdquo;) upon the consummation of the Company&rsquo;s initial Business Combination of
3.50% ($2,100,000 or up to $2,415,500 if the underwriters&rsquo; over-allotment is exercised in full), in the aggregate, of the
gross proceeds of the offering including the gross proceeds from the full or partial exercise of the underwriters&rsquo; over-allotment
option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note&nbsp;7 &mdash;&nbsp;Shareholder&rsquo;s
Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Preference Shares</I></B>&nbsp;&mdash;&nbsp;The
Company is authorized to issue 1,000,000 preference shares, $0.0001 par value, with such designations, voting and other rights
and preferences as may be determined from time to time by the Company&rsquo;s board of directors. As of May 16, 2022, there were
no preference shares issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Class&nbsp;A Ordinary Shares</I></B>&nbsp;&mdash;&nbsp;The
Company is authorized to issue 21,000,000 Class&nbsp;A ordinary shares with a par value of $0.0001 per share. As of May 16, 2022,
there were no Class&nbsp;A ordinary shares issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Class B Ordinary Shares &mdash; </I></B>The
Company is authorized to issue 3,000,000 Class B ordinary shares with a par value of $0.0001 per share. At May 16, 2022, there
were 1,725,000 Class B ordinary shares issued and outstanding. Of the 1,725,000 Class B ordinary shares, an aggregate of 225,000
shares are subject to forfeiture depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ordinary shareholders of record are entitled
to one vote for each share held on all matters to be voted on by shareholders. Except as described below, 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 the Company&rsquo;s
shareholders except as required by law. Unless specified in the Company&rsquo;s 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 the Company&rsquo;s ordinary shares that are voted is required to approve any such matter voted on by the Company&rsquo;s
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 Company&rsquo;s ordinary shares that are voted, and pursuant to the amended and restated memorandum
and articles of association; such actions include amending the amended and restated memorandum and articles of association and
approving a statutory merger or consolidation with another company. The Company&rsquo;s 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. The shareholders are entitled to receive
ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. Prior to the initial
business combination, (i) only holders of the Company&rsquo;s founder shares will have the right to vote on the appointment of
directors and (ii) in a vote to continue the Company in a jurisdiction outside the Cayman Islands (which requires the approval
of at least two thirds of the votes of all ordinary shares voted at a general meeting), holders of the Company&rsquo;s Class B
ordinary shares will have ten votes for every Class B ordinary share and holders of the Company&rsquo;s Class A ordinary shares
will have one vote for every Class A ordinary share. These provisions of the Company&rsquo;s amended and restated memorandum and
articles of association may only be amended by a special resolution passed by not less than 90% of the Company&rsquo;s ordinary
shares who attend and vote at the Company&rsquo;s general meeting which shall include the affirmative vote of a simple majority
of the Company&rsquo;s Class B ordinary shares. Holders of the Company&rsquo;s public shares will not be entitled to vote on the
appointment of directors prior to the initial business combination. In addition, prior to the completion of an initial business
combination, holders of a majority of the Company&rsquo;s founder shares may remove a member of the board of directors for any
reason. In connection with the initial business combination, the Company may enter into a shareholders agreement or other arrangements
with the shareholders of the target with respect to voting and other corporate governance matters following completion of the initial
business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes To Financial Statements</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Warrants&nbsp;</I></B>&mdash;&nbsp;Each
whole warrant entitles the registered holder to purchase one whole share of the Company&rsquo;s common stock at a price of $11.50
per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of the Proposed
Public Offering or the completion of the initial Business Combination. Pursuant to the warrant agreement, a warrant holder may
exercise its warrants only for a whole number of shares of common stock. This means that only a whole warrant may be exercised
at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants
will trade. The warrants will expire five years after the completion of the Company&rsquo;s initial Business Combination, or earlier
upon redemption or liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of May 16, 2022, no warrants were outstanding. The Company will account for warrants as equity instruments </FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">in
accordance with ASC&nbsp;815, Derivatives and Hedging, based on the specifics terms of the warrant agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has agreed that as soon as practicable,
but in no event later than 30 business days, after the closing of the initial business combination, the Company will use its commercially
reasonable 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, and the Company will use its commercially reasonable efforts to cause the
same to become effective within 60 business days after the closing of the initial business combination, and to maintain the effectiveness
of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or
are redeemed, as specified in the warrant agreement; provided that if the Company&rsquo;s 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 &ldquo;covered
security&rdquo; under Section 18(b)(1) of the Securities Act, the Company may, at the Company&rsquo;s option, require holders of
public warrants who exercise their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section 3(a)(9) of the
Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration
statement, and the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue
sky laws to the extent an exemption is not available. 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 the initial business combination,
warrant holders may, until such time as there is an effective registration statement and during any period when the Company will
have failed to maintain an effective registration statement, exercise warrants on a &ldquo;cashless basis&rdquo; in accordance
with Section 3(a)(9) of the Securities Act or another exemption, and the Company will use its commercially reasonably efforts to
register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Once the warrants become exercisable, the Company
may redeem the outstanding warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
whole and not in part;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
a price of $0.01 per warrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
a minimum of 30&nbsp;days&rsquo; prior written notice of redemption to each warrant holder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if,
and only if, the closing price of the Class A ordinary shares equals or exceeds $16.50 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 &ldquo;-Warrants-Public
Shareholders&rsquo; Warrants-Anti-dilution Adjustments&rdquo;) for any 20 trading days within a 30-trading day period ending three
trading days before the Company sends the notice of redemption to the warrant holders).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note&nbsp;8 &mdash;&nbsp;Subsequent Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluated subsequent events and
transactions that occurred after the balance sheet date through <FONT>May 27, 2022</FONT> when the
financial statements were issued. Based on this review, the Company did not identify any subsequent events that would require adjustment
or disclosure in the financial statements.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6,000,000&nbsp;Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Inkstone Feibo Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRELIMINARY PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Sole Book-Running Manager</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tiger Brokers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>, <B>2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Until <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>,
2022 (25&nbsp;days after the date of this prospectus), all dealers that buy, sell or trade shares of our common stock, whether
or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers&rsquo; obligation
to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 176 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;13. <I>Other Expenses of Issuance
and Distribution</I>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The estimated expenses
payable by us in connection with the offering described in this registration statement (other than the underwriting discounts and
commissions) will be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; text-align: left; text-indent: -10pt; padding-left: 10pt">Legal fees and expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Nasdaq listing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">SEC registration fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">FINRA filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">D&amp;O insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Miscellaneous expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">267,754</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total offering expenses (excluding underwriting commissions)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,090,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">This amount represents the approximate amount of annual director and officer liability insurance
premiums the registrant anticipates paying following the completion of its initial public offering and until it completes a business
combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;14. <I>Indemnification of
Directors and Officers</I>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation will provide that all of our directors, officers, employees and agents shall be entitled to be indemnified
by us to the fullest extent permitted by Section&nbsp;145 of the Delaware General Corporation Law (&ldquo;DGCL&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section&nbsp;145 of
the DGCL concerning indemnification of officers, directors, employees and agents is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section&nbsp;145.&nbsp;Indemnification
of officers, directors, employees and agents; insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action,
suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
the person&rsquo;s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in
good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person&rsquo;s conduct was unlawful.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or
was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by the person
in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be
made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify">&nbsp;&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">To the extent that a present or former director or officer of a corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a)&nbsp;and (b)&nbsp;of this
section, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys&rsquo;
fees) actually and reasonably incurred by such person in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">Any indemnification under subsections (a)&nbsp;and (b)&nbsp;of this section (unless ordered by
a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of
the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable
standard of conduct set forth in subsections (a)&nbsp;and (b)&nbsp;of this section. Such determination shall be made, with respect
to a person who is a director or officer of the corporation at the time of such determination, (1)&nbsp;by a majority vote of the
directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2)&nbsp;by a committee of
such directors designated by majority vote of such directors, even though less than a quorum, or (3)&nbsp;if there are no such
directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4)&nbsp;by the shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify">Expenses (including attorneys&rsquo; fees) incurred by an officer or director of the corporation
in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in
advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director
or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the
corporation as authorized in this section. Such expenses (including attorneys&rsquo; fees) incurred by former officers and directors
or other employees and agents of the corporation or by persons serving at the request of the corporation as directors, officers,
employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms
and conditions, if any, as the corporation deems appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(f)</TD><TD STYLE="text-align: justify">The indemnification and advancement of expenses provided by, or granted pursuant to, the other
subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement
of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to
action in such person&rsquo;s official capacity and as to action in another capacity while holding such office. A right to indemnification
or to advancement of expenses arising under a provision of the amended and restated certificate of incorporation or a bylaw shall
not be eliminated or impaired by an amendment to the then existing amended and restated certificate of incorporation or the bylaws
after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action,
suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of
such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(g)</TD><TD STYLE="text-align: justify">A corporation shall have power to purchase and maintain insurance on behalf of any person who is
or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of such person&rsquo;s status as
such, whether or not the corporation would have the power to indemnify such person against such liability under this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(h)</TD><TD STYLE="text-align: justify">For purposes of this section, references to &ldquo;the corporation&rdquo; shall include, in addition
to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers,
and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation,
or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, shall stand in the same position under this section with respect to the
resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence
had continued.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(i)</TD><TD STYLE="text-align: justify">For purposes of this section, references to &ldquo;other enterprises&rdquo; shall include employee
benefit plans; references to &ldquo;fines&rdquo; shall include any excise taxes assessed on a person with respect to any employee
benefit plan; and references to &ldquo;serving at the request of the corporation&rdquo; shall include any service as a director,
officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee
or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and
in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner &ldquo;not opposed to the best interests of the corporation&rdquo; as referred to
in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(j)</TD><TD STYLE="text-align: justify">The indemnification and advancement of expenses provided by, or granted pursuant to, this section
shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(k)</TD><TD STYLE="text-align: justify">The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions
for advancement of expenses or indemnification brought under this section or under any bylaw, agreement, vote of shareholders or
disinterested directors, or otherwise. The Court of Chancery may summarily determine a corporation&rsquo;s obligation to advance
expenses (including attorneys&rsquo; fees).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant
to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment of expenses incurred or paid by a director, officer or controlling person in a
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to the court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with Section&nbsp;102(b)(7)&nbsp;of
the DGCL, our amended and restated certificate of incorporation, will provide that no director shall be personally liable to us
or any of our shareholders for monetary damages resulting from breaches of their fiduciary duty as directors, except to the extent
such limitation on or exemption from liability is not permitted under the DGCL unless they violated their duty of loyalty to the
Company or its shareholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends,
unlawful stock purchases or unlawful redemptions, or derived improper personal benefit from their actions as directors. The effect
of this provision of our amended and restated certificate of incorporation will be to eliminate our rights and those of our shareholders
(through shareholders&rsquo; derivative suits on our behalf) to recover monetary damages against a director for breach of the fiduciary
duty of care as a director, including breaches resulting from negligent or grossly negligent behavior, except, as restricted by
Section&nbsp;102(b)(7)&nbsp;of the DGCL.&nbsp;However, this provision does not limit or eliminate our rights or the rights of any
shareholder to seek non-monetary relief, such as an injunction or rescission, in the event of a breach of a director&rsquo;s duty
of care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the DGCL is amended
to authorize corporate action further eliminating or limiting the liability of directors, then, in accordance with our amended
and restated certificate of incorporation, the liability of our directors to us or our shareholders will be eliminated or limited
to the fullest extent authorized by the DGCL, as so amended. Any repeal or amendment of provisions of our then existing amended
and restated certificate of incorporation limiting or eliminating the liability of directors, whether by our shareholders or by
changes in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective
only, except to the extent such amendment or change in law permits us to further limit or eliminate the liability of directors
on a retroactive basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our amended and restated
certificate of incorporation also will provide that we will, to the fullest extent authorized or permitted by applicable law, indemnify
our current and former officers and directors, as well as those persons who, while directors or officers of our corporation, are
or were serving as directors, officers, employees or agents of another entity, trust or other enterprise, including service with
respect to an employee benefit plan, in connection with any threatened, pending or completed proceeding, whether civil, criminal,
administrative or investigative, against all expense, liability and loss (including, without limitation, attorney&rsquo;s fees,
judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by any such
person in connection with any such proceeding. Notwithstanding the foregoing, a person eligible for indemnification pursuant to
our amended and restated certificate of incorporation will be indemnified by us in connection with a proceeding initiated by such
person only if such proceeding was authorized by our board of directors, except for proceedings to enforce rights to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The right to indemnification
conferred by our amended and restated certificate of incorporation is a contract right that includes the right to be paid by us
the expenses incurred in defending or otherwise participating in any proceeding referenced above in advance of its final disposition,
provided, however, that if the DGCL requires, an advancement of expenses incurred by our officer or director (solely in the capacity
as an officer or director of our corporation) will be made only upon delivery to us of an undertaking, by or on behalf of such
officer or director, to repay all amounts so advanced if it is ultimately determined that such person is not entitled to be indemnified
for such expenses under our amended and restated certificate of incorporation or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The rights to indemnification
and advancement of expenses will not be deemed exclusive of any other rights which any person covered by our amended and restated
certificate of incorporation may have or hereafter acquire under law, our amended and restated certificate of incorporation, our
bylaws, an agreement, vote of shareholders or disinterested directors, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any repeal or amendment
of provisions of our then existing amended and restated certificate of incorporation affecting indemnification rights, whether
by our shareholders or by changes in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise
required by law) be prospective only, except to the extent such amendment or change in law permits us to provide broader indemnification
rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection existing at the time
of such repeal or amendment or adoption of such inconsistent provision with respect to any act or omission occurring prior to such
repeal or amendment or adoption of such inconsistent provision. Our amended and restated certificate of incorporation also will
permit us, to the extent and in the manner authorized or permitted by law, to indemnify and to advance expenses to persons other
than those specifically covered by our amended and restated certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our bylaws include the
provisions relating to advancement of expenses and indemnification rights consistent with those set forth in our amended and restated
certificate of incorporation. In addition, our bylaws provide for a right of indemnity to bring a suit in the event a claim for
indemnification or advancement of expenses is not paid in full by us within a specified period of time. Our bylaws also permit
us to purchase and maintain insurance, at our expense, to protect us and/or any director, officer, employee or agent of our corporation
or another entity, trust or other enterprise against any expense, liability or loss, whether or not we would have the power to
indemnify such person against such expense, liability or loss under the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any repeal or amendment
of provisions of our bylaws affecting indemnification rights, whether by our board of directors, shareholders or by changes in
applicable law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective
only, except to the extent such amendment or change in law permits us to provide broader indemnification rights on a retroactive
basis, and will not in any way diminish or adversely affect any right or protection existing thereunder with respect to any act
or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will enter into indemnity
agreements with each of our officers and directors, a form of which is to be filed as an exhibit to this Registration Statement.
These agreements will require us to indemnify these individuals to the fullest extent permitted under Delaware law and to advance
expenses incurred as a result of any proceeding against them as to which they could be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the Underwriting
Agreement to be filed as Exhibit&nbsp;1.1 to this Registration Statement, we have agreed to indemnify the underwriters and the
underwriters have agreed to indemnify us against certain civil liabilities that may be incurred in connection with this offering,
including certain liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;15. <I>Recent Sales of Unregistered
Securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">On May 13, 2022, our Chief Financial
Officer and sponsor acquired an aggregate of 1,725,000 shares of Class&nbsp;B common stock for an aggregate purchase price of $25,000,
or the &ldquo;founder shares,&rdquo; from us, of which: (i) Xuedong (Tony) Tian, our Chief Financial Officer and Director, acquired 60,000
shares of Class B common stock, for a purchase price of $869.57; and (iii) our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000
shares of Class B common stock, for a purchase price of $24,130.43</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These founder shares
include an aggregate of up to 225,000 founder shares that are subject to forfeiture, including up to: (i)7,826 shares of Class&nbsp;B
common stock under Mr.&nbsp;Tian&rsquo;s ownership, and (iii)&nbsp; 217,174 shares of Class&nbsp;B common stock under the sponsor&rsquo;s
ownership, to the extent that the underwriters&rsquo; over-allotment option is not exercised in full or in part, so that founder
shares will represent 20% of our issued and outstanding shares after this offering (excluding the sale of the private unites and
assuming our founders do not purchase public shares in this offering). None of our founders has indicated any intention to purchase
public shares in this offering. The number of founder shares issued was determined based on the expectation that the founder shares
would represent 20% of the outstanding shares of common stock upon completion of this offering (excluding the sale of the private
units and assuming our founders do not purchase public shares in this offering). Such securities were issued to our founders in
connection with our organization pursuant to the exemption from registration contained in Section&nbsp;4(a)(2)&nbsp;of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, our sponsor
has committed, pursuant to a written agreement, to purchase from us an aggregate of 414,000 (or 450,000 if the underwriters&rsquo;
over-allotment option is exercised in full) private units at $10.00 per share (for an aggregate purchase price of $4,140,000 (or
$4,500,000 if the underwriters&rsquo; over-allotment option is exercised in full)). This purchase will take place on a private
placement basis simultaneously this offering and the exercise of the over-allotment option by underwriters, if any. The issuance
will be made to our founders pursuant to the exemption from registration contained in Section&nbsp;4(a)(2)&nbsp;of the Securities
Act. No underwriting discounts or commissions were paid with respect to such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;16. <I>Exhibits and Financial
Statement Schedules.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">Exhibits. The list of exhibits following the signature page&nbsp;of this registration statement
is incorporated herein by reference.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">Financial Statements. See page&nbsp;F-1 for an index to the financial statements and schedules
included in the registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;17. <I>Undertakings</I>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified
in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters
to permit prompt delivery to each purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act&nbsp;of&nbsp;1933 may
be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">For purposes of determining any liability under the Securities Act&nbsp;of&nbsp;1933, the information
omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&nbsp;430A and contained
in a form of prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(1)&nbsp;or (4)&nbsp;or 497(h)&nbsp;under the Securities
Act shall be deemed to be part of this registration statement as of the time it was declared effective.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">For the purpose of determining any liability under the Securities Act&nbsp;of&nbsp;1933, each post-effective
amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 89%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex1-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex1-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting Agreement.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Incorporation.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amended and Restated Certificate of Incorporation.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Unit Certificate.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Common Stock Certificate.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Warrant Certificate.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="rc001_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="rc001_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Warrant Agreement between Continental Stock Transfer &amp; Trust Company and the Registrant.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Robinson &amp; Cole LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note,
    dated May 12, 2022, issued to Inkstone Feibo Acquisition Sponsor LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Letter Agreement among the Registrant and Initial Shareholders.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left"><A HREF="rc001_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="rc001_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Investment Management Trust Agreement between Continental Stock Transfer &amp; Trust Company and the
    Registrant.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Registration Rights Agreement among the Registrant and certain security holders.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Subscription Agreement, between the Registrant and the sponsor dated May 13, 2022.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-6.htm" STYLE="-sec-extract: exhibit">10.6</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-6.htm" STYLE="-sec-extract: exhibit">Securities Subscription Agreement, between the Registrant and Xuedong (Tony) Tian dated May
    13, 2022.</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Private Placement Units Purchase Agreement between the Registrant and the Sponsor.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnity Agreement.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex10-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Securities Transfer Agreement.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex14-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex14-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Code of Ethics.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of F</FONT>riedman <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Robinson &amp; Cole LLP (included in Exhibit 5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Audit Committee Charter.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Compensation Committee Charter.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Kevin
Vassily.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Hanzhong Li.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex99-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Teng-Wei Chen.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="rc001_ex107.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rc001_ex107.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Exhibit.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act&nbsp;of&nbsp;1933, as amended, the registrant has duly caused this Registration Statement on Form&nbsp;S-1 to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wilmington, Delaware, on the 27th day of May, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Inkstone Feibo Acquisition Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ I-Fa Chang</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>I-Fa Chang</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_001">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">KNOW ALL MEN BY THESE
PRESENTS, that each person whose signature appears below constitutes and appoints I-Fa Chang as true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and
all capacities to sign any and all amendments including post-effective amendments to this registration statement, and to file the
same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent or his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act&nbsp;of&nbsp;1933, as amended, this Registration Statement has been signed below by the following persons
in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 43%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ I-Fa Chang</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 27, 2022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I-Fa Chang</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;/s/ Xuedong (Tony) Tian</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 27, 2022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xuedong (Tony) Tian</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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[{"type": "S-1", "sequence": "1", "filename": "rc001_s1.htm", "description": "FORM S-1", "secsgml_size_bytes": 1619322}]
{"company-data": {"conformed-name": "Inkstone Feibo Acquisition Corp", "cik": "0001930857", "irs-number": "882278037", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-265273", "film-number": "22976121"}, "business-address": {"street1": "7683 SE 27TH ST", "street2": "#268", "city": "MERCER ISLAND", "state": "WA", "zip": "98040", "phone": "4255776555"}, "mail-address": {"street1": "7683 SE 27TH ST", "street2": "#268", "city": "MERCER ISLAND", "state": "WA", "zip": "98040"}}
As filed with the U.S. Securities and
Exchange Commission on May 27, 2022.
Registration No.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
______________
Inkstone
Feibo Acquisition Corporation
(Exact name of registrant as specified in its charter)
______________
Delaware
6770
88-2278037
(State or Other Jurisdiction of
Incorporation or Organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
Inkstone Feibo Acquisition Corporation
221
W 9th St, PMB 235
Wilmington, DE 19801
(425) 365-2933
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)
_______________________
I-Fa Chang
Chief Executive Officer
Inkstone Feibo Acquisition Corporation
221 W 9th St, PMB 235
Wilmington, DE 19801
Telephone Number: (425) 365-2933
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
_______________________
Copies to:
Arila E. Zhou, Esq.
Anna Jinhua Wang, Esq.
Robinson & Cole LLP
666 Third Avenue, 20
th
Floor
New York, NY 10017
Tel: (212) 451-2908
Fang Liu, Esq.
VCL Law LLP
1945 Old Gallows Road, Suite 630
Vienna, VA 22182
Tel: (703) 919-7285
_______________________
Approximate date of commencement of proposed
sale to the public:
As soon as practicable after the effective date of this registration statement.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to
Rule 415 under the Securities Act of 1933 check the following box.
¨
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities
Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering.
¨
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
¨
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
¨
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller
reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Non-accelerated filer
x
Accelerated filer
¨
Smaller reporting company
x
Emerging growth company
x
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities
Act.
¨
The Registrant hereby
amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance
with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
Table of Contents
The information
in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Preliminary
    Prospectus
Subject
    to Completion, dated May 27, 2022
$60,000,000
INKSTONE FEIBO ACQUISITION CORPORATION
6,000,000 Units
Inkstone Feibo Acquisition
Corporation is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout
this prospectus as our initial business combination or our business combination. We have not selected any business combination
target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business
combination target. Although we may pursue a business combination in any industry, sector, or geographical location, we intend
to leverage the knowledge, expertise, capabilities and deep industry relationships of our management team and board of directors
to focus on biotechnology and green technology companies with the potential to capitalize on the growing sectors in North America
or Taiwan. We shall not undertake our initial business combination with any company being based in or having the majority of the
company's operations in China (including Hong Kong and Macau). Our Certificate of Incorporation to be adopted upon the effectiveness
of the registration statement of which this prospectus forms a part will prohibit us from undertaking our initial business combination
with any company being based in or having the majority of the company's operations in China (including Hong Kong and Macau).
(Prospectus cover continued
on the following page.)
We are an "emerging
growth company" under applicable federal securities laws and will be subject to reduced public company reporting requirements.
Investing in our securities involves a high degree of risk. See the section of this prospectus entitled "Risk Factors"
beginning on page 35 for a discussion of information that should be considered in connection with an investment in our securities.
Investors will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings.
Neither the SEC nor
any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
Per Unit
Total
Public offering price
$
10.00
$
60,000,000
Underwriting discounts and commissions
(1)
$
0.55
$
3,300,000
Proceeds, before expenses, to Inkstone Feibo Acquisition Corporation
$
9.45
$
56,700,000
(1)
Includes $0.35 per unit, or $2,100,000 (or up to $2,415,000 if the underwriters' over-allotment option
is exercised in full) in the aggregate payable to the underwriters for deferred underwriting commissions to be placed in a trust
account located in the United States as described herein. The deferred commissions will be released to the underwriters only
on completion of an initial business combination, as described in this prospectus. See the section of this prospectus entitled
"Underwriting" for a description of compensation and other items of value payable to the underwriters.
Our CFO is also the
Managing Director and Head of Capital Markets of US Tiger. As a result, US Tiger Securities, Inc. ("US Tiger" or the
"Representative"), as a representative to the underwriters of this offering and a member of the Financial Industry
Regulatory Authority, or FINRA, is an affiliate of us. Therefore, US Tiger has a "conflict of interest" within the
meaning of Rule 5121 of the Conduct Rules of FINRA. Accordingly, this offering will be made in compliance with the applicable provisions
of FINRA Rule 5121, which requires that a "qualified independent underwriter," as defined by the FINRA rules, participate
in the preparation of the registration statement and exercise the usual standards of due diligence with respect to the registration
statement that an underwriter would exercise on its own behalf. [ ] ("[ ]") is acting as the qualified independent
underwriter and will receive $[ ] as compensation for serving as qualified independent underwriter.
Of the proceeds we receive from this offering and the sale of the private units described in this prospectus, $61,200,000
or $70,380,000 if the underwriters' over-allotment option is exercised in full ($10.20 per unit) will be deposited into
a U.S.-based trust account with Continental Stock Transfer & Trust Company, acting as trustee, and $1,090,000 will be available to pay fees and expenses (excluding
underwriting commissions) in connection with the closing of this offering and $650,000 will be available for working capital
following this offering. Except with respect to interest earned on the funds held in the trust account that may be released
to us to pay our tax obligations, the proceeds from this offering and the sale of the private units that are deposited in
the trust account will not be released from the trust account until the earliest to occur of (a) the completion of our initial
business combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to
amend our certificate of incorporation (i) 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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus) or (ii) with respect to any other provision relating to shareholders' rights or pre-initial
business combination activity and (c) the redemption of our public shares if we are unable to complete our business combination
within 12 months from the closing of this offering, subject to applicable law (or up to 18 months, if we extend the time to
complete a business combination as described in this prospectus). The proceeds deposited in the trust account could become
subject to the claims of our creditors, if any, which could have priority over the claims of our public shareholders.
The underwriters are
offering the units for sale on a firm commitment basis. The underwriters expect to deliver the units to the purchasers on or about            ,
2022.
______________
Sole Book-Running Manager
Tiger Brokers
______________
,
2022
Until           ,
2022 (25 days after the date of this prospectus), all dealers that buy, sell or trade shares of our common stock, whether
or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation
to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.
Table of Contents
(Prospectus cover continued from preceding
page.)
This is an initial public
offering of our securities. Each unit has an offering price of $10.00 and consists of one share of our Class A common stock
and one-half of warrant. We will not issue fractional shares. As a result, you must exercise warrants in multiples
of one whole warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A common stock
at a price of $11.50 per share, subject to adjustment as described in this prospectus, and only whole warrants are exercisable.
The warrants will become exercisable on the later of 30 days after the completion of our initial business combination or 12 months
from the closing of this offering, and will expire five years after the completion of our initial business combination or
earlier upon redemption or liquidation, as described in this prospectus. Subject to the terms and conditions described in this
prospectus, we may redeem the warrants once the warrants become exercisable. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. We have also granted the underwriters a 45-day option to purchase up to an additional
900,000 units to cover over-allotments, if any.
We will provide
our public shareholders with the opportunity to redeem all or a portion of their shares of our Class A common stock 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 described below 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 for
working capital purposes or to pay our taxes, divided by the number of then outstanding shares of Class A common stock
that were sold as part of the units in this offering, which we refer to collectively as our public shares throughout this
prospectus, subject to the limitations described herein. If we are unable to complete our business combination within 12
months (or up to 18 months from the consummation of this offering if we extend the period of time to consummate a business
combination as described in more detail in this prospectus), we will redeem 100% of 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 and not previously released to us to pay for taxes (less up to $75,000 of interest to pay
dissolution expenses), divided by the number of then outstanding public shares, subject to applicable law and as further
described herein. However, if we anticipate that we may not be able to consummate our initial business combination within 12
months from closing of this offering, we may, but are not obligated to, extend the period of time to consummate a business
combination up to two times by an additional three-month period each time for a total of up to 18 months to complete a
business combination. Pursuant to the terms of our certificate of incorporation and the trust agreement to be entered into
between us and Continental Stock Transfer & Trust Company on the date of this prospectus, in order to extend the time
available for us to consummate our initial business combination, our sponsor, upon at least five days advance notice
prior to the applicable deadline, must deposit into the trust account for each three-month extension, $600,000, or $690,000
if the underwriters' over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of
$1,200,000 or $1,380,000 if the underwriters' over-allotment option is exercised in full ($0.20 per unit in either
case), on or prior to the date of the applicable deadline. The sponsor will receive a non-interest bearing, unsecured
promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a
business combination unless there are funds available outside the trust account to do so. Such notes would either be paid
upon consummation of our initial business combination, or, at the lender's discretion, converted upon consummation of
our business combination into additional private placement units at a price of $10.00 per unit. Our public shareholders will
not be afforded an opportunity to vote on our extension of time to consummate an initial business combination from 12 months
to up to 18 months described above or redeem their shares in connection with such extensions. If in the future, we need
additional time beyond the deadline provided in our charter, we have to seek approval from our shareholders to amend our then
existing amended and restated certificate of incorporation to further extend the time that we need to complete our initial
combination and offer public shareholder the opportunity to redeem their shares in connection with such amendment and
extension.
Our sponsor, Inkstone
Feibo Acquisition Sponsor LLC (which we refer to as our sponsor throughout this prospectus) has committed to purchase an aggregate
of 414,000 private placement units (or 450,000 private placement units if the over-allotment option is exercised in full) at a
price of $10.00 per unit ($4,140,000 in the aggregate, or $4,500,000 if the over-allotment option is exercised in full) in a private
placement that will close simultaneously with the closing of this offering. We refer to these units as the "private units"
throughout this prospectus. Private units are identical to the units sold in this offering subject to certain exceptions.
Following the closing of this offering, our officers and directors
are located in the United States except certain officer and director. As a result, it may be difficult, or in some cases not possible,
for investors in the United States to enforce their legal rights, to effect service of process upon those directors or management
members located outside the United States, to enforce judgments of United States courts predicated upon civil liabilities and criminal
penalties on them under United States securities laws. See "Risk Factors –Risks Related to Our Management—Following
the closing of this offering, certain of our executive officers and directors will be located in Taiwan; therefore, investors may
not be able to enforce federal securities laws or their other legal rights upon those officers and directors located outside the
United States" on page 51 of this prospectus.
Our initial shareholders,
including our sponsor, our officers and directors, collectively own 1,725,000 shares of our Class B common stock (up to 225,000
shares of which are subject to forfeiture depending on the extent to which the underwriter's over-allotment option is exercised).
We refer to our initial shareholders as our "founders" and these shares of Class B common stock as the "founder
shares" throughout this prospectus. The holders of Class B common stock have the right to elect all of our directors
prior to our initial business combination and the shares of Class B common stock will automatically convert into shares of
Class A common stock at the closing of our initial business combination on a one-for-one basis, subject to adjustment as provided
herein.
Currently, there is
no public market for our units, Class A common stock or warrants. We have applied to list our units on the Nasdaq Global Market,
or Nasdaq, under the symbol "[ ]" on or promptly after the date of this prospectus. We cannot guarantee that our securities
will be approved for listing on Nasdaq. The Class A common stock and warrants comprising the units will begin separate trading
on the 52
nd
day following the date of this prospectus unless the representatives inform us of their decision to
allow earlier separate trading, subject to our filing a Current Report on Form 8-K with the Securities and Exchange Commission,
or the SEC, containing an audited balance sheet reflecting our receipt of the gross proceeds of this offering and issuing a press
release announcing when such separate trading will begin. Once the securities comprising the units begin separate trading, we expect
that the Class A common stock and warrants will be listed on Nasdaq under the symbols "[ ]" and "[ ],"
respectively.
Table of Contents
TABLE OF CONTENTS
We are responsible
for the information contained in this prospectus. We have not authorized anyone to provide you with different information, and
we take no responsibility for any other information others may give to you. We are not, and the underwriters are not, making an
offer to sell securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information
contained in this prospectus is accurate as of any date other than the date on the front of this prospectus.
Page
Summary
1
Risk Factors
35
Cautionary Note Regarding Forward-Looking Statements
72
Use of Proceeds
73
Dividend Policy
77
Dilution
78
Capitalization
80
Management's Discussion and Analysis of Financial Condition and Results of Operations
81
Proposed Business
87
Management
115
Principal Shareholders
123
Certain Relationships and Related Party Transactions
125
Description of Securities
128
United States Federal Income Tax Considerations
140
Underwriting
    (conflict of interest)
148
Legal Matters
156
Experts
156
Where You Can Find Additional Information
156
Index to Financial Statements
F-1
Table of Contents
SUMMARY
This summary only
highlights the more detailed information appearing elsewhere in this prospectus. As this is a summary, it does not contain all
of the information that you should consider in making an investment decision. You should read this entire prospectus carefully,
including the information under the section of this prospectus entitled "Risk Factors" and our financial statements
and the related notes included elsewhere in this prospectus, before investing.
Unless otherwise stated in
this prospectus, or the context otherwise requires, references to:
•
"common stock" are to our Class A
common stock and our Class B common stock, collectively, par value $0.0001 per share;
•
"company" or "our company" "we," "us," "are
to Inkstone Feibo Acquisition Corporation;
•
"DGCL" is to the Delaware General Corporation Law;
•
"equity-linked securities" are to any securities of our company which are convertible
into or exchangeable or exercisable for, common stock of our company, including but not limited to a private placement of equity
or debt;
•
"founder shares" are to shares of our Class B common stock initially purchased
by our founders in the aggregated price of $25,000 in a private placement prior to this offering, and the shares of our Class A
common stock issued upon the conversion thereof as provided herein;
•
"founders" are to holders of our founder shares prior to this offering and holders
of our private units upon the consummation of this offering which include our sponsor, officers and directors; and/or their designees;
•
"initial shareholders" are to our founders (and/or their designee) who either hold
founder shares;
•
"management" or our "management team" are to our officers and directors;
•
"private shares" are to the shares of our Class A common stock included in
the private units to be issued to our sponsor in a private placement simultaneously with the closing of this offering and the exercise
of over-allotment option by the underwriters as applicable;
•
"private warrants" are to the warrants included in the private units to be issued
to our sponsor in a private placement simultaneously with the closing of this offering and the exercise of over-allotment option
by the underwriters as applicable;
•
"private units" are to the units to be issued to our sponsor in a private placement
simultaneously with the closing of this offering and the exercise of over-allotment option by the underwriters as applicable;
•
"public shares" are to shares of our Class A common stock sold as part of the
units in this offering (whether they are purchased in this 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"
shall only exist with respect to such public shares;
•
"public warrants" are to our redeemable warrants sold as part of the units in this
offering (whether they are purchased in this offering or thereafter in the open market);
•
"sponsor" is to Inkstone Feibo Acquisition Sponsor LLC, a Delaware limited liability
company; and
•
"warrants" are to our private warrants and public warrants, as applicable.
Registered trademarks
referred to in this prospectus are the property of their respective owners. Unless we tell you otherwise, the information in this
prospectus assumes that the underwriters will not exercise their over-allotment option.
1
Table of Contents
PROPOSED BUSINESS
Our Company
We are a newly organized
blank check company incorporated as a Delaware corporation on April 20, 2022 for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which
we refer to throughout this prospectus as our initial business combination.
To date, our efforts
have been limited to organizational activities and activities related to this offering. We have not selected any specific business
combination target and we have not, nor has any person on our behalf, engaged in any substantive discussions, directly or indirectly,
with any business combination target with respect to an initial business combination with us.
Although we may pursue
a business combination in any industry, sector, or geographical location, we intend to leverage the knowledge, expertise, capabilities
and deep industry relationships of our management team and board of directors to focus on opportunities in biotechnology and green
technology industries with an emphasize on Environmental, Social and Governance ("ESG") practices in the United States
and Taiwan. Notwithstanding the foregoing, we will not undertake our initial business combination with any company being based
in or having the majority of the company's operations in China (including Hong Kong and Macau). All of our management are
located outside of China.
Our sponsor is
Inkstone Feibo Sponsor LLC, managed by I-Fa Chang.
Our
officers and directors have accumulated comprehensive experiences in technology-focused investments and consultation, as well as
biotechnology-related operation, management and investments. With the rise of social responsibility and awareness, investors and
businesses around the world increasingly put ESG practices on the top of their investment checklists. We believe that the businesses
promote the broad social good will bring long term value to investors, consumers and communities, in particular, companies that
explicitly focus on making a positive social impact will be better positioned to succeed and grow as a group of united people sharing
this goal. We aim to find companies with such emphasize in the industries that members of management have expertise with. It may
be challenging to find a sustainable business model with ongoing focus on ESG that can reliably create social, environmental and
economic value, however, we believe there are significant, attractive opportunities to invest in businesses committed to this goal.
Businesses in the biotechnology and green technology sectors often help achieve these values.
We believe in the ability
of our officers and directors to add significant value to a target company from a commercial, operating, strategic and sustainability
perspective. We will seek to acquire a business that has existing environmental sustainability practices or enforceable business
plan for such practices, or that may benefit, both operationally and economically, from our management team's commitment
and expertise in executing such practices.
Our Management Team
We will be guided by
a cross-functional team comprised of our officers and board of directors. Our managing officers consists of our Chief Executive
Officer, Mr. I-Fa Chang and our Chief Financial Officer, Mr. Tony Tian. Our board of directors will consist of Mr. Chang,
the Chairman, Mr. Tian, an executive director and three independent director nominees: Dr. Hangzhong (Han) Li, Dr. Teng-Wei Chen
and Mr. Kevin Vassily. We believe the collective expertise, experience and network of our cross-functional team gives us unique
advantages in sourcing and evaluating compelling business combination targets.
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Table of Contents
Mr. I-Fa Chang
has
been the Chairman of our board of directors and our Chief Executive Officer since the inception of our Company. Mr. Chang has more
two decades of investment management and advisory experience. In 2012, Mr. Chang founded Inkstone Capital Co., Ltd., a technology-focused
investment advisory firm ("Inkstone Capital") serving clients in Mainland China, Hong Kong and Taiwan, and has served
as its chief executive officer ever since. He has also served as an independent director of Sichuan Tianfu Bank, a regional
bank based in Southeast China since 2015. Between October 2017 and June 2018, Mr. Chang served as a director and finance control
officer for Finconn Inc., a subsidiary of the Taiwanese electronic manufacturing conglomerate, Foxconn. Before founding Inkstone
Capital, Mr. Chang had extensive experience in financial and investment management across different sectors. Between June 2006
to December 2008, Mr. Chang served as a financial consultant for Chengdu Jiannanchun Shengbo Technology Co., Ltd., an IT solution
company. He also served as a managing director for ARC China Investment Corporation, an investment management company from April
2007 to July 2011, and as a managing director for Xiamen Dazhou-ARC Investment Management Co., Ltd., a joint venture between ARC
China and Dazhou Holding Group, a multi-industry conglomerate based in Xiamen, Fujian Province, PRC, from August 2011 to October
2012. Mr. Chang received his MBA in Finance from National Pingtung Science and Technology University in Taiwan, and his B.A. in
Management Information System from California State University, San Bernardino.
Mr. Xuedong (Tony)
Tian
has been our Chief Financial Officer and a member of our board of directors since the inception of our Company. Mr. Tian
has served as a managing director and head of capital markets at US Tiger Securities, Inc. since October 2020. From May 2012 to
October 2020, Mr. Tian was the founder and president of Weitian Group LLC, a corporate advisory and investor relations firm. Prior
to that, Mr. Tian served as a sell-side equity analyst at various investment banks, including managing director covering China
at Merriman Capital, Inc. from June 2013 to January 2016; executive director and lead analyst covering China Industrials and IT
outsourcing at Oppenheimer & Co. Inc. from May 2011 to May 2012; vice president and lead China analyst at Ladenburg Thalmann
& Co. Inc. from May 2010 to April 2011; senior associate covering Networking, Hardware & IT Supply Chain at Ticonderoga
Securities LLC from October 2009 to May 2010; and associate covering Semiconductor & Semiconductor Capital Equipment at Pacific
Crest Securities LLC (now part of KeyBanc) from April 2008 to September 2009. Mr. Tian holds an MBA degree from New York University,
a M.A. degree in Economics from the University of Connecticut and M.S. and B.S. degrees in Land Resources and Management from China
Agricultural University. Mr. Tian is a CFA charter holder and currently holds Series 7, 24, 63, and 79 licenses. Since March 2022,
Mr. Tian has been the Chief Executive Officer of Feutune Light Acquisition Corporation, a special purpose acquisition company to
be listed on Nasdaq.
Dr. Hanzhong (Han)
Li
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part. Dr. Li has more than two decades of investment, operational and management experience in biotechnology industry. Since February 2019, Dr. Li has served as the senior vice president for Corporate Development
at Eureka Therapeutics, a clinical stage biotechnology company developing antibody-TCR T-Cell therapies for oncology treatment
based in California. In this role, Dr. Li is responsible for a variety of initiatives on finance, corporate and business development
for the company. Before joining Eureka, Dr. Li spent two years as the chief financial officer at Ascentage Pharma Group. Between
2010 and 2017, Dr. Li served as deputy director in the strategy and portfolio management group at Bayer Pharmaceuticals (FWB: BAYN),
a German pharmaceutical company. Earlier in his career, Dr. Li served as an equity research analyst at Morgan Stanley, Suntrust
Robinson Humphrey and Stanford Financial Group in New York, covering biotech and biopharmaceutical companies for the period between
2002 and 2009. He also worked as a research scientist at Genentech, Inc., where he served as lead inventor of three patents
on novel cytokines. Dr. Li received his Ph.D. in Pharmacology from the Boston University School of Medicine and MBA from
the Anderson School of Business at UCLA.
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Dr. Teng-Wei Chen
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part. Dr. Chen is an active start-up and early-stage investor in Southern Taiwan. Dr. Chen has served as managing director
at You-Ci Management Consulting Co., Ltd., an investment company based in Pingtung, Taiwan, since 2015. Since 2018, Dr. Chen has
been a director of New-shine Biomedical Co., Ltd., a Taiwanese biotechnology company of which he was also an investor. In 2019,
he founded iDentist Business Space Co., Ltd., a provider of coworking and shared conferencing space provider in Pingtung, Taiwan.
In 2021, Dr. Chen founded You-Cheng Internet Information Co., Ltd., an IT solution company based in Pingtung, and has served as
its Chairman and CEO since then. As a dentist by training, Dr. Chen has been the chief dentist and manager of Sunshine Dental
Clinic, in Pingtung, Taiwan since September 2015. From August 2012 to March 2014, Dr. Chen was a visiting dental specialist at
Tainan Hospital, Ministry of Health and Welfare, Taiwan. Dr. Chen finished his residency at National Cheng Kung University Hospital,
Taiwan, in July 2012, where he was a resident dentist for six years. Dr. Chen received his D.D.S. in Dentistry from China Medical
University, Taiwan, in 2006.
Mr. Kevin Vassily
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus forms a part
.
Mr. Vassily has extensive working experience as a senior management team member serving private and public companies. In January
2021, he was appointed Chief Financial Officer, and in March 2021, became a member of the board of directors of iPower Inc. (Nasdaq:
IPW), a leading online hydroponic equipment retailer and supplier. Prior to joining iPower, from 2019 to January 2021, Mr. Vassily served
as Vice President of Market Development for Facteus, a financial analytics company focused on the Asset Management industry. From March
2019 through 2020, he served as an advisor at Woodseer, a financial technology firm providing global dividend forecasts. From Oct 2018
through its acquisition in 2020, Mr. Vassily served as an advisor at Go Capture, where he was responsible for providing strategic, business
development, and product development advisory services for the company's emerging "Data as a Service" platform. Since
February 2020, Mr. Vassily has served as a director of Zhongchao Inc. (Nasdaq: ZCMD), a provider of healthcare information, education
and training services to healthcare professionals and the public in China. Since July 2018, Mr. Vassily has also served as an advisor
at Prometheus Fund, a Shanghai- based merchant bank/PE firm focused on the "green" economy. And from 2015 through 2018, Mr.
Vassily served as an associate director of research at Keybanc Capital Markets, and helped to co-manage the Technology Research vertical.
From 2010 to 2014, he served as the director of research at Pacific Epoch (a wholly owned subsidiary of Pacific Crest Securities), where
he was responsible for a complete overhaul of product and a complete business model restart post acquisition, re focusing the firm around
a "data-first" research offering. From 2007 to 2010, he served as the Asia Technology business development representative
and as a senior analyst at Pacific Crest Securities, responsible for establishing the firm's presence and relevance covering Asia
Technology. From 2003 to 2006, he served as senior research analyst in the semiconductor technology group at Susquehanna International
Group, responsible for research in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily served as the vice president
and senior research analyst for semiconductor capital equipment at Thomas Weisel Partners, responsible for publishing research and maintaining
financial models on each of the companies under coverage. Mr. Vassily began his career on Wall Street in 1998, as a research associate
covering the semiconductor industry at Lehman Brothers. He holds a B.A. in liberal arts from Denison University and an M.B.A. from the
Tuck School of Business at Dartmouth College. Mr. Vassily is a director of Denali Capital Acquisition Corp., a special purpose acquisition
company listed on Nasdaq and a director nominee of two additional special purpose acquisition companies seeking listing on Nasdaq: Fortune
Joy International Acquisition Corporation and Feutune Light Acquisition Corporation.
4
Table of Contents
We believe our management
team's operating and transaction experience and relationships with businesses will provide us with access to a large number
of potential business combination targets. Over the course of their careers, the members of our management team have developed
a broad network of contacts and corporate relationships in green/environmental technology and biotechnology sectors.
Notwithstanding the
foregoing, the past performance of our management team is not a guarantee either (i) that we will be able to identify a suitable
candidate for our initial business combination or (ii) of success with respect to any business combination we may consummate.
You should not rely on the historical performance record of our management team as indicative of our future performance. Additionally,
in the course of their respective careers, members of our management team have been involved in businesses and deals that were
unsuccessful. Our officers and directors may have conflicts of interest with other entities to which they owe fiduciary or contractual
obligations with respect to initial business combination opportunities.
Following the closing
of this offering, Mr. Chang, our CEO and Dr. Chen, our independent director will be located in Taiwan. As a result, it may be difficult,
or in some cases not possible, for investors in the United States to enforce their legal rights, to effect service of process upon
those officer and director located outside the United States, to enforce judgments of United States courts predicated upon civil
liabilities and criminal penalties on them under United States securities laws. See "Risk Factors –Risks Related to
Our Management—Following the closing of this offering, certain of our executive officers and directors will be located in
Taiwan; therefore, investors may not be able to enforce federal securities laws or their other legal rights upon those officers
and directors located outside the United States" on page 51 of this prospectus.
Members of our management
team are not obligated to devote any specific number of hours to our matters, but they intend to devote as much of their time
as they, in the exercise of their respective business judgement, deem necessary to our affairs until we have completed our initial
business combination. The amount of time that any member of our management team will devote in any time period will vary based
on whether a target business has been selected for our initial business combination and the current stage of the business combination
process. We do not have an employment agreement with any member of our management team.
Industry Opportunity and Acquisition
Strategy
Although we may pursue
a business combination in any industry, sector, or geographical location, we intend to leverage the knowledge, expertise, capabilities
and deep industry relationships of our management team and board of directors to focus on opportunities in biotechnology and green
technology industries with an emphasize on Environmental, Social and Governance ("ESG") practices in the United States
and Taiwan. Notwithstanding the foregoing, we will not undertake our initial business combination with any company being based
in or having the majority of the company's operations in China (including Hong Kong and Macau). All of our management are
located outside of China.
According to the latest
Refinitiv Lipper data, as of November 30, 2021, $649 billion were invested into ESG-focused funds worldwide compared to $542 billion
and $285 billion that flowed into these funds in 2020 and 2019, respectively. ESG funds now account for 10% of worldwide fund assets.
United States was the
largest ESG Region among the world's top five markets, accounting for 48% of the global sustainable investing assets in 2020. Between
2018 and 2020, the total ESG investment in the United States reached $17.1 trillion, up from $12 trillion, according to the Forum for
Sustainable and Responsible Investment's 2020 trends report. The latter number represents 33% of the $51.4 trillion in total U.S.
assets now under professional management. Referred to Morningstar's report "Sustainable Funds U.S. Landscape Report",
as of December 31, 2021, there were 534 sustainability funds in the United States with $357 billion in assets, four times as many as
three years ago.
Taiwan is leading Asia
in terms of share of ESG assets and ESG disclosure. According to Fitch Ratings, Taiwan had the largest share of ESG mutual fund and exchange-traded
fund (ETF) assets in Asia at the end of third quarter of 2020. Taiwan and Taipei Stock Exchanges and Financial Supervisory Commission
encourage listed companies to report on their Corporate Social Responsibility (CSR) activities. In 2020, Taiwan Depository & Clearing
Corporation, the central securities depository, launched a dashboard providing market participants with ready access to ESG rating information.
According to the latest Bloomberg Environment, Social and Governance (ESG) disclosure scores, Taiwan ranks number one in ESG disclosure
in Asia, ahead of markets like Australia and Japan.
We believe that investment
in ESG-focused businesses will continue to grow, driven by factors such as: a number of countries and companies announcing carbon reduction
targets in alignment with the Paris Climate Accord; continued innovation in new technologies to reduce production costs; consumer and
investor pressure for major companies to improve environment impact disclosure and speed up zero-carbon transition, especially for companies
in traditionally resource-intensive or carbon-intensive sectors; regulation proposed by governments and authorities requiring securities
issuers to disclose information regarding climate-change related risks.
The anticipated growth
in the number of ESG-focused businesses and related sectors in US and Taiwan will present a substantial number of opportunities that
fits our acquisition criteria.
Within the following
two sectors, we believe there are superior acquisition opportunities that may be identified and secured through our
management's network and connections.
Biotechnology
The biotechnology sector is vast, encompassing
fast-growing industries that include artificial intelligence, big data, gene editing, precision medicine, and biomanufacturing,
to name just a few  beyond the traditional confine of pharmaceutical and medical device industries. Opportunities for innovation
and investment within this sector are significant. Globally, the biotechnology market exceeded $627 billion in 2020, and is expected
to grow at a CAGR, or compound annual growth rate, of 8.57% between 2022 and 2026, according the Global Biotechnology Market Report
2021.
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However, the industry
is still catching up with the ESG investment trend just now. Although traditional, major players continued to dominate the pharmaceutical
and medical device sectors, as a May 2022 report by Fortune  pointed out, many emerging companies in the United States at
the cross-section of ESG and biotechnology are not publicly traded. ESG investment in the biotech sector is an area worth exploring.
Our management team's
expertise in the medical and biotech sectors make them uniquely positioned to identify biotech companies that ride the tide in
providing ESG-focused solutions. Biotech and bioscience solutions have emerged man areas in addressing key ESG issues, such as:
·
Sustainable Manufacturing.
Biotechnology has tremendous potential in addressing manufacturing
and packaging issues. According to a report by the Biotechnology Innovation Organization, manufacturing of everyday products, like
apparel, plastics, packaging, carpet and cosmetics, is a major greenhouse gas emitter, responsible for 22% of total GHG emissions.
Biotechnology  can dramatically reduce these emissions by making their building blocks from renewable feedstocks rather than
fossil fuels; in many cases, biology allows drop-in replacements of existing building blocks, enabling faster adoption throughout
our economy with homegrown solutions. For  example, use of enzymes and microorganism in manufacturing can reduce 80% in consumer
products manufacturing; applying silk proteins can create edible protective layer to prolong food packaging while reducing plastic
needs; using CRISPR gene-editing technology can make food more resistant to diseases and resilient amid climate change.
·
Carbon Capture.
Biotechnology also provide first-class solutions in providing lower-carbon
products and enhancing carbon sequestration. The success story of first-generation biofuels in reducing U.S. transportation-sector
GHG emissions in the past decades have been a strong restatement to the potential for providing low-carbon products, as the biofuel
sector contributed 980 million tons in CHG emission reduction over the past thirteen years, equivalent to taking roughly 16 million
vehicles off the road, or 19 coal-fired power plants offline, for that period. Biotech innovations in feedstocks, processing, co-products,
and carbon recycling have shown great success in lowering their carbon intensity of the food and agriculture sectors as well, such
as production  of plant-based meats, algae feed ingredients, and anaerobic digestion of animal waste.
Green and Environmental
Technology
Green and environmental
technology investments benefit the natural environment by both reducing pollution and waste, and encouraging sustainable and renewable
energy alternatives. These forward-looking technologies include, but are not limited to:
·
Green Transportation.
Electric vehicles and EV charging infrastructure are rapidly
growing technologies that can help reduce burning fossil fuels and its attendant pollution. According to a KPMG survey, automobile
executives expect 52% of new vehicle sales to be all-electric by 2030 . By the end of the decade, all public buses in Taiwan
are expected to go electric, according to the Ministry of Transportation and Communications . And in the U.S., the number
of EV-charging stations is expected to grow dramatically, to between 800,000 and 1.7 million, according to the International Energy
Agency.
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·
Pollution Control and Waste Management.
From reducing greenhouse gas emissions on
industrial power plants, minimizing the emissions that come out of the tailpipe of your car, to increasing efficiency in recycling
waste and used utility, the pollution control and waste management industries are on the rise. The growing market for improving
biological and biomedical waste management practices alone is a booming sector, with development driven by several key factors,
most recently the tens of thousands of tons of extra medical waste from the response to the COVID-19 pandemic. This surging problem,
coupled with an expanding public awareness of the threats that medical waste pose to human and environmental health, create favorable
growth trends for biological and biomedical waste management investment opportunities. The global medical waste management market—valued
at $7.2 billion in 2020—is projected to reach $12.8 billion by 2030, registering a CAGR, or compound annual growth rate,
of 5.8% from 2021 to 2030, according to Allied Market Research .
·
Green Agriculture.
Farming and livestock are major contributors to carbon dioxide
emission. Agricultural Fertilizers and pesticides also have significant environmental and ecological consequences. Increasingly,
green agriculture has become an emerging ESG investment target areas, with a 2017  Global Impact Investing Network report
listing that 63% of impact investors expressing interests in the food and agriculture industries. Ag-tech companies providing organic
farming, aquaculture, and other green agriculture solutions have become key investment targets for ESG investors to fight climate
change. According to a 2020 report by US SIF: The Forum for Sustainable and Responsible Investment, surveyed investors have identified
sustainable agriculture as one of the top five criteria for ESG investments.
We believe that the
experience of our management and board of directors in investing and company-building will enable us to source and evaluate the
highest-quality targets that have the potential to capitalize on the growing global ESG-related technology industry generally and
the biotechnology and green/environmental sectors particularly. We will leverage the access provided by our management and board
of directors to identify a wide range of opportunities focusing on ESG solutions in biotech and environmental and green technology
sectors, utilizing their network of relationships with public and private companies, private equity sponsors, public investors
and intermediaries including investment bankers, lenders, attorneys, accountants, and other advisors. Given our profile and industry
expertise, we anticipate that target business candidates may be brought to our attention from various unaffiliated sources, including
investors in other private and public companies in our networks.
Upon completion of this
offering, management team will immediately begin the active search for a target business by communicating with our network of relationships
and other interested parties to articulate our initial business combination criteria, including the parameters of our search for
a target business, and will begin the process of pursuing and reviewing potential opportunities.
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Competitive Advantages
Our management team
has a proven track record of executing investment strategies, growing and managing businesses and generating returns for investors.
Our broad network of contacts and corporate
relationships enable us to efficiently:
·
Source and evaluate businesses
. Mr. Chang, our Chairman and CEO, has over 20 years' experience in business strategy,
finance and investment management. He has also led Inkstone Capital in investing in biotech-related companies in the past. Mr.
Tian, our CFO and an original member of our Board, has extensive experience as a financial analyst, corporate advisor and investor
relations consultant, with expertise in land resources and management. Two independent director nominees, Dr. Li and Dr. Chen,
both developed their career from a medical background, enabling them to understand and evaluate the fundamentals of biotechnology
companies. The combined team has a successful track record of understanding public capital markets and leading the transition of
private companies to public markets.
·
Negotiate and execute transactions in a timely and professional manner.
Our management team's experience
and professionalism in providing investment management and financial advisory services has helped create value for investors. We
have a wellspring of expertise in negotiating and closing major business transactions. Mr. Chang and Dr. Chen has experience in
closing dozens of deals in their investment careers with technology companies. Mr. Vassily has served on various special purpose
acquisition companies and public companies, with experience in identifying and executing transactions efficiently and effectively.
Acquisition Criteria
We are not limited to
a particular geographic region for purposes of consummating an initial business combination except that we will not undertake our
initial business combination with any company being based in or having the majority of the company's operations in China
(including Hong Kong and Macau).
In accordance with our
acquisition strategy and objectives, we have identified the following criteria that we believe are important in evaluating prospective
target businesses. We may, however decide to enter into our initial business combination with a target business that does not meet
these criteria. We currently intend to acquire a company that we believe:
•
is developing products or services with existing environmental sustainability practices or enforceable
business plan for such practices, or that may benefit, both operationally and economically, from our management team's commitment
and expertise in executing such practices;
•
has a platform with potential for multiple long-term growth drivers;
•
has significant potential across the U.S. and Taiwan commercial markets;
•
has a defensible position within its target market as a result of differentiated products, proprietary
technology, supply chains or distribution channels, or other competitive advantages;
•
is ready to go public, with a strong and experienced management team and with corporate governance
and reporting policies in place; and
•
can benefit from being a public company with access to capital markets to support future growth.
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These criteria are not
intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination may be based, to
the extent relevant, on these general guidelines as well as other considerations, factors and criteria that our management team
may deem relevant. In the event that we decide to enter into our initial business combination with a target business that does
not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder
communications related to our initial business combination, which, as discussed in this prospectus, would be in the form of tender
offer documents or proxy solicitation materials that we would file with the SEC.
Initial Business Combination
Our initial business
combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of
the assets held in the trust account (excluding deferred underwriting commissions payable to our underwriters and taxes payable)
at the time of the agreement to enter into the initial business combination. If our board is not able to independently determine
the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm
that is a member of the Financial Industry Regulatory Authority ("FINRA"), or an independent accounting firm with respect
to the satisfaction of such criteria. Our shareholders may not be provided with a copy of such opinion, nor will they be able to
rely on such opinion.
We shall not undertake
our initial business combination with any company being based in or having the majority of the company's operations in China
(including Hong Kong and Macau). Our Amended and Restated Certificate of Incorporation to be adopted upon the effectiveness of
the registration statement of which this prospectus forms a part will prohibit us from undertaking our initial business combination
with any company being based in or having the majority of the company's operations in China (including Hong Kong and Macau).
The net proceeds of
this offering and the sale of the private units released to us from the trust account upon the closing of our initial business
combination may be used as consideration to pay the sellers of a target business with which we complete our initial business combination.
If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust
account are used for payment of the consideration in connection with our initial business combination or used for redemption of
our public shares, we may use the balance of the cash released to us from the trust account following the closing for general corporate
purposes, including for maintenance or expansion of operations of the post-transaction businesses, the payment of principal or
interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or
for working capital.
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In addition, we may
be required to obtain additional financing in connection with the closing of our initial business combination to be used following
the closing for general corporate purposes as described above. There is no limitation on our ability to raise funds through the
issuance of equity or 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 agreements we may enter into following consummation
of this offering. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with
the completion of our initial business combination. At this time, we are not a party to any arrangement or understanding with any
third party with respect to raising any additional funds through the sale of securities or otherwise. None of our founders is required
to provide any financing to us in connection with or after our initial business combination. We may also obtain financing prior
to the closing of our initial business combination to fund our working capital needs and transaction costs in connection with our
search for and completion of our initial business combination. Our amended and restated certificate of incorporation will provide
that, following this offering and prior to the consummation of our initial business combination, we will be prohibited from issuing
additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote
as a class with our public shares (a) on any initial business combination or (b) to approve an amendment to our certificate
of incorporation to (x) extend the time we have to consummate a business combination beyond 12 months from the closing of
this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or
(y) amend the foregoing provisions, unless (in connection with any such amendment to our certificate of incorporation) we
offer our public shareholders the opportunity to redeem their public shares.
Our Acquisition Process
We will utilize the
diligence, rigor, and expertise of our managements' respective platforms to evaluate potential targets' strengths,
weaknesses, and opportunities to identify the relative risk and return profile of any potential target for our initial business
combination.
We currently do not
have any specific business combination under consideration. Our officers and directors have not individually selected a target
business. Our management team is continuously made aware of potential business opportunities, one or more of which we may desire
to pursue for a business combination, but we have not (nor has anyone on our behalf) had any substantive discussions, directly
or indirectly, with any business combination target with respect to an initial business combination with us.
Each of our officers
and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly, if
any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he
or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations
to present such opportunity to such entity. Our management team is continuously made aware of potential investment opportunities,
one or more of which we may desire to pursue for a business combination.
We will have
until 12 months from the consummation of this offering to consummate our initial business combination. However, if we
anticipate that we may not be able to consummate our initial business combination within 12 months from closing of this
offering, we may, but are not obligated to, extend the period of time to consummate a business combination up to two time by
an additional three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant to
the terms of our amended and restated certificate of incorporation and the trust agreement to be entered into between us and
Continental Stock Transfer & Trust Company on the date of this prospectus, in order to extend the time available for us
to consummate our initial business combination, our sponsor, upon at least five days advance notice prior to the
applicable deadline, must deposit into the trust account for each three-month extension, $600,000, or $690,000 if the
underwriters' over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of
$1,200,000 or $1,380,000 if the underwriters' over-allotment option is exercised in full ($0.20 per unit in either
case), on or prior to the date of the applicable deadline. Our public shareholders will not be afforded an opportunity to
vote on our extension of time to consummate an initial business combination from 12 months to 18 months described above or
redeem their shares in connection with such extensions. The sponsor will receive a non-interest bearing, unsecured promissory
note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business
combination unless there are funds available outside the trust account to do so. Such notes would either be paid upon
consummation of our initial business combination, or, at the lender's discretion, converted upon consummation of our
business combination into additional private units at a price of $10.00 per unit.
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On May 13, 2022, to Mr.
Xuedong (Tony) Tian, our Chief Financial Officer, acquired 60,000 founder shares for a purchase price of $869.57. Mr. Xuedong (Tony)
Tian is also the Managing Director and Head of Capital Markets of US Tiger. We may utilize Mr. Tian's affiliation with US
Tiger during our search for suitable targets, if that occurs, we may engage US Tiger to act as our advisor in connection with the marketing
of our business combination and pay to US Tiger a fee for such services upon consummation of our initial business combination. US Tiger
is also affiliated or associated with Tradeup Inc., a founder of TradeUP Acquisition Corp. ("TradeUP Acquisition"), a SPAC
listed on Nasdaq. If we engage US Tiger to assist with marketing of our business combination, we may compete with TradeUP Acquisition
for business opportunities, and certain members of management who presently has, and any of them in the future may have, additional fiduciary,
contractual or other obligations to US Tiger, TradeUP Acquisition or to clients of US Tiger, or other affiliates of our sponsor pursuant
to which such officer or director is or will be required to present a business combination opportunity. Additionally, certain of our
officers and directors have fiduciary and contractual duties to other SPACs listed or to be listed on Nasdaq including Denali Capital
Acquisition Corp. ("Denali Capital"), Feutune Light Acquisition Corporation ("Feutune Light") and Fortune Joy
International Acquisition Corp. ("Fortune Joy"). Accordingly, if any of our officers or directors becomes aware of a business
combination opportunity which is suitable for an entity to which he or she has then current fiduciary, contractual or other obligations,
including TradeUP Acquisition, Feutune Light, Denali Capital or Fortune Joy, he or she will honor his or her fiduciary, contractual or
other obligations to present such opportunity to such entity and only present it to us if such entity rejects the opportunity and he
or she determines to present the opportunity to us (including as described above). These conflicts may not be resolved in our favor and
a potential target business may be presented to another entity prior to its presentation to us. However, we do not believe that the fiduciary
duties or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination.
Our officers may become an officer
or director of any other special purpose acquisition company with a class of securities registered under the Exchange Act, even before
we enter into a definitive agreement regarding our initial business combination or we have failed to complete our initial business combination
within 12 months after the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described
in this prospectus). Certain of our officers and directors have fiduciary and contractual duties to Denali Capital, Feutune Light and
Fortune Joy. Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition may compete with us for business combination opportunities.
If Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition decide to pursue any such opportunity, we may be precluded from
pursuing such opportunities. Subject to his or her fiduciary duties under Delaware law, none of the members of our management team who
are also employed by, or directors of, our sponsor or its affiliates have any obligation to present us with any opportunity for a potential
business combination of which they become aware. Our sponsor and directors and officers are also not prohibited from sponsoring, investing
or otherwise becoming involved with, any other blank check companies, including in connection with their initial business combinations,
prior to us completing our initial business combination. Our management team, in their capacities as directors, officers or employees
of our sponsor or its affiliates or in their other endeavors, may choose to present potential business combinations to the related entities
described above, current or future entities affiliated with or managed by our sponsor, or third parties, before they present such opportunities
to us, subject to his or her fiduciary duties under Delaware law and any other applicable fiduciary duties. Our amended & restated
certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer
unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the company and
it is an opportunity that we are able to complete on a reasonable basis.
In the event we seek
to complete our initial business combination with a company that is affiliated with, or which there is a fiduciary, contractual
or other obligation by, our sponsor, officers or directors, we, or a committee of independent directors, will obtain an opinion
from an independent investment banking firm which is a member of the Financial Industry Regulatory Authority, or FINRA, or an independent
accounting firm that the consideration to be paid by us in the initial business combination is fair to our company from a financial
point of view.
Private Placement
On May 13, 2022, our Chief Financial Officer and sponsor acquired an aggregate
of 1,725,000 shares of Class B common stock for an aggregate purchase price of $25,000, or the "founder shares," from
us, of which: (i) Xuedong (Tony) Tian, our Chief Financial Officer and Director, acquired 60,000 shares of Class B common stock,
for a purchase price of $869.57; and (iii) our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares of Class B common
stock, for a purchase price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares that are subject
to forfeiture, including up to: (i)7,826 shares of Class B common stock under Mr. Tian's ownership, and (iii)  217,174
shares of Class B common stock under the sponsor's ownership, to the extent that the underwriters' over-allotment option
is not exercised in full or in part, so that founder shares will represent 20% of our issued and outstanding shares after this offering
(excluding the sale of the private unites and assuming our founders do not purchase public shares in this offering). None of our founders
has indicated any intention to purchase public shares in this offering.
In addition, our
sponsor has committed to purchase from us an aggregate of 414,000 units, or "private units," (or up to 450,000
private units if our underwriters exercise the over-allotment option) at $10.00 per unit for a total purchase price of
$4,140,000 (or up to $4,500,000 if our underwriters exercise the over-allotment option). Each private unit consisting of one
shares of Class A common stock, or "private share," and one-half of one warrant, or "private
warrant."
The founder shares and
private shares are identical to the public shares. However, our initial shareholders have agreed (A) to vote their founder
shares and private shares in favor of any proposed business combination, (B) not to propose, or vote in favor of, prior to
and unrelated to an initial business combination, an amendment to our certificate of incorporation that would affect the substance
or timing of our redemption obligation to redeem all public shares if we cannot complete an initial business combination within
12 months of the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described
in this prospectus), unless we provide public shareholders an opportunity to redeem their public shares in conjunction with any
such amendment, (C) not to redeem any shares, including founder shares and private units, into the right to receive cash from
the trust account in connection with a shareholder vote to approve our proposed initial business combination or sell any shares
to us in any tender offer in connection with our proposed initial business combination, and (D) that the founder shares and
private shares shall not participate in any liquidating distribution upon winding up if a business combination is not consummated.
In addition, the founders, as the holders of Class B common stock, have the right to elect all of our directors prior to our
initial business combination and shares of the Class B common stock will automatically convert into shares of Class A
common stock at the closing of our initial business combination on a one-for-one basis, subject to adjustment as provided
herein.
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The founder shares
held by Mr. Xuedong (Tony) Tian, our CEO, who is a registered financial professional registered with FINRA and the Managing Director
and Head of Capital Markets of US Tiger, have been deemed compensation by FINRA and are therefore subject to a lock-up for a period
of 180 days immediately following the date of the commencement of sales in this offering pursuant to FINRA Rule 5110(e)(1). Pursuant
to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the
date of the commencement of sales in this offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a
period of 180 days immediately following the date of the commencement of sales in this offering except to any underwriter and selected
dealer participating in the offering and their officers, partners, registered persons or affiliates.
Our initial shareholders
have agreed, subject to certain exception, (i) in the case of founder shares, not to transfer, assign or sell 50% of their
founder shares until the earlier to occur of: (A) six months after the date of the consummation of our initial business
combination, or (B) the date on which the closing price of our Class A common stock equals or exceeds $12.50 per share
(as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any
30-trading day period commencing after our initial business combination and the remaining 50% of the founder shares may not
be transferred, assigned or sold until six months after the date of the consummation of our initial business combination,
or earlier, in either case, if, subsequent to our initial business combination, we consummate a subsequent liquidation, merger,
stock exchange or other similar transaction which results in all of our shareholders having the right to exchange their shares
for cash, securities or other property, and (ii) in the case of private units, and any units may be issued upon the conversion
of the working capital loans, or "working capital units" will not be transferable, assignable or salable until 30 days
after the consummation our initial business combination (except as described herein under the section of this prospectus entitled
"Principal Shareholders — Restrictions on Transfers of Founder Shares and Private Units"). We refer
to such transfer restrictions throughout this prospectus as the lock-up.
The proceeds from the
private placement of the private units will be added to the proceeds of this offering and placed in a trust account in the United States
maintained by Continental Stock Transfer & Trust Company, as trustee. If we do not complete our initial business combination within 12 months (or up to 18 months, if
we extend the time to complete a business combination as described in this prospectus), the proceeds from the sale of the private
units will be included in the liquidating distribution to the holders of our public shares.
Corporate Information
Our executive offices
are located at 76833 SE 27
th
St., #268, Mercer Island, WA 98040 and our telephone number is (949) 468-7078.
We are an "emerging
growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended, or the Securities
Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, we are eligible to take
advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not
"emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our
securities and the prices of our securities may be more volatile.
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In addition, Section 107
of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period
provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other
words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.
We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the
completion of this offering, (b) in which we have total annual gross revenue of at least $1.07 billion, or (c) in
which we are deemed to be a large accelerated filer, which means the market value of our Class A common stock that is held
by non-affiliates exceeds $700 million as of the prior June 30
th
, and (2) the date on which we have issued
more than $1.0 billion in non-convertible debt securities during the prior three-year period. References herein to "emerging
growth company" shall have the meaning associated with it in the JOBS Act.
Additionally, we are
a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting
companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years
of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which
(1) the market value of our common stocks held by non-affiliates exceeds $250 million as of the end of that year's
second fiscal quarter, or (2) our annual revenues exceeded $100 million during such completed fiscal year and the market
value of our common stocks held by non-affiliates exceeds $700 million as of the end of that year's second fiscal quarter.
To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements
with other public companies difficult or impossible.
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The Offering
In making your decision
on whether to invest in our securities, you should take into account not only the backgrounds of the members of our management
team and advisors, but also the special risks we face as a blank check company and the fact that this offering is not being conducted
in compliance with Rule 419 promulgated under the Securities Act.    You will not be entitled to protections
normally afforded to investors in Rule 419 blank check offerings. You should carefully consider these and the other risks
set forth in the section of this prospectus entitled "Risk Factors."
Securities offered
6,000,000 units, at $10.00 per unit (or 6,900,000 units if the underwriters' option to purchase additional units is exercised in full), each unit consisting of:
•   one share of Class A common stock; and
•   one-half of one warrant.
Proposed Nasdaq symbols
Units: "[ ]"
Class A Common Stock: "[ ]"
Warrants: "[ ]"
Trading commencement and separation of
Class A common stock and warrants
The units will begin trading on or promptly after the date of this prospectus. The Class A common stock and warrants comprising the units will begin separate trading on the 52
nd
day following the date of this prospectus unless the representatives inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. Once the shares of Class A common stock and warrants commence separate trading, holders will 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 shares of Class A common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.
Additionally, the units will automatically separate into their component parts and will not be traded after completion of our initial business combination.
Separate trading of Class A common stock
and warrants is prohibited until we have
filed a Current Report on Form 8-K
In no event will the Class A common stock and warrants be traded separately until we have filed a Current Report on Form 8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the underwriters' over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriters' over-allotment option.
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Units:
Number outstanding before this offering
0
Number of private placement units to be sold in a private placement simultaneously with this offering
414,000
Number outstanding after this offering and private placement
6,414,000
(2)
Common stock:
Number outstanding before this offering
1,725,000 shares of Class B common stock
(3)(6)
Number outstanding after this offering and private placement
6,414,000 shares of Class A common stock and 1,500,000 shares of Class B common stock
(1)(4)(6)(7)
Warrants:
Number outstanding before this offering
0
Number outstanding after this offering and private placement
3,207,000
(5)
Exercisability
Each whole warrant is exercisable to purchase one share of our Class A common stock and only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Therefore, you must separate units in multiples of two in order to receive a whole warrant.
Exercise price
$11.50 per share, subject to adjustment
        as described herein.
In addition, if (x) we issue additional
        shares of Class A common stock or equity-linked securities at a Newly Issued Price of less than $9.20 per share of Class A common
        stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case
        of any such issuance to our founders or their affiliates, without taking into account any founder shares held by our founders or
        such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than
        60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date
        of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share,
        then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market
        Value and the Newly Issued Price, and the $16.50 per share redemption trigger price described above will be adjusted (to the nearest
        cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
(1)
Assumes no exercise of the underwriters' over-allotment option.
(2)
Represents 6,000,000 public units and 414,000 private placement units.
(3)
Includes up to 225,000 shares of Class B common stock that are subject to forfeiture by our
founders depending on the extent to which the underwriters' over-allotment option is exercised.
(4)
Includes 1,500,000 founder shares, 6,000,000 shares included in the public units and 414,000 private
shares included in the private units.
(5)
Represents 3,000,000 public warrants included in the public units and 207,000 private warrants
included in the private units.
(6)
The shares of common stock included in the units are Class A common stock. Founder shares
are classified as shares of Class B common stock, which shares are convertible into shares of our Class A common stock
on a one-for-one basis, subject to adjustment as described below adjacent to the caption "Founder shares conversion and anti-dilution."
(7)
Assumes the forfeiture by our founders of 225,000 founder shares.
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Exercise period
The warrants will become exercisable on the later of:
•   30 days after the completion of our initial business combination, or
•   12 months from the closing of this offering;
provided in each case that we have an effective
        registration statement under the Securities Act covering the shares of Class A common stock 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).
We are not registering the shares of Class A common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 30 business days after the closing of our initial business combination, we will use our reasonable best efforts to file, and within 60 business days following our initial business combination to have declared effective, a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed; provided, that if our Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required to use our reasonable best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
The warrants will expire at 5:00 p.m.,
        New York City time, five years after the completion of our initial business combination or earlier upon redemption or
        liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not placed in the trust
        account.
Redemption of warrants
Once the warrants become exercisable, we may redeem the outstanding 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, which we refer to as the 30-day redemption period; and
•   if, and only if, the last sale price of our Class A common stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading  day prior to the date on which we send the notice of redemption to the warrant holders.
We
will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class A common
stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common
stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and
such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us,
we may exercise our redemption right on a cashless basis even if we are unable to register or qualify the underlying securities
for sale under all applicable state securities laws. Please see the section of this prospectus entitled "Description of
Securities — Redeemable Warrants" for additional information.
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Founder shares
On May 13, 2022, our Chief Financial Officer and sponsor acquired an aggregate
of 1,725,000 shares of Class B common stock for an aggregate purchase price of $25,000 , or the "founder shares," from
us, of which: i) Xuedong (Tony) Tian, our Chief Financial Officer and Director, acquired 60,000 shares of Class B common stock,
for a purchase price of $869.57; and (iii) our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares of Class B common
stock, for a purchase price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares that are subject
to forfeiture including up to: (i)7,826 shares of Class B common stock under Mr. Tian's ownership, and (iii)  217,174
shares of Class B common stock under the sponsor's ownership, to the extent that the underwriters' over-allotment option
is not exercised in full or in part, so that founder shares will represent 20% of our issued and outstanding shares after this offering
(excluding the sale of the private unites and assuming our founders do not purchase public shares in this offering). None of our founders
has indicated any intention to purchase public shares in this offering. In addition, our sponsor has committed to transfer an aggregated
amount of 60,000 founder shares to certain of our directors, officers, or their designees prior to the consummation of this offering at
the original purchase price. Prior to the initial investments in the company by our sponsor, the company had no assets, tangible or intangible.
The per share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate
number of founder shares issued. The number of founder shares issued was determined based on the expectation that the founder shares would
represent 20% of the outstanding shares after this offering (excluding the sale of the private shares and assuming our founders do not
purchase public shares in this offering). As such, our initial shareholders will collectively own 24.18% of our issued and outstanding
shares after this offering (including founder shares and private shares and assuming they do not purchase any units in this offering).
The founder shares are identical to the shares of Class A common stock included in the units being sold in this offering, except that:
•   the founder shares are shares of Class B common stock that automatically convert into shares of our Class A common stock at the closing of our initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein;
•   the holders of founder shares have the right to elect and remove, with or without cause, all of our directors prior to our initial business combination;
•   the founder shares are subject to certain transfer restrictions, as described in more detail below;
•   our initial shareholders have agreed to vote any founder shares, private shares held by them and any public shares purchased during or after this offering in favor of our initial business combination. As a result, in the event that only the minimum number of shares representing a quorum is present at a shareholders' meeting held to vote on our initial business combination, in addition to our initial shareholders' founder shares and private shares, we would need only 64,501
or 1.08%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or units or shares in the after-market). In the event that all shares of our outstanding common stock are voted, we would need 2,043,001 or 34.05%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or units or shares in the after-market);
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•   our initial shareholders will enter into a letter agreement with us, pursuant to which they will agree (i) to waive their redemption rights with respect to any founder shares, private shares and any public shares held by them in connection with the completion of our initial business combination, (ii) waive their redemption rights with respect to their founder shares, private shares and public shares in connection with a shareholder vote to approve an amendment to our then existing amended and restated certificate of incorporation (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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity and (iii) to waive their rights to liquidating distributions from the trust account with respect to any founder shares and private units held by them if we fail to complete our initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), 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 the prescribed time frame. If we submit our initial business combination to our shareholders for a vote, we will complete our initial business combination only if a majority of the then outstanding shares of common stock present and entitled to vote at the meeting to approve the initial business combination are voted in favor of the initial business combination; and
•   the founder shares are subject to registration rights.
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Transfer restrictions on
founder shares
Our initial shareholders have agreed not to transfer, assign or sell 50% of their founder shares until the earlier to occur of: (A) six months after the date of the consummation of our initial business combination, or (B) the date on which the closing price of our Class A common stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned or sold until six months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of our public shareholders having the right to exchange their shares of common stock for cash, securities or other property (except as described herein under the section of this prospectus entitled "Principal Shareholders — Restrictions on Transfers of Founder Shares and Private Units"). We refer to such transfer restrictions on founder shares, private units and working capital units throughout this prospectus as the lock-up.
Further, the founder shares held by Mr. Xuedong (Tony) Tian, our CFO, who is a registered financial professional registered with FINRA and the Managing Director and Head of Capital Markets of US Tiger, will be subject to lock-up and resale registration restrictions in compliance with FINRA Rule 5110.
Founder shares conversion and anti-dilution rights
The shares of Class B common stock will automatically convert into shares of our Class A common stock at the closing of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of shares of Class A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of this offering (excluding the sale of the private units and assuming our founders do not purchase public shares in this offering), plus the total number of shares of Class A common stock 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 shares of Class A common stock or equity-linked securities exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial business combination and any private placement-equivalent warrants issued to our sponsor, officers or directors upon conversion of working capital loans (including extension notes); provided that such conversion of founder shares will never occur on a less than one for one basis.
Voting
Holders of the Class A common stock and holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of our shareholders, except as required by law. Each share of common stock will have one vote on all such matters. However, the holders of the founder shares have the right to elect and remove, with or without cause, all of our directors prior to our initial business combination.
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Private units
Our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 414,000 (or 450,000 if the over-allotment option is exercised in full) units, or the "private units", at $10.00 per unit ($4,140,000 in the aggregate or $4,500,000 in the aggregate if the over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of this offering. Each private unit consists of one share of Class A common stock, and one-half of one warrant. The private units are identical to the units sold in this offering. However, the holder of the private units will be entitled to registration rights. In addition, the private units and the underlying securities may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder until 30 days after the completion of our initial business combination. A portion of the purchase price of the private units will be added to the proceeds from this offering to be held in the trust account such that at the time of closing $61,200,000 (or $70,380,000 if the underwriters exercise their over-allotment option in full), representing $10.20 per unit, will be held in the trust account.
Transfer restrictions on private units
The private units and the underlying securities will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except as described under the section of this prospectus entitled "Principal Shareholders — Restrictions on Transfers of Founder Shares and Private Units").
Proceeds to be held in trust account
The rules of Nasdaq provide that at least 90% of the gross proceeds from this offering and the sale of the private units be deposited in a trust account. Of the net proceeds of this offering and the sale of the private units, $61,200,000, or $10.20 per unit ($70,380,000, or $10.00 per unit, if the underwriters' over-allotment option is exercised in full) will be placed into a U.S.-based trust account with Continental Stock Transfer & Trust Company, acting as trustee. These proceeds include $2,100,000 (or $2,415,000 if the underwriters' over-allotment option is exercised in full) in deferred underwriting commissions.
Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering and the sale of the private units that are deposited in the trust account will not be released from the trust account until the earliest of (a) the completion of our initial business combination, (b) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our then existing amended and restated certificate of incorporation (i) 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 12 months from the closing of this offering (for a total of up to 18 months to complete a business combination) or (ii) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity and (c) the redemption of our public shares if we are unable to complete our business combination within 12 months from the closing of this offering, subject to applicable law (for a total of up to 18 months to complete a business combination). The proceeds deposited in the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public shareholders. However, if we anticipate that we may not be able to consummate our initial business combination within 12 months from closing of this offering, we may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional three- month period each time (for a total of up to 18 months to complete a business combination). Pursuant to the
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terms of
                                                our amended and restated certificate of incorporation to be adopted immediately prior to the effectiveness of the
                                                registration statement of which this prospectus forms a part to and the trust agreement to be entered into between us and
                                                Continental Stock Transfer & Trust Company on the date of this prospectus, in order to extend the time available for us
                                                to consummate our initial business combination, our sponsor, upon at least five days advance notice prior to the
                                                applicable deadline, must deposit into the trust account for each three-month extension, $600,000, or $690,000 if the
                                                underwriters' over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of
                                                $1,200,000 or $1,380,000 if the underwriters' over-allotment option is exercised in full ($0.20 per unit in either
                                                case), on or prior to the date of the applicable deadline. The sponsor will receive a non-interest bearing, unsecured
                                                promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a
                                                business combination unless there are funds available outside the trust account to do so. Such notes would either be paid
                                                upon consummation of our initial business combination, or, at the lender's discretion, converted upon consummation of
                                                our business combination into additional private units at a price of $10.00 per unit.
Anticipated expenses and funding
sources
Except as described above with respect to the payment of taxes, unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our use. The proceeds held in the trust account will be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. We will disclose in each quarterly and annual report filed with the SEC prior to our initial business combination whether the proceeds deposited in the trust account are invested in U.S. government treasury obligations or money market funds or a combination thereof. Based upon an assumed interest rate of 0.05%, we expect the trust account to generate approximately $30,600 of
interest annually.
Unless and until we complete our initial business combination, we may pay our expenses only from:
•   the net proceeds of this offering and the sale of the private units not held in the trust account, which will be approximately $650,000 in working capital after the payment of approximately $1,090,000 in expenses (excluding underwriting commissions) relating to this offering; and
•   any loans or additional investments from our founders or their affiliates, although they are under no obligation to advance funds or invest in us, and provided that any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of our initial business combination.
Conditions to completing our initial business combination
There is no limitation on our ability to raise funds privately or through loans in connection with our initial business combination. Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding deferred underwriting commissions and interest income earned on the trust account that is released for working capital purposes or to pay taxes) at the time of the agreement to enter into the initial business combination.
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If our board is not able to independently determine the fair market value of the target business or businesses or we are considering an initial business combination with an affiliated entity, we will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm. We anticipate structuring our initial business combination so that the post-transaction company in which our public shareholders own shares will own or acquire 100% of the equity interests or assets of the target business or businesses.
We may, however, structure our initial business combination such that the post-transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain objectives of the target management team or shareholders or for other reasons. However, we will only complete such business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient for the post-transaction company not to be required to register as an investment company under the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to the business combination may collectively own a minority interest in the post business-combination company, depending on valuations ascribed to the target and us in the business combination transaction. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% of net assets test, provided that in the event that the business combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the target businesses and we will treat the target businesses together as the initial business combination for purposes of a tender offer or for seeking shareholder approval, as applicable.
Permitted purchases of public shares by our affiliates
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 initial shareholders, advisors or their affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. There is no limit on the number of shares our initial shareholders, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and the rules of Nasdaq. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Securities Exchange Act of 1934, as amended, or the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules.
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Redemption rights for public shareholders upon completion of our initial business combination
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 as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.20
per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by deferred underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial business combination with respect to our warrants. Our initial shareholders will enter into a letter agreement with us, pursuant to which they will agree to waive their redemption rights with respect to any founder shares and private shares held by them and any public shares they may acquire during or after this offering in connection with the completion of our business combination or otherwise and to waive their redemption rights with respect to their founder shares, private shares and public shares in connection with a shareholder vote to approve an amendment to our then existing amended and restated certificate of incorporation (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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity.
Manner of conducting redemptions
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 either (i) in connection with a shareholder meeting called to approve the business combination or (ii) by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirements. Asset acquisitions and stock purchases would not typically require shareholder approval, while direct mergers with our company where we do not survive and any transactions where we issue more than 20% of our outstanding common stock or seek to amend our then existing amended and restated certificate of incorporation would require shareholder approval. We intend to conduct redemptions without a shareholder vote pursuant to the tender offer rules of the SEC unless shareholder approval is required by law or stock exchange listing requirements or we choose to seek shareholder approval for business or other legal reasons. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with such rules.
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If a shareholder vote is not required and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation:
•   conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E under the Exchange Act, which regulate issuer tender offers, and
•   file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A under the Exchange Act, which regulates the solicitation of proxies.
Upon the public announcement of our business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we or our initial shareholders will terminate any plan established in accordance with Rule 10b5-1 under the Exchange Act to purchase shares of our Class A common stock in the open market, in order to comply with Rule 14e-5 under the Exchange Act.
In the event that we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on public shareholders not tendering more than a specified number of public shares, which number will be based on the requirement that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. If public shareholders tender more shares than we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.
If, however, shareholder approval of the transaction is required by law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other legal reasons, we will:
•   conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A under the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and
•   file proxy materials with the SEC.
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If we seek shareholder approval, we will complete our initial business combination only if a majority of the then outstanding shares of common stock present and entitled to vote at the meeting to approve the initial business combination are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority (more than 50%) of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting. Our initial shareholders will count towards this quorum and have agreed to vote their founder shares and private units and any public shares purchased during or after this offering in favor of our initial business combination. As a result, in the event that only the minimum number of shares representing a quorum
is present at a shareholders' meeting held to vote on our initial business combination, in addition to our initial shareholders' founder shares and private shares, we would need only 64,501 or 1.08%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or units or shares in the after-market). In the event that all shares of our outstanding common stock are voted, we would need 2,043,001 or 34.05%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or units or shares in the after-market).
We intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorums and voting thresholds, and the voting agreements of our initial shareholders may make it more likely that we will consummate our initial business combination. Each public shareholder may elect to redeem its public shares irrespective of whether they vote, do not vote or abstain, and if they do vote, irrespective of whether they vote for or against the proposed transaction, and irrespective of whether they were a public shareholder on the record date for the general meeting held to approve the proposed transaction.
We may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to such holders, or up to two business days prior to the vote on the proposal to approve the business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically. We believe that this will allow our transfer agent to efficiently process any redemptions without the need for further communication or action from the redeeming public shareholders, which could delay redemptions and result in additional administrative cost. If the proposed business combination is not approved and we continue to search for a target company, we will promptly return any certificates delivered, or shares tendered electronically, by public shareholders who elected to redeem their shares.
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Our amended and restated certificate of incorporation will provide that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration we would be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares, and all shares of Class A common stock submitted for redemption will be returned to the holders thereof.
Limitation on redemption rights of shareholders holding 15% or more of the shares sold in this offering if we hold shareholder vote
Notwithstanding the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public 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 more than an aggregate of 15% of the shares sold in this offering. We believe the restriction described above will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public shareholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights against a business combination if such holder's shares are not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By limiting our shareholders' ability to redeem to no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our shareholders' ability to vote all of their shares (including all shares held by those shareholders that hold more than 15% of the shares sold in this offering) for or against our business combination.
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Redemption rights in connection with proposed amendments to our certificate of incorporation
Some other blank check companies have a provision in their charter which prohibits the amendment of certain charter provisions. Our amended and restated certificate of incorporation will provide that any of its provisions related to pre-business combination activity (including the requirement to deposit proceeds of this offering and the private placement of warrants into the trust account and not release such amounts except in specified circumstances, and to provide redemption rights to public shareholders as described herein) may be amended if approved by holders of 65% of our common stock entitled to vote thereon, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our common stock entitled to vote thereon. In all other instances, our amended and restated certificate of incorporation may be amended by holders of a majority of our outstanding common stock entitled to vote thereon, subject to applicable provisions of the Delaware General Corporation Law, or DGCL, or applicable stock exchange rules. We may not issue additional securities that can vote on amendments to our then existing amended and restated certificate of incorporation or in our initial business combination or that would entitle holders to receive funds from the trust account. Our initial shareholders, who will beneficially own 24.18% of our common stock upon the closing of this offering (assuming they do not purchase any units in this offering), will participate in any vote to amend our amended and restated certificate of incorporation and/or trust agreement and will have the discretion to vote in any manner they choose. Our initial shareholders have agreed, pursuant to a letter agreement with us (filed as an exhibit to the registration statement of which this prospectus forms a part), that they will not propose any amendment to our then existing amended and restated certificate of incorporation (i) that would 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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (ii) with respect to any other material provision relating to shareholders' rights or pre-initial business combination activity, unless we provide our public shareholders with the opportunity to redeem their shares of Class A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable and amounts released to us for working capital purposes) divided by the number of then outstanding public shares. Our initial shareholders will enter into a letter agreement with us pursuant to which they will agree to waive their redemption rights with respect to any founder shares and private units and any public shares held by them in connection with the completion of our initial business combination and to waive their redemption rights with respect to their founder shares and private units and public shares in connection with a shareholder vote to approve an amendment to our then existing certificate of incorporation (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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity.
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Release of funds in trust account on closing of our initial business combination
On the completion of our initial business combination, all amounts held in the trust account will be released to us. We will use these funds to pay amounts due to any public shareholders who exercise their redemption rights as described above under "Redemption rights for public shareholders upon completion of our initial business combination," to pay the underwriters their deferred underwriting fee, to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination. If our initial business combination is paid for using equity or debt instruments, or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other assets, companies or for working capital.
Redemption of public shares and distribution and liquidation if no initial business combination
Our amended and restated certificate of incorporation will provide that we will have only 12 months from the closing of this offering to complete our initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination within 12 months from closing of this offering, we may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation and the trust agreement to be entered into between us and Continental Stock Transfer & Trust Company on the date of this prospectus, in order to extend the time available for us to consummate our initial business combination, our sponsor, upon at least five days advance notice prior to the applicable deadline, must deposit into the trust account for each three-month extension, $600,000, or $690,000 if the underwriters' over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of $1,200,000 or $1,380,000 if the underwriters' over-allotment option is exercised in full ($0.20 per unit in either case), on or prior to the date of the applicable deadline. The sponsor will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our initial business combination, or, at the lender's discretion, converted upon consummation of our business combination into additional private units at a price of $10.00 per units. Our public shareholders will not be afforded an opportunity to vote on our extension of time to consummate an initial business combination from 12 months to up to 18 months described above or redeem their shares in connection with such extensions.
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If we are unable to complete our initial business combination within such time period, we will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us for working capital purposes or to pay our taxes (less up to $75,000
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, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete our business combination within the 12-month (or up to 18-month, as applicable) time period.
Our initial shareholders have waived their rights to liquidating distributions from the trust account with respect to any founder shares and private units held by them if we fail to complete our initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus). However, if our initial shareholders acquire public shares in or after this 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 allotted time period.
The underwriters have agreed to waive their rights to their deferred underwriting commissions held in the trust account in the event we do not complete our initial business combination and subsequently liquidate and, in such event, such amounts will be included with the funds held in the trust account that will be available to fund the redemption of our public shares.
Limited payments to insiders
There will be no finder's fees, reimbursements or cash payments made to our founders or their affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination although we may consider cash or other compensation to officers or advisors we may hire subsequent to this offering to be paid either prior to or in connection with our initial business combination. In addition, the following payments will be made to our founders or their affiliates, none of which will be made from the proceeds of this offering held in the trust account prior to the completion of our initial business combination:
•   Repayment of an aggregate of up to $500,000
in loans made to us by our sponsor;
•   Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination; and
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•   Repayment of loans which may be made by our founders or an affiliate of our founders to finance transaction costs in connection with an intended initial business combination and/or to finance the extensions of the deadline that we need to complete our initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $3,000,000 of such loans may be convertible into working capital units, at a price of $10.00 per unit at the option of the lender. The working capital units would be identical to the private units sold in the private placement.
Our audit committee will review on a quarterly basis all payments that were made to our founders or their affiliates.
Audit Committee
We will establish and maintain an audit committee, which will be composed entirely of independent directors to, among other things, monitor compliance with the terms described above and the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to immediately take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section of this prospectus entitled "Management — Committees of the Board of Directors — Audit Committee."
Conflicts of Interest
Our CFO is also the Managing Director and
        Head of Capital Markets of US Tiger. As a result, US Tiger, as a representative to the underwriters of this offering and a member
        of the Financial Industry Regulatory Authority, or FINRA, is an affiliate of us. Therefore, US Tiger have a "conflict of
        interest" within the meaning of Rule 5121 of the Conduct Rules of FINRA. Accordingly, our initial public offering will be
        made in compliance with Rule 5121 of FINRA's Conduct Rules, which prohibits US Tiger from making sales to discretionary accounts
        without the prior written approval of the account holder and requires that a "qualified independent underwriter," as
        defined by FINRA participate in the preparation of the registration statement and exercise the usual standard of due diligence
        with respect to such document. We have engaged [ ] to be the qualified independent underwriter and participate in the preparation
        of the registration statement and exercise the usual standards of "due diligence" in respect thereto. We agreed to
        indemnify [ ] against certain liabilities incurred in connection with acting as a qualified independent underwriter, including
        liabilities under the Securities Act. [ ] will receive $[ ] as compensation for serving as qualified independent underwriter in
        connection with this offering. In addition, no underwriter with a conflict of interest will confirm sales to any account over which
        it exercises discretionary authority without the specific prior written approval of the account holder.
Although we do not believe any conflict
        currently exists between us and our founders or their affiliates, our founders or their affiliates may compete with us for acquisition
        opportunities. If such entities decide to pursue an opportunity, we may be precluded from procuring such opportunity. None of our
        founders or their respective affiliates will have any obligation to present us with any opportunity for a potential business combination
        of which they become aware, unless presented to such member specifically in his or her capacity as an officer or director of the
        Company. Our management team, in their capacities as employees or affiliates of our founders or in their other endeavors, may be
        required to present potential business combinations to future founders' affiliates or third parties, before they present
        such opportunities to us.
On May 13, 2022, Mr. Xuedong (Tony) Tian,
our Chief Financial Officer, acquired 60,000 founder shares for a purchase price of $869.57 prior to the offering. Mr. Xuedong (Tony)
Tian is also the Managing Director and Head of Capital Markets of US Tiger. We may utilize Mr. Tian's affiliation with US
Tiger during our search for suitable targets, if that occurs, we may engage US Tiger to act as our advisor in connection with the marketing
of our business combination and pay to US Tiger a fee for such services upon consummation of our initial business combination. US Tiger
is also affiliated or associated with Tradeup Inc., a founder of TradeUP Acquisition Corp. ("TradeUP Acquisition"), a SPAC
listed on Nasdaq. If we engage US Tiger to assist with marketing of our business combination, we may compete with TradeUP Acquisition
for business opportunities, and certain members of management who presently has, and any of them in the future may have, additional fiduciary,
contractual or other obligations to US Tiger, TradeUP Acquisition or to clients of US Tiger, or other affiliates of our sponsor pursuant
to which such officer or director is or will be required to present a business combination opportunity. Additionally, certain of our
officers and directors have fiduciary and contractual duties to other SPACs listed or to be listed on Nasdaq including Denali Capital,
Feutune Light and Fortune Joy. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which
is suitable for an entity to which he or she has then current fiduciary, contractual or other obligations, including TradeUP Acquisition,
Denali Capital, Feutune Light or Fortune Joy, he or she will honor his or her fiduciary, contractual or other obligations to present
such opportunity to such entity and only present it to us if such entity rejects the opportunity and he or she determines to present
the opportunity to us (including as described above). These conflicts may not be resolved in our favor and a potential target business
may be presented to another entity prior to its presentation to us. However, we do not believe that the fiduciary duties or contractual
obligations of our officers or directors will materially affect our ability to complete our initial business combination.
Our officers may become an officer or director of any other special purpose
acquisition company with a class of securities registered under the Exchange Act, even before we enter into a definitive agreement
regarding our initial business combination or we have failed to complete our initial business combination within 12 months after the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus). Certain
of our officers and directors have fiduciary and contractual duties to Denali Capital, Feutune Light and Fortune Joy. Denali Capital,
Feutune Light, Fortune Joy and TradeUP Acquisition may compete with us for business combination opportunities. If Feutune Light and TradeUP
Acquisition decide to pursue any such opportunity, we may be precluded from pursuing such opportunities. Subject to his or her fiduciary
duties under Delaware law, none of the members of our management team who are also employed by, or directors of, our sponsor or its affiliates
have any obligation to present us with any opportunity for a potential business combination of which they become aware. Our sponsor and
directors and officers are also not prohibited from sponsoring, investing or otherwise becoming involved with, any other blank check companies,
including in connection with their initial business combinations, prior to us completing our initial business combination. Our management
team, in their capacities as directors, officers or employees of our sponsor or its affiliates or in their other endeavors, may choose
to present potential business combinations to the related entities described above, current or future entities affiliated with or managed
by our sponsor, or third parties, before they present such opportunities to us, subject to his or her fiduciary duties under Delaware
law and any other applicable fiduciary duties. Our amended and restated certificate of incorporation will provide that we renounce our
interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely
in his or her capacity as a director or officer of the company and it is an opportunity that we are able to complete on a reasonable basis.
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Indemnity
Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or by a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below (i) $10.20 per public share or (ii) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor's only assets are securities of our company. We have not asked our sponsor to reserve for such indemnification obligations. None of our officers will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
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Risk
Factors Summary
We are a newly incorporated
company that has conducted no operations and has generated no revenues. Until we complete our initial business combination, we
will have no operations and will generate no operating revenues. In making your decision whether to invest in our securities, you
should take into account not only the background of our management team, but also the special risks we face as a blank check company.
This offering is not being conducted in compliance with Rule 419 promulgated under the Securities Act. Accordingly, you will
not be entitled to protections normally afforded to investors in Rule 419 blank check offerings. For additional information
concerning how Rule 419 blank check offerings differ from this offering, please see "Proposed Business — Comparison
of This Offering to Those of Blank Check Companies Subject to Rule 419." You should carefully consider these and the
other risks set forth in the section entitled "Risk Factors" of this prospectus.
Such risks include,
but are not limited to:
•
Our public shareholders may not be afforded an opportunity to vote on our proposed business combination,
which means we may complete our initial business combination even though a majority of our public shareholders do not support such
a combination.
•
If we seek shareholder approval of our initial business combination, our initial shareholders have
agreed to vote their founder shares and private units in favor of such initial business combination, regardless of how our public
shareholders vote.
•
Your only opportunity to affect the investment decision regarding a potential business combination
will be limited to the exercise of your right to redeem your shares from us for cash, unless we seek shareholder approval of the
business combination.
•
The ability of our public shareholders to exercise redemption rights with respect to a large number
of our shares may not allow us to complete the most desirable business combination or optimize our capital structure.
•
Our search for a business combination, and any target business with which we ultimately consummate
a business combination, may be materially adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt
and equity markets, as well as protectionist legislation in our target markets.
•
The requirement that we complete our initial business combination within 12 months of the closing
of our IPO (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) may give
potential target businesses leverage over us in negotiating a business combination and may decrease our ability to conduct due
diligence on potential business combination targets as we approach our dissolution deadline.
•
We may not be able to complete our initial business combination within the prescribed time frame,
in which case we would cease all operations except for the purpose of winding up.
•
You will not have any rights or interests in funds from the trust account, except under certain
limited circumstances. To liquidate your investment, therefore, you may be forced to sell your public shares or warrants, potentially
at a loss.
•
If our securities are approved for listing, Nasdaq may delist our securities from trading on its
exchange, which could limit investors' ability to make transactions in our securities and subject us to additional trading
restrictions.
•
If we seek shareholder approval of our initial business combination and we do not conduct redemptions
pursuant to the tender offer rules, and if you or a "group" of shareholders are deemed to hold in excess of 15% of
our common stock, you will lose the ability to redeem all such shares in excess of 15% of our common stock.
•
Because of our limited resources and the significant competition for business combination opportunities,
it may be more difficult for us to complete our initial business combination and our warrants will expire worthless.
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•
We are not registering the shares of common stock issuable upon exercise of the warrants under
the Securities Act or any state securities laws at this time, and such registration may not be in place when an investor desires
to exercise warrants.
•
We may seek acquisition opportunities in industries or sectors which may or may not be outside
of our management's area of expertise.
•
Because we are not limited to a particular industry, sector or any specific target businesses with
which to pursue our initial business combination, you will be unable to ascertain the merits or risks of any particular target
business's operations.
•
We are not required to obtain an opinion from an independent investment banking firm or from an
independent accounting firm, and consequently, you may have no assurance from an independent source that the price we are paying
for the business is fair to our company from a financial point of view.
•
We may issue additional common stock or preferred stock to complete our initial business combination
or under an employee incentive plan after completion of our initial business combination, which would dilute the interest of our
shareholders and likely present other risks.
•
Our officers and directors may allocate their time to other businesses and may become officers
or directors of any other special purpose acquisition companies, thereby causing conflicts of interest in their determination as
to how much time to devote to our affairs and whether to present potential target            to
us instead of to our competitors. This conflict of interest could have a negative impact on our ability to complete our initial
business combination.
•
Our founders and their respective affiliates may have competitive pecuniary interests that conflict
with our interests.
•
We may be unable to obtain additional financing to complete our initial business combination or
to fund the operations and growth of a target business, which could compel us to restructure or abandon a particular business combination.
•
We are an emerging growth company and a smaller reporting company within the meaning of the Securities
Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies and smaller
reporting companies, this could make our securities less attractive to investors and may make it more difficult to compare our
performance with other public companies.
•
If we complete our initial business combination with a company with operations or opportunities
outside of the United States, we would be subject to a variety of additional risks that may negatively impact our operations.
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Summary
Financial Data
The following table
summarizes the relevant financial data for our business and should be read with our financial statements, which are included in
this prospectus. We have not had any significant operations to date, so only balance sheet data is presented.
May 16, 2022
Actual
As Adjusted
Balance Sheet Data:
Working capital (deficiency)
(1)
$
(95,521
)
$
674,479
Total assets
(2)
$
120,000
$
61,874,479
Total liabilities
(3)
$
95,521
$
2,100,000
Value of common stock subject to possible conversion/tender
(4)
$
—
$
61,200,000
Shareholders' equity
(5)
$
24,479
$
(1,425,521
)
(1)
The "as adjusted" calculation includes net proceeds received from the sale of the units
in this offering and the sale of the private placement units held outside of the trust account, after repaying the promissory note
loaned to us by our sponsor.
(2)
The "as adjusted" calculation includes $61,200,000 of
cash held in trust from the proceeds of this offering and the sale of the private units, plus the working capital of $674,479 as
of May 16, 2022.
(3)
The "as adjusted" calculation includes $2,100,000 for the underwriters' deferred
underwriting commissions.
(4)
The "as adjusted" calculation equals the redemption value of the 6,000,000 shares of
Class A common stock purchased in this offering ($10.00 per share), presented as temporary equity.
(5)
The "as adjusted" calculation equals the "as adjusted" total assets, less
the "as adjusted" total liabilities, less the redemption value of shares of Class A common stock.
If no business combination
is completed within 12 months (or up to 18 months, if extended) from the closing of this offering, the proceeds 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 (less up to $75,000 of interest to pay dissolution expenses), will be used to fund the redemption of our public shares.
However, if we anticipate that we may not be able to consummate our initial business combination within 12 months from closing
of this offering, we may, but are not obligated to, extend the period of time to consummate a business combination for up to two
times by an additional three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant
to the terms of our amended and restated certificate of incorporation and the trust agreement to be entered into between us and
Continental Stock Transfer & Trust Company on the date of this prospectus, in order to extend the time available for us to consummate our initial business combination,
our sponsor, upon at least five days advance notice prior to the applicable deadline, must deposit into the trust account
for each three-month extension, $600,000, or $690,000 if the underwriters' over-allotment option is exercised in full ($0.10
per unit in either case), up to an aggregate of $1,200,000 or $1,380,000 if the underwriters' over-allotment option is exercised
in full ($0.20 per unit in either case), on or prior to the date of the applicable deadline. Our public shareholders will not be
afforded an opportunity to vote on our extension of time to consummate an initial business combination from 12 months to 18 months
described above or redeem their shares in connection with such extensions. The sponsor will receive a non-interest bearing, unsecured
promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business
combination unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation
of our initial business combination, or, at the lender's discretion, converted upon consummation of our business combination
into additional working capital units at a price of $10.00 per unit. Our initial shareholders have agreed to waive their rights
to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our
initial business combination within such time period.
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RISK FACTORS
An investment in
our securities involves a high degree of risk. You should consider carefully all of the risks described below, together with the
other information contained in this prospectus, before making a decision to invest in our units. If any of the following events
occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading
price of our securities could decline, and you could lose all or part of your investment.
Risks Related to our Search for, Consummation
of, or Inability to Consummate, a Business Combination
We are a newly formed company with no
operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.
We are a newly formed
company with no operating results, and we will not commence operations until obtaining funding through this offering. Because we
lack an operating history, you have no basis upon which to evaluate our ability to achieve our business objective of completing
our initial business combination with one or more target businesses. We have no plans, arrangements or understandings with any
prospective target business concerning a business combination and may be unable to complete our business combination. If we fail
to complete our business combination, we will never generate any operating revenues.
Our independent registered public accounting
firm's report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a "going
concern."
As
of May 16, 2022, we had a working capital deficiency of $(95,521)
.
Further, we expect to incur significant costs in pursuit of our acquisition plans. Management's plans to address this
need for capital through this offering are discussed in the section of this prospectus titled "Management's
Discussion and Analysis of Financial Condition and Results of Operations." Our plans to raise capital and to consummate
our initial business combination may not be successful. These factors, among others, raise substantial doubt about our
ability to continue as a going concern. The financial statements contained elsewhere in this prospectus do not include any
adjustments that might result from our inability to consummate this offering or our inability to continue as a going
concern.
Our public shareholders may not be afforded
an opportunity to vote on our proposed business combination, which means we may complete our initial business combination even
though a majority of our public shareholders do not support such a combination.
We may not hold a shareholder
vote to approve our initial business combination unless the business combination would require shareholder approval under applicable
law or stock exchange listing requirements or if we decide to hold a shareholder vote for business or other legal reasons. Except
as required by law, the decision as to whether we will seek shareholder approval of a proposed business combination or will allow
shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a
variety of factors, such as the timing of the transaction and whether the terms of the transaction would otherwise require us to
seek shareholder approval. Accordingly, we may complete our initial business combination even if holders of a majority of our public
shares do not approve of the business combination we complete. Please see the section of this prospectus entitled "Proposed
Business — Shareholders May Not Have the Ability to Approve our Initial Business Combination" for additional
information.
If we seek shareholder approval of our
initial business combination, our initial shareholders have agreed to vote in favor of such initial business combination, regardless
of how our public shareholders vote.
Unlike many other blank
check companies in which the initial shareholders agree to vote their founder shares in accordance with the majority of the votes
cast by the public shareholders in connection with an initial business combination, our initial shareholders have agreed to vote
their founder shares and private shares, as well as any public shares purchased during or after this offering, in favor of our
initial business combination. A quorum for such a vote will consist of the holders present in person or by proxy of shares of outstanding
capital stock of the company representing a majority (more than 50%) of the voting power of all outstanding shares of capital stock
of the company entitled to vote at such meeting. As a result, in the event that only the minimum number of shares representing
a quorum is present at a shareholders' meeting held to vote on our initial business combination, in addition to our initial
shareholders' founder shares and private shares, we would need only 64,501 or 1.08%, of the 6,000,000 public shares sold
in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved
(assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or
units or shares in the after-market). In the event that all shares of our outstanding common stock are voted, we would need 2,043,001
or 34.05%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order
to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial shareholders
do not purchase any units in this offering or units or shares in the after-market). Our founder shares and private shares will
represent 24.18% of our outstanding shares of common stock immediately following the completion of this offering, assuming no exercise
of over-allotment option. Accordingly, if we seek shareholder approval of our initial business combination, it is more likely that
the necessary shareholder approval will be received than would be the case if our founders agreed to vote their founder shares
and private shares in accordance with the majority of the votes cast by our public shareholders.
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Your only opportunity to affect the
investment decision regarding a potential business combination will be limited to the exercise of your right to redeem your shares
from us for cash, unless we seek shareholder approval of the business combination.
At the time of your
investment in us, you will not be provided with an opportunity to evaluate the specific merits or risks of one or more target businesses.
Since our board of directors may complete a business combination without seeking shareholder approval, public shareholders may
not have the right or opportunity to vote on the business combination, unless we seek such shareholder vote. Accordingly, if we
do not seek shareholder approval, your only opportunity to affect the investment decision regarding a potential business combination
may be limited to exercising your redemption rights within the period of time (which will be at least 20 business days) set
forth in our tender offer documents mailed to our public shareholders in which we describe our initial business combination.
The ability of our public shareholders
to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which
may make it difficult for us to enter into a business combination with a target.
We may seek to enter
into a business combination transaction agreement with a prospective target that requires as a closing condition that we have a
minimum net worth or a certain amount of cash. If too many public shareholders exercise their redemption rights, we would not be
able to meet such closing condition and, as a result, would not be able to proceed with the business combination. Furthermore,
we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon
consummation of our initial business combination and after payment of underwriters' fees and commissions (so that we are
not subject to the SEC's "penny stock" rules) or any greater net tangible asset or cash requirement which may
be contained in the agreement relating to our initial business combination. Consequently, if accepting all properly submitted redemption
requests would cause our net tangible assets to be less than $5,000,001 upon completion of our initial business combination or
such greater amount necessary to satisfy a closing condition, each as described above, we would not proceed with such redemption
and the related business combination and may instead search for an alternate business combination. Prospective targets will be
aware of these risks and, thus, may be reluctant to enter into a business combination transaction with us.
The ability of our public shareholders
to exercise redemption rights with respect to a large number of our shares may not allow us to complete the most desirable business
combination or optimize our capital structure.
At the time we enter
into an agreement for our initial business combination, we will not know how many shareholders may exercise their redemption rights,
and therefore will need to structure the transaction based on our expectations as to the number of shares that will be submitted
for redemption. If our business combination agreement requires us to use a portion of the cash in the trust account to pay the
purchase price, or requires us to have a minimum amount of cash at closing, we will need to reserve a portion of the cash in the
trust account to meet such requirements, or arrange for third-party financing. In addition, if a larger number of shares are submitted
for redemption than we initially expected, we may need to restructure the transaction to reserve a greater portion of the cash
in the trust account or arrange for third-party financing. Raising additional third-party financing may involve dilutive equity
issuances or the incurrence of indebtedness at higher than desirable levels. The above considerations may limit our ability to
complete the most desirable business combination available to us or optimize our capital structure. The amount of deferred underwriting
commissions payable to the underwriters will not be adjusted for any shares that are redeemed in connection with a business combination.
The per-share amount we will distribute to shareholders who properly exercise their redemption rights will not be reduced by deferred
underwriting commissions and after such redemptions, the per-share value of shares held by non-redeeming shareholders will reflect
our obligation to pay deferred underwriting commissions.
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The ability of our public shareholders
to exercise redemption rights with respect to a large number of our shares could increase the probability that our initial business
combination would be unsuccessful and that you would have to wait for liquidation in order to redeem your stock.
If our business combination
agreement requires us to use a portion of the cash in the trust account to pay the purchase price, or requires us to have a minimum
amount of cash at closing, the probability that our initial business combination would be unsuccessful is increased. If our initial
business combination is unsuccessful, you would not receive your pro rata portion of the trust account until we liquidate the trust
account. If you are in need of immediate liquidity, you could attempt to sell your stock in the open market; however, at such time
our stock may trade at a discount to the pro rata amount per share in the trust account. In either situation, you may suffer a
material loss on your investment or lose the benefit of funds expected in connection with our redemption until we liquidate or
you are able to sell your stock in the open market.
Our
search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially
adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt and equity markets, as well as protectionist
legislation in our target markets
.
The
outbreak of COVID-19 has resulted in a widespread health crisis that has and may continue to adversely affect the economies and
financial markets worldwide, and the business of any potential target business with which we may consummate a business combination
could be materially and adversely affected. Furthermore, we may be unable to complete a business combination if continued concerns
relating to COVID-19 restrict travel, limit the ability to have meetings with potential investors or the target company's
personnel, vendors and services providers are unavailable to negotiate and consummate a transaction in a timely manner. In addition,
countries or supranational organizations in our target markets may develop and implement legislation that makes it more difficult
or impossible for entities outside such countries or target markets to acquire or otherwise invest in companies or businesses deemed
essential or otherwise vital. The extent to which COVID-19 impacts our search for and ability to consummate a business combination
will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge
concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others.
Since March 2020,
as different variants and subvariants of COVID-19 developed and spread in various regions across the United States and East Asia,
some regional and local governments in our targeted geographic locations have imposed various forms of lockdowns, mass testing
and contact tracing measures for extended periods of time.
If the disruptions
posed by COVID-19 or other matters of global concern continue for an extensive period of time, and result in protectionist sentiments
and legislation in our target markets, our ability to consummate a business combination, or the operations of a target business
with which we ultimately consummate a business combination, may be materially adversely affected. In addition, our ability to consummate
a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by COVID-19 and other events.
As the number of special purpose acquisition
companies evaluating targets increases, attractive targets may become scarcer and there may be more competition for attractive
targets. This could increase the cost of our initial business combination and could even result in our inability to find a target
or to consummate an initial business combination.
In recent years,
the number of special purpose acquisition companies that have been formed has increased substantially. Many potential targets for
special purpose acquisition companies have already entered into an initial business combination, and there are still many special
purpose acquisition companies seeking targets for their initial business combination, as well as many such companies currently
in registration. As a result, at times, fewer attractive targets may be available, and it may require more time, more effort and
more resources to identify a suitable target and to consummate an initial business combination.
In addition, because
there are more special purpose acquisition companies seeking to enter into an initial business combination with available targets,
the competition for available targets with attractive fundamentals or business models may increase, which could cause targets companies
to demand improved financial terms. Attractive deals could also become scarcer for other reasons, such as economic or industry
sector downturns, geopolitical tensions, or increases in the cost of additional capital needed to close business combinations or
operate targets post-business combination.
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This could increase the cost of, delay
or otherwise complicate or frustrate our ability to find and consummate an initial business combination, and may result in our
inability to consummate an initial business combination on terms favorable to our investors altogether.
Changes in the market for directors
and officers liability insurance could make it more difficult and more expensive for us to negotiate and complete an initial business
combination.
In recent months,
the market for directors and officers liability insurance for special purpose acquisition companies has changed. Fewer insurance
companies are offering quotes for directors and officers liability coverage, the premiums charged for such policies have generally
increased and the terms of such policies have generally become less favorable. There can be no assurance that these trends will
not continue.
The increased cost and
decreased availability of directors and officers liability insurance could make it more difficult and more expensive for us to
negotiate an initial business combination. In order to obtain directors and officers liability insurance or modify its coverage
as a result of becoming a public company, the post-business combination entity might need to incur greater expense, accept
less favorable terms or both. However, any failure to obtain adequate directors and officers liability insurance could have an
adverse impact on the post-business combination's ability to attract and retain qualified officers and directors.
In addition, even after
we were to complete an initial business combination, our directors and officers could still be subject to potential liability from
claims arising from conduct alleged to have occurred prior to the initial business combination. As a result, in order to protect
our directors and officers, the post-business combination entity may need to purchase additional insurance with respect to
any such claims ("run-off insurance"). The need for run-off insurance would be an added expense for the post-business combination
entity, and could interfere with or frustrate our ability to consummate an initial business combination on terms favorable to our
investors.
The requirement that we complete our
initial business combination within the prescribed time frame may give potential target businesses leverage over us in negotiating
a business combination and may decrease our ability to conduct due diligence on potential business combination targets as we approach
our dissolution deadline, which could undermine our ability to complete our business combination on terms that would produce value
for our shareholders.
Any potential target
business with which we enter into negotiations concerning a business combination will be aware that we must complete our initial
business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete
a business combination as described in this prospectus). Consequently, such target business may obtain leverage over us in negotiating
a business combination, knowing that if we do not complete our initial business combination with that particular target business,
we may be unable to complete our initial business combination with any target business. This risk will increase as we get closer
to the timeframe described above. In addition, we may have limited time to conduct due diligence and may enter into our initial
business combination on terms that we would have rejected upon a more comprehensive investigation.
We may not be able to complete our initial
business combination within the prescribed time frame, in which case we would cease all operations except for the purpose of winding
up and we would redeem our public shares and liquidate, in which case our public shareholders may only receive $10.20 per share,
or less than such amount in certain circumstances, and our warrants will expire worthless.
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Our amended and restated
certificate of incorporation will provide that we must complete our initial business combination within 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus).
If we are unable to complete our business combination within the completion period, we may seek approval from our shareholders
holding no less than 65% or more of the votes to approve an amendment to our then existing amended and restated certificate of
incorporation to extend the completion period to allow us additional time to complete our initial business combination. If we fail
to obtain approval from our shareholders for such extension or we do not seek such extension, we will be forced to liquidate and
wind up. Our ability to complete our initial business combination may be negatively impacted by general market conditions, volatility
in the capital and debt markets and the other risks described herein. For example, the outbreak of COVID-19 in the U.S. and
globally may grow or resurge and while the extent of the impact of the outbreak on us will depend on future developments, it could
limit our ability to complete our initial business combination, including as a result of increased market volatility, decreased
market liquidity and third-party financing being unavailable on terms acceptable to us or at all. Furthermore, we may be unable
to complete a business combination if continued concerns relating to COVID-19 restrict travel, limit the ability to have meeting
with potential investors or the target company's personnel, vendors and services providers are unavailable to negotiate and
consummate a transaction in a timely manner. Additionally, the outbreak of COVID-19 may negatively impact businesses we may seek
to acquire. If we have not completed our initial business combination within such time period, we will: (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter,
redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes or for working
capital purposes (less up to $75,000 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, dissolve and liquidate, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. In such case, our public shareholders may only receive $10.20 per share or less in certain circumstances, and our warrants
will expire worthless. In certain circumstances, our public shareholders may receive less than $10.20 per share on the redemption
of their shares. See "— If third parties bring claims against us, the proceeds held in the trust account could
be reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share" and other risk
factors in this section.
If we are unable to complete our initial
business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete
a business combination as described in this prospectus), we may further extend the time period that we need to complete the initial
business combination provided that we have sought and obtained an approval from our shareholders for such extension by amending
our then existing amended and restated certificate of incorporation and provided public shareholders with the opportunity to redeem
their public shares in connection with such extension.
If we cannot complete
our initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time
to complete a business combination as described in this prospectus), we may seek to further amend our then existing certificate
of incorporation to extend the time period under which we may complete our initial business combination. As provided in our amended
and restated certificate of incorporation, our amended and restated certificate of incorporation may be amended if approved by
holders of 65% of our common stock entitled to vote thereon, and that our public shareholders shall be provided with the opportunity
to redeem their public shares upon the approval of any such amendment, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest (net of taxes payable), divided by the number of then outstanding
public shares. We cannot guarantee that we will be able to complete our initial business combination with the time period given
by our amended and restated certificate of incorporation, or if not, predict the length of the extended time period that we may
seek to propose in the amendment to our then existing charter, as that may depend on the nature and complexity of the initial business
combination, the progress we will have made with regard to the initial business combination by the time we seek the amendment,
and other factors (including regulatory factors that may delay our initial business combination) beyond our control.
If we seek shareholder approval of our
initial business combination, our initial shareholders, advisors, and their affiliates may elect to purchase shares or warrants
from public shareholders, which may influence a vote on a proposed business combination and reduce the public "float"
of our Class A common stock or warrants.
If we seek shareholder
approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant
to the tender offer rules, our initial shareholders, advisors or their affiliates may purchase shares or warrants, or a combination
thereof in privately negotiated transactions or in the open market either prior to or following the completion of our initial business
combination, although they are under no obligation to do so. Such a purchase may include a contractual acknowledgement that such
shareholder, although still the record holder of our shares is no longer the beneficial owner thereof and therefore agrees not
to exercise its redemption rights. In the event that our initial shareholders, advisors or their affiliates purchase shares in
privately negotiated transactions from public shareholders who have already elected to exercise their redemption rights, such selling
shareholders would be required to revoke their prior elections to redeem their shares. The purpose of such purchases could be to
vote such shares in favor of the business combination and thereby increase the likelihood of obtaining shareholder approval of
the business combination, or to satisfy a closing condition in an agreement with a target that requires us to have a minimum net
worth or a certain amount of cash at the closing of our business combination, where it appears that such requirement would otherwise
not be met. This may result in the completion of our business combination that may not otherwise have been possible.
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In addition, if such
purchases are made, the public "float" of our Class A common stock or warrants and the number of beneficial holders
of our securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our securities
on a national securities exchange.
If a shareholder fails to receive notice
of our offer to redeem our public shares in connection with our business combination, or fails to comply with the procedures for
tendering its shares, such shares may not be redeemed.
We will comply with
the tender offer rules or proxy rules, as applicable, when conducting redemptions in connection with our business combination.
Despite our compliance with these rules, if a shareholder fails to receive our tender offer or proxy materials, as applicable,
such shareholder may not become aware of the opportunity to redeem its shares. In addition, the tender offer documents or proxy
materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination
will describe the various procedures that must be complied with in order to validly tender or redeem public shares. For example,
we may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their
shares in "street name," to either tender their certificates to our transfer agent prior to the date set forth in the
tender offer documents mailed to such holders, or up to two business days prior to the vote on the proposal to approve the
business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically.
In the event that a shareholder fails to comply with these or any other procedures, its shares may not be redeemed. See the section
of this prospectus entitled "Proposed Business — Redemption Rights for Public Shareholders upon Completion
of our Initial Business Combination — Tendering Stock Certificates in Connection with a Tender Offer or Redemption
Rights."
You will not have any rights or interests
in funds from the trust account, except under certain limited circumstances. To liquidate your investment, therefore, you may be
forced to sell your public shares or warrants, potentially at a loss.
Our public shareholders
will be entitled to receive funds from the trust account only upon the earliest to occur of: (i) our completion of an initial
business combination, and then only in connection with those public shares that such shareholder properly elected to redeem, subject
to the limitations described in this prospectus, (ii) the redemption of any public shares properly submitted in connection
with a shareholder vote to amend our amended and restated then existing certificate of incorporation (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 12 months from the closing of this offering (or up to 18 months,
if we extend the time to complete a business combination as described in this prospectus) or (B) with respect to any other
provision relating to shareholders' rights or pre-initial business combination activity and (iii) the redemption of
our public shares if we are unable to complete an initial business combination within 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), subject to applicable
law and as further described herein. In addition, if we are unable to complete an initial business combination within 12 months
from the closing of this offering for any reason (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus), compliance with Delaware law may require that we submit a plan of dissolution to our then-existing
shareholders for approval prior to the distribution of the proceeds held in our trust account. In that case, public shareholders
may be forced to wait beyond 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete
a business combination as described in this prospectus) before they receive funds from our trust account. In no other circumstances
will a public shareholder have any right or interest of any kind in the trust account. Accordingly, to liquidate your investment,
you may be forced to sell your public shares or warrants, potentially at a loss.
You will not be entitled to protections
normally afforded to investors of many other blank check companies.
Since the net proceeds
of this offering and the sale of the private units are intended to be used to complete an initial business combination with a target
business that has not been selected, we may be deemed to be a "blank check" company under the United States securities
laws. However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this offering
and the sale of the private units and will file a Current Report on Form 8-K, including an audited
balance sheet demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors in blank check
companies, such as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules. Among
other things, this means our units will be immediately tradable and we will have a longer period of time to complete our business
combination than do companies subject to Rule 419. Moreover, if this offering were subject to Rule 419, that rule would
prohibit the release of any interest earned on funds held in the trust account to us unless and until the funds in the trust account
were released to us in connection with our completion of an initial business combination. For a more detailed comparison of our
offering to offerings that comply with Rule 419, please see the section of this prospectus entitled "Proposed Business — Comparison
of This Offering to Those of Blank Check Companies Subject to Rule 419."
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If we seek shareholder approval of our
initial business combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a "group"
of shareholders are deemed to hold in excess of 15% of our Class A common stock, you will lose the ability to redeem all such
shares in excess of 15% of our Class A common stock.
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 certificate of incorporation 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 seeking redemption rights with respect to
more than an aggregate of 15% of the shares sold in this offering, which we refer to as the "Excess Shares." However,
our amended and restated certificate of incorporation will not restrict our shareholders' ability to vote all of their shares
(including Excess Shares) for or against our business combination. Your inability to redeem the Excess Shares will reduce your
influence over our ability to complete our business combination and you could suffer a material loss on your investment in us if
you sell Excess Shares in open market transactions. Additionally, you will not receive redemption distributions with respect to
the Excess Shares if we complete our business combination. As a result, you will continue to hold that number of shares exceeding
15% and, in order to dispose of such shares, would be required to sell your stock in open market transactions, potentially at a
loss.
Because of our limited resources and
the significant competition for business combination opportunities, it may be more difficult for us to complete our initial business
combination. If we are unable to complete our initial business combination, our public shareholders may receive only approximately
$10.20 per share on our redemption of our public shares, or less than such amount in certain circumstances, and our warrants will
expire worthless.
We expect to encounter
intense competition from other entities having a business objective similar to ours, including private investors (which may be
individuals or investment partnerships), other blank check companies and other entities, domestic and international, competing
for the types of businesses we intend to acquire. Many of these individuals and entities are well-established and have extensive
experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing services to
various industries. Many of these competitors possess greater technical, human and other resources or more local industry knowledge
than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors. While
we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and the sale
of the private units, our ability to compete with respect to the acquisition of certain target businesses that are sizable will
be limited by our available financial resources. This inherent competitive limitation gives others an advantage in pursuing the
acquisition of certain target businesses.
Furthermore, because
we are obligated to pay cash for the shares of Class A common stock which our public shareholders redeem in connection with
our initial business combination, target companies will be aware that this may reduce the resources available to us for our initial
business combination. This may place us at a competitive disadvantage in successfully negotiating a business combination. If we
are unable to complete our initial business combination, our public shareholders may receive only approximately $10.20 per share,
or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. In certain circumstances,
our public shareholders may receive less than $10.20 per share upon our liquidation. See "— If third parties bring
claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders
may be less than $10.20 per share" and other risk factors in this section.
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If the net proceeds of this offering
and the sale of the private units not being held in the trust account are insufficient to allow us to operate for at least the
next 12 months (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus),
we may be unable to complete our initial business combination, in which case our public shareholders may only receive $10.20 per
share, or less than such amount in certain circumstances, and our warrants will expire worthless.
The funds available
to us outside of the trust account may not be sufficient to allow us to operate for at least the next 12 months (or up to 18 months,
if we extend the time to complete a business combination as described in this prospectus), assuming that our initial business combination
is not completed during that time. We believe that, upon the closing of this offering, the funds available to us outside of the
trust account will be sufficient to allow us to operate for at least the next 12 months (or up to 18 months, if we extend the time
to complete a business combination as described in this prospectus); however, we cannot assure you that our estimate is accurate.
Of the funds available to us, we could use a portion of the funds available to us to pay fees to consultants to assist us with
our search for a target business. We could also use a portion of the funds as a down payment or to fund a "no-shop"
provision (a provision in letters of intent or merger agreements designed to keep target businesses from "shopping"
around for transactions with other companies on terms more favorable to such target businesses) with respect to a particular proposed
business combination, although we do not have any current intention to do so. If we entered into a letter of intent or merger agreement
where we paid for the right to receive exclusivity from a target business and were subsequently required to forfeit such funds
(whether as a result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct due
diligence with respect to, a target business. If we are unable to complete our initial business combination, our public shareholders
may receive only approximately $10.20 per share or less in certain circumstances on the liquidation of our trust account and our
warrants will expire worthless. In certain circumstances, our public shareholders may receive less than $10.20 per share upon our
liquidation. See "— If third parties bring claims against us, the proceeds held in the trust account could be
reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share" and other risk factors
in this section.
If the net proceeds of this offering
and the sale of the private units not being held in the trust account are insufficient, it could limit the amount available to
fund our search for a target business or businesses and complete our initial business combination and we will depend on loans from
our founders or management team to fund our search for a business combination, to pay our taxes and to complete our initial business
combination. If we are unable to obtain these loans, we may be unable to complete our initial business combination.
Of the net proceeds
of this offering and the sale of the private units, only approximately $650,000 will be available to us initially outside the trust
account to fund our working capital requirements. In the event that our offering expenses exceed our estimate of $1,090,000, we
may fund such excess with funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside
the trust account would decrease by a corresponding amount. Conversely, in the event that the offering expenses are less than our
estimate of $1,090,000, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount.
If we are required to seek additional capital, we would need to borrow funds from our founders or their affiliates to operate,
or we may be forced to liquidate. None of our founders nor any of their affiliates is under any obligation to advance funds to
us in such circumstances. Any such advances would be repaid only from funds held outside the trust account or from funds released
to us upon completion of our initial business combination. We do not expect to seek loans from parties other than our founders
or an affiliate of our founders as we do not believe third parties will be willing to loan such funds and provide a waiver against
any and all rights to seek access to funds in our trust account but in the event that we seek loans from any third parties, we
will obtain a waiver against any and all rights to seek access to funds in our trust account. If we are unable to obtain these
loans, we may be unable to complete our initial business combination. If we are unable to complete our initial business combination
because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account.
Consequently, our public shareholders may only receive approximately $10.20 per share on our redemption of our public shares, and
our warrants will expire worthless. In certain circumstances, our public shareholders may receive less than $10.20 per share on
the redemption of their shares. See "— If third parties bring claims against us, the proceeds held in the trust
account could be reduced and the per-share redemption amount received by shareholders may be less than $10.20 per share"
and other risk factors in this section.
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We do not have a specified maximum redemption
threshold. The absence of such a redemption threshold may make it possible for us to complete a business combination with which
a substantial majority of our shareholders do not agree.
Our amended and restated
certificate of incorporation will not provide a specified maximum redemption threshold, except that we will only redeem our public
shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial
business combination and after payment of underwriters' fees and commissions (such that we are not subject to the SEC's
"penny stock" rules). As a result, we may be able to complete our business combination even though a substantial majority
of our public shareholders do not agree with the transaction and have redeemed their shares or, if we seek shareholder approval
of our initial business combination and do not conduct redemptions in connection with our business combination pursuant to the
tender offer rules, have entered into privately negotiated agreements to sell their shares to our founders, advisors or their affiliates.
In the event the aggregate cash consideration we would be required to pay for all shares of Class A common stock that are
validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business
combination exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares,
all shares of Class A common stock submitted for redemption will be returned to the holders thereof, and we instead may search
for an alternate business combination.
If third parties bring claims against
us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders may be
less than $10.20 per share.
Our placing of funds
in the trust account may not protect those funds from third-party claims against us. Although we will seek to have all vendors,
service providers, prospective target businesses or other entities with which we do business execute agreements with us waiving
any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public shareholders,
such parties may not execute such agreements, or even if they execute such agreements they may not be prevented from bringing claims
against the trust account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar
claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to
a claim against our assets, including the funds held in the trust account. If any third party refuses to execute an agreement waiving
such claims to the monies held in the trust account, our management will perform an analysis of the alternatives available to it
and will only enter into an agreement with a third party that has not executed a waiver if management believes that such third
party's engagement would be significantly more beneficial to us than any alternative. Making such a request of potential
target businesses may make our acquisition proposal less attractive to them and, to the extent prospective target businesses refuse
to execute such a waiver, it may limit the field of potential target businesses that we might pursue.
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Examples of possible
instances where we may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant
whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that
would agree to execute a waiver or in cases where management is unable to find a service provider willing to execute a waiver.
In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of,
or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the trust account for any
reason. Upon redemption of our public shares, if we are unable to complete our business combination within the prescribed timeframe,
or upon the exercise of a redemption right in connection with our business combination, we will be required to provide for payment
of claims of creditors that were not waived that may be brought against us within the 10 years following redemption. Accordingly,
the per-share redemption amount received by public shareholders could be less than the $10.20 per share initially held in the trust
account, due to claims of such creditors. Our sponsor has agreed that it will be liable to us if and to the extent any claims by
a vendor for services rendered or products sold to us, or a prospective target business with which we have discussed entering into
a transaction agreement, reduce the amount of funds in the trust account to below (i) $10.20 per public share or (ii) such
lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions
in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not
apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account
and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities
under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then
our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified
whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor's only assets
are securities of our company. We have not asked our sponsor to reserve for such indemnification obligations. Therefore, we cannot
assure you that our sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made
against the trust account, the funds available for our initial business combination and redemptions could be reduced to less than
$10.20 per public share. In such event, we may not be able to complete our initial business combination, and you would receive
such lesser amount per share in connection with any redemption of your public shares. None of our officers will indemnify us for
claims by third parties including, without limitation, claims by vendors and prospective target businesses.
Our independent directors may decide
not to enforce the indemnification obligations of our sponsor, resulting in a reduction in the amount of funds in the trust account
available for distribution to our public shareholders.
In the event that the
proceeds in the trust account are reduced below the lesser of (i) $10.20 per public share or (ii) such lesser amount
per share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the
trust assets, in each case net of the interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to
satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent directors
would determine whether to take legal action against our sponsor to enforce its indemnification obligations.
While we currently expect
that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations
to us, it is possible that our independent directors in exercising their business judgment may choose not to do so if, for example,
the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable or if the
independent directors determine that a favorable outcome is not likely. If our independent directors choose not to enforce these
indemnification obligations, the amount of funds in the trust account available for distribution to our public shareholders may
be reduced below $10.20 per share.
If, after we distribute the proceeds
in the trust account to our public shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against
us that is not dismissed, a bankruptcy court may seek to recover such proceeds, and we and our board may be exposed to claims of
punitive damages.
If, after we distribute
the proceeds in the trust account to our public shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition
is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor
and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent conveyance." As a result, a
bankruptcy court could seek to recover all amounts received by our shareholders. In addition, our board of directors may be viewed
as having breached its fiduciary duty to our creditors and/or having acted in bad faith, thereby exposing itself and us to claims
of punitive damages, by paying public shareholders from the trust account prior to addressing the claims of creditors.
If, before distributing the proceeds
in the trust account to our public shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against
us that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our shareholders and
the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.
If, before distributing
the proceeds in the trust account to our public shareholders, we file a bankruptcy petition or an involuntary bankruptcy petition
is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law,
and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our shareholders.
To the extent any bankruptcy claims deplete the trust account, the per-share amount that would otherwise be received by our shareholders
in connection with our liquidation may be reduced.
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Our shareholders may be held liable
for claims by third parties against us to the extent of distributions received by them upon redemption of their shares.
Under
the DGCL, shareholders may be held liable for claims by third parties against a corporation to the extent of distributions received
by them in a dissolution. The pro rata portion of our trust account distributed to our public shareholders upon the redemption
of our public shares in the event we do not complete our initial business combination within 12 months from the closing of this
offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) may be
considered a liquidating distribution under Delaware law. If a corporation complies with certain procedures set forth in Section 280
of the DGCL intended to ensure that it makes reasonable provision for all claims against it, including a 60-day notice period during
which any third-party claims can be brought against the corporation, a 90-day period during which the corporation may reject any
claims brought, and an additional 150-day waiting period before any liquidating distributions are made to shareholders, any liability
of shareholders with respect to a liquidating distribution is limited to the lesser of such shareholder's pro rata share
of the claim or the amount distributed to the shareholder, and any liability of the shareholder would be barred after the third
anniversary of the dissolution. However, it is our intention to redeem our public shares as soon as reasonably possible following
the 12
th
month (or 18
th
month, if extended) from
the
closing of this offering in the event we do not complete our business combination and, therefore, we do not intend to comply with
the foregoing procedures.
Because we will not
be complying with Section 280, Section 281(b) of the DGCL requires us to adopt a plan, based on facts known to us
at such time that will provide for our payment of all existing and pending claims or claims that may be potentially brought against
us within the 10 years following our dissolution. However, because we are a blank check company, rather than an operating
company, and our operations will be limited to searching for prospective target businesses to acquire, the only likely claims to
arise would be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. If our plan
of distribution complies with Section 281(b) of the DGCL, any liability of shareholders with respect to a liquidating
distribution is limited to the lesser of such shareholder's pro rata share of the claim or the amount distributed to the
shareholder, and any liability of the shareholder would likely be barred after the third anniversary of the dissolution. We cannot
assure you that we will properly assess all claims that may be potentially brought against us. As such, our shareholders could
potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of our shareholders
may extend beyond the third anniversary of such date. Furthermore, if the pro rata portion of our trust account distributed to
our public shareholders upon the redemption of our public shares in the event we do not complete our initial business combination
within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus) is not considered a liquidating distribution under Delaware law and such redemption distribution
is deemed to be unlawful, then pursuant to Section 174 of the DGCL, the statute of limitations for claims of creditors could
then be six years after the unlawful redemption distribution, instead of three years, as in the case of a liquidating
distribution.
Because we are not limited to a particular
industry, sector or any specific target businesses with which to pursue our initial business combination, you will be unable to
ascertain the merits or risks of any particular target business' operations.
Although we intend to
we intend to leverage the knowledge, expertise, capabilities and deep industry relationships of our management team and board of
directors to focus on biotechnology companies with the potential to capitalize on the growing biotechnology sector in North America
and the Asia-Pacific region. We may seek to complete a business combination with an operating company in any industry or sector
(excluding China, Hong Kong and Macau). However, we will not, under our amended and restated certificate of incorporation,
be permitted to complete our business combination with another blank check company or similar company with nominal operations.
Because we have not yet selected or approached any specific target business with respect to a business combination, there is no
basis to evaluate the possible merits or risks of any particular target business's operations, results of operations, cash
flows, liquidity, financial condition or prospects. To the extent we complete our business combination, we may be affected by numerous
risks inherent in the business operations with which we combine. For example, if we combine with a financially unstable business
or an entity lacking an established record of revenues or earnings, we may be affected by the risks inherent in the business and
operations of a financially unstable or a development stage entity. Although our officers and directors will endeavor to evaluate
the risks inherent in a particular target business, we cannot assure you that we will properly ascertain or assess all the significant
risk factors or that we will have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our
control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.
We also cannot assure you that an investment in our units will ultimately prove to be more favorable to investors than a direct
investment, if such opportunity were available, in a business combination target. Accordingly, any shareholders who choose to remain
shareholders following the business combination could suffer a reduction in the value of their shares. Such shareholders are unlikely
to have a remedy for such reduction in value.
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Past performance by our management team,
our advisors and our founders may not be indicative of future performance of an investment in us.
Information regarding
performance by, or businesses associated with our management team and our founders and their affiliates is presented for informational
purposes only. Past performance by our management team and our founders is not a guarantee either (i) of success with respect
to any business combination we may consummate or (ii) that we will be able to locate a suitable candidate for our initial
business combination. Majority of our officers, directors and advisors have not had management experience with special purpose
acquisition corporations in the past. You should not rely on the historical record of our management team's, our advisors'
or our founders' respective performance as indicative of our future performance of an investment in us or the returns we
will, or are likely to, generate going forward. Furthermore, an investment in us is not an investment in our founders or their
affiliates.
We may seek acquisition opportunities
in industries or sectors which may or may not be outside of our management's area of expertise.
Although we intend to
we intend to focus on the growing biotechnology sector in North America and the Asia-Pacific region, we will consider a business
combination outside of our management's area of expertise if a business combination candidate is presented to us and we determine
that such candidate offers an attractive acquisition opportunity for our company. Although our management will endeavor to evaluate
the risks inherent in any particular business combination candidate, we cannot assure you that we will adequately ascertain or
assess all the significant risk factors. We also cannot assure you that an investment in our units will not ultimately prove to
be less favorable to investors in this offering than a direct investment, if an opportunity were available, in a business combination
candidate. In the event we elect to pursue an acquisition outside of the areas of our management's expertise, our management's
expertise may not be directly applicable to its evaluation or operation, and the information contained in this prospectus regarding
the areas of our management's expertise would not be relevant to an understanding of the business that we elect to acquire.
As a result, our management may not be able to adequately ascertain or assess all the significant risk factors. Accordingly, any
shareholders who choose to remain shareholders following our business combination could suffer a reduction in the value of their
shares. Such shareholders are unlikely to have a remedy for such reduction in value.
Although we have identified general
criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter into our initial
business combination with a target that does not meet such criteria and guidelines, and as a result, the target business with which
we enter into our initial business combination may not have attributes entirely consistent with our general criteria and guidelines.
Although
we have identified general criteria and guidelines for evaluating prospective target businesses, it is possible that a target business
with which we enter into our initial business combination will not have all of these positive attributes. If we complete our initial
business combination with a target that does not meet some or all of these criteria and guidelines, such combination may not be
as successful as a combination with a business that does meet all of our general criteria and guidelines.
Even
if we are able to identify and enter into an initial business combination with a target business that is focused on and committed
to ESG principles, there can be no guarantee that such business combination will succeed in creating long-term value for the company's
stockholders.
In addition, if we announce a prospective business
combination with a target that does not meet our general criteria and guidelines, a greater number of shareholders may exercise
their redemption rights, which may make it difficult for us to meet any closing condition with a target business that requires
us to have a minimum net worth or a certain amount of cash. In addition, if shareholder approval of the transaction is required
by law, or we decide to obtain shareholder approval for business or other legal reasons, it may be more difficult for us to attain
shareholder approval of our initial business combination if the target business does not meet our general criteria and guidelines.
If we are unable to complete our initial business combination, our public shareholders may receive only approximately $10.20 per
share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. In certain
circumstances, our public shareholders may receive less than $10.20 per share on the redemption of their shares. See "— If
third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount
received by shareholders may be less than $10.20 per share" and other risk factors in this section.
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We may seek acquisition opportunities
with an early stage company, a financially unstable business or an entity lacking an established record of revenue or earnings,
which could subject us to volatile revenues or earnings or difficulty in retaining key personnel.
To the extent we complete
our initial business combination with an early stage company such as a pre-revenue entity with a limited operating history, a financially
unstable business, or an entity lacking an established record of revenues or earnings, we may be affected by numerous risks inherent
in the operations of the business with which we combine. These risks include investing in a business without a proven business
model and with limited historical financial data, a lack of revenues or earnings and difficulties in obtaining and retaining key
personnel. Although our officers and directors will endeavor to evaluate the risks inherent in a particular target business, we
may not be able to properly ascertain or assess all the significant risk factors and we may not have adequate time to complete
due diligence. Furthermore, some of these risks may be outside of our control and leave us with no ability to control or reduce
the chances that those risks will adversely impact a target business.
We are not required to obtain an opinion
from an independent investment banking firm or from an independent accounting firm, and consequently, you may have no assurance
from an independent source that the price we are paying for the business is fair to our company from a financial point of view.
Unless we complete our
business combination with an affiliated entity or our board cannot independently determine the fair market value of the target
business or businesses, we are not required to obtain an opinion from an independent investment banking firm that is a member of
FINRA or from an independent accounting firm that the price we are paying is fair to our company from a financial point of view.
If no opinion is obtained, our shareholders will be relying on the judgment of our board of directors, who will determine fair
market value based on standards generally accepted by the financial community. Such standards used will be disclosed in our proxy
solicitation or tender offer materials, as applicable, related to our initial business combination.
Resources could be wasted in researching
acquisitions that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge
with another business. If we are unable to complete our initial business combination, our public shareholders may receive only
approximately $10.20 per share, or less than such amount in certain circumstances, on the liquidation of our trust account and
our warrants will expire worthless.
We anticipate that the
investigation of each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents
and other instruments will require substantial management time and attention and substantial costs for accountants, attorneys and
others. If we decide not to complete a specific initial business combination, the costs incurred up to that point for the proposed
transaction likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may
fail to complete our initial business combination for any number of reasons including those beyond our control. Any such event
will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate
and acquire or merge with another business. If we are unable to complete our initial business combination, our public shareholders
may receive only approximately $10.20 per share on the liquidation of our trust account and our warrants will expire worthless.
In certain circumstances, our public shareholders may receive less than $10.20 per share on the redemption of their shares. See
"— If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share
redemption amount received by shareholders may be less than $10.20 per share" and other risk factors in this section.
We may attempt to simultaneously complete
business combinations with multiple prospective targets, which may hinder our ability to complete our business combination and
give rise to increased costs and risks that could negatively impact our operations and profitability.
If we determine to simultaneously
acquire several businesses that are owned by different sellers, we will need for each of such sellers to agree that our purchase
of its business is contingent on the simultaneous closings of the other business combinations, which may make it more difficult
for us, and delay our ability, to complete our initial business combination. With multiple business combinations, we could also
face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence
investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations
and services or products of the acquired companies in a single operating business. If we are unable to adequately address these
risks, it could negatively impact our profitability and results of operations.
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We may have a limited ability to assess
the management of a prospective target business and, as a result, may complete our initial business combination with a target business
whose management may not have the skills, qualifications or abilities to manage a public company, which could, in turn, negatively
impact the value of our shareholders' investment in us.
When evaluating the
desirability of effecting our initial business combination with a prospective target business, our ability to assess the target
business's management may be limited due to a lack of time, resources or information. Our assessment of the capabilities
of the target's management, therefore, may prove to be incorrect and such management may lack the skills, qualifications
or abilities we suspected. Should the target's management not possess the skills, qualifications or abilities necessary to
manage a public company, the operations and profitability of the post-combination business may be negatively impacted. Accordingly,
any shareholders who choose to remain shareholders following the business combination could suffer a reduction in the value of
their shares. Such shareholders are unlikely to have a remedy for such reduction in value.
The officers and directors
of an acquisition candidate may resign upon completion of our initial business combination. The departure of a business combination
target's key personnel could negatively impact the operations and profitability of our post-combination business. The role
of an acquisition candidate's key personnel upon the completion of our initial business combination cannot be ascertained
at this time. Although we contemplate that certain members of an acquisition candidate's management team will remain associated
with the acquisition candidate following our initial business combination, it is possible that members of the management of an
acquisition candidate will not wish to remain in place.
We may attempt to complete our initial
business combination with a private company about which little information is available, which may result in a business combination
with a company that is not as profitable as we suspected, if at all.
In pursuing our acquisition
strategy, we may seek to complete our initial business combination with a privately held company. Very little public information
generally exists about private companies, and we could be required to make our decision on whether to pursue a potential initial
business combination on the basis of limited information, which may result in a business combination with a company that is not
as profitable as we suspected, if at all.
We may only be able to complete one
business combination with the proceeds of this offering and the sale of the private units, which will cause us to be solely dependent
on a single business which may have a limited number of products or services. This lack of diversification may negatively impact
our operations and profitability.
Of the net proceeds
from this offering and the sale of the private units, up to $61,200,000 (or $70,380,000 if the underwriters' over-allotment
option is exercised in full) will be available to complete our business combination and pay related fees and expenses (which includes
up to approximately $2,100,000, or up to approximately $2,415,000 if the over-allotment option is exercised in full, for the payment
of deferred underwriting commissions).
We may complete our
business combination with a single target business or multiple target businesses simultaneously or within a short period of time.
However, we may not be able to complete our business combination with more than one target business because of various factors,
including the existence of complex accounting issues and the requirement that we prepare and file pro forma financial statements
with the SEC that present operating results and the financial condition of several target businesses as if they had been operated
on a combined basis. By completing our initial business combination with only a single entity, our lack of diversification may
subject us to numerous economic, competitive and regulatory developments. Further, we would not be able to diversify our operations
or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to
complete several business combinations in different industries or different areas of a single industry. In addition, we intend
to focus our search for an initial business combination in a single industry. Accordingly, the prospects for our success may be:
•
solely dependent upon the performance of a single business,
property or asset, or
•
dependent upon the development or market acceptance of
a single or limited number of products, processes or services.
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This lack of diversification
may subject us to numerous economic, competitive and regulatory developments, any or all of which may have a substantial adverse
impact upon the particular industry in which we may operate subsequent to our business combination.
As the number of special purpose acquisition
companies evaluating targets increases, attractive targets may become scarcer and there may be more competition for attractive
targets. This could increase the cost of our initial business combination and could even result in our inability to find a target
or to consummate an initial business combination.
In recent years,
the number of special purpose acquisition companies that have been formed has increased substantially. Many potential targets for
special purpose acquisition companies have already entered into an initial business combination, and there are still many special
purpose acquisition companies seeking targets for their initial business combination, as well as many such companies currently
in registration. As a result, and because our pool is limited to companies that conduct principal of their business outside of
China (including Hong Kong and Macau), fewer attractive targets may be available, and it may require more time, more effort
and more resources to identify a suitable target and to consummate an initial business combination. Our amended and restated certificate
of incorporation to be adopted immediately prior to the effectiveness of the registration statement of which this prospectus forms
a part will prohibit us from undertaking our initial business combination with any company being based in or having the majority
of the company's operations in China (including Hong Kong and Macau).
In addition, because
there are more special purpose acquisition companies seeking to enter into an initial business combination with available targets,
the competition for available targets with attractive fundamentals or business models may increase, which could cause targets companies
to demand improved financial terms. Attractive deals could also become scarcer for other reasons, such as economic or industry
sector downturns, geopolitical tensions, or increases in the cost of additional capital needed to close business combinations or
operate targets post-business combination. This could increase the cost of, delay or otherwise complicate or frustrate our ability
to find and consummate an initial business combination, and may result in our inability to consummate an initial business combination
on terms favorable to our investors altogether.
We may be subject to an increased rate
of tax on our income if we are treated as a personal holding company.
Depending on the date
and size of our initial business combination, it is possible that we could be subject to a second level of U.S. federal income
tax on a portion of our income if we are determined to be a personal holding company, or PHC, for U.S. federal income tax purposes.
A U.S. corporation generally will be classified as a PHC for U.S. federal income tax purposes in a given taxable year if (i) at
any time during the last half of such taxable year, five or fewer individuals (without regard to their citizenship or residency
and including as individuals for this purpose certain entities such as certain tax-exempt organizations, pension funds and charitable
trusts) own or are deemed to own (pursuant to certain constructive ownership rules) more than 50% of the stock of the corporation
by value and (ii) at least 60% of the corporation's adjusted ordinary gross income, as determined for U.S. federal income
tax purposes, for such taxable year consists of PHC income (which includes, among other things, dividends, interest, certain royalties,
annuities and, under certain circumstances, rents). See the section of this prospectus entitled "United States Federal Income
Tax Considerations — Personal Holding Company Status" for more detailed information.
There may be tax consequences to our
business combinations that may adversely affect us.
While we expect to undertake
any merger or acquisition so as to minimize taxes both to the acquired business and/or asset and us, such business combination
might not meet the statutory requirements of a tax-free reorganization, or the parties might not obtain the intended tax-free treatment
upon a transfer of shares or assets. A non-qualifying reorganization could result in the imposition of substantial taxes.
We may reincorporate in another jurisdiction
in connection with our initial business combination and such reincorporation may result in taxes imposed on shareholders or warrant
holders.
We may, in connection with our initial
business combination and subject to requisite shareholder approval under the DGCL, reincorporate in the jurisdiction in which the
target company or business is located or in another jurisdiction. The transaction may require a shareholder or warrant holder to
recognize taxable income in the jurisdiction in which the shareholder or warrant holder is a tax resident or in which its members
are resident if it is a tax transparent entity (or may otherwise result in adverse tax consequences). We do not intend to make
any cash distributions to shareholders or warrant holders to pay such taxes. Shareholders or warrant holders may be subject to
withholding taxes or other taxes with respect to their ownership of us after the reincorporation.
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Focus on biotechnology and green
technology sectors with an emphasis
on ESG could negatively impact the operations and profitability of our post-combination
business or expose us to additional risks.
Increasing attention
to climate change, increasing societal expectations on businesses to address climate change, and potential consumer use of substitutes
to energy commodities may result in increased costs, reduced demand for our post-combination business's products, reduced
profits, increased investigations and litigation, and negative impacts on its stock price and access to capital markets.
In addition,
organizations that provide information to investors on corporate governance and related matters have developed rating
processes for evaluating business entities on their approach to ESG matters. Currently, there are no universal standards for
such scores or ratings especially in biotech and green technology sectors, but the importance of sustainability evaluations is becoming more broadly accepted by investors and
stockholders. Such ratings are used by some investors to inform their investment and voting decisions. Additionally, certain
investors use these scores to benchmark businesses against their peers and if a business entity is perceived as lagging,
these investors may engage with such entities to require improved ESG disclosure or performance. Moreover, certain members of
the broader investment community may consider a business entity's sustainability score as a reputational or other
factor in making an investment decision. Consequently, a low sustainability score could result in exclusion of our
post-combination stock from consideration by certain investment funds, engagement by investors seeking to improve such scores
and a negative perception of our operation by certain investors.
We are likely to seek business combination
opportunities with a company within the biotechnology industry, which companies typically lack an established record of revenue,
cash flow or earnings and therefore are valued based on certain assumptions and expectations that may not prove to be accurate
and subject us to risks such as volatile revenues, cash flows or earnings or difficulty in retaining key personnel.
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The acquisition
candidates that we intend to evaluate may be companies within the biotechnology industry and many may not have any approved products
or revenues. These companies typically lack an established record of revenues or earnings, meaning that the valuation of such business
may not be able to be derived from conventional cash flow methods for profitable business. Instead, valuations may be based on
assumptions or expectations relating to such companies' product candidates in development and future clinical and sales milestones,
which may never be realized or achieved fully, or at all, given the possibility of failure of the product candidates in clinical
trials or their failure to obtain regulatory approval, or their obsolescence due to a competitor's invention or other substitute.
As a result, the valuation that we assign to a target business may be inaccurate. Additionally, we may be affected by numerous
risks inherent in the operations of the business with which we combine. These risks include volatile revenues or earnings and difficulties
in obtaining and retaining key personnel. Although our officers and directors will endeavor to evaluate the risks inherent in a
particular target business, we may not be able to properly ascertain or assess all of the significant risk factors and we may not
have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us with
no ability to control or reduce the chances that those risks will adversely impact a target business.
There are risks related to the biotechnology
industry to which we may be subject.
Business combinations
with companies with operations in the healthcare and biotechnology industry entail special considerations and risks. If we are
successful in completing a business combination with a target business with operations in the healthcare industry, we will be subject
to, and possibly adversely affected by, the following risks, including but not limited to:
•
Clinical studies of our
pipeline programs may not present data which is satisfactory for regulatory approval for such programs.
•
Out-licensed technology
or product can be returned by licensee, thereby cancelling a part or all of the licensing terms including financial compensation
and/or revenue sharing agreements.
•
Competition could reduce
profit margins.
•
Our inability to comply
with governmental regulations affecting the healthcare industry could negatively affect our operations.
•
An inability to license
or enforce intellectual property rights on which our business may depend.
•
The success of our planned
business following consummation of our initial business combination may depend on maintaining a well-secured business and technology
infrastructure.
•
If we are required to obtain
governmental approval of our products, the production of our products could be delayed and we could be required to engage in a
lengthy and expensive approval process that may not ultimately be successful.
•
Changes in the healthcare
related wellness industry and markets for such products affecting our customers or retailing practices could negatively impact
customer relationships and our results of operations.
•
The biotech industry is
susceptible to significant liability exposure. If liability claims are brought against us following a business combination, it
could materially adversely affect our operations.
•
Dependence of our operations
upon third-party suppliers, manufacturers or contractors whose failure to perform adequately could disrupt our business.
•
A disruption in supply could
adversely impact our business.
Any of the foregoing
could have an adverse impact on our operations following a business combination. However, our efforts in identifying prospective
target businesses will not be limited to the biotech industry. Accordingly, if we acquire a target business in another industry,
these risks will likely not affect us and we will be subject to other risks attendant with the specific industry in which we operate
or target business which we acquire, none of which can be presently ascertained.
You may experience
difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Taiwan against
us or our management named in the prospectus based on foreign laws.
We are a company
incorporated under the laws of the State of Delaware, but certain members of our management are located in Taiwan. As a result,
it may be difficult for you to effect service of process upon us or those persons inside Taiwan. It may also be difficult
for you to enforce in U.S. courts judgments obtained in U.S. courts based on the civil liability
provisions of the U.S. federal securities laws against us and our officers and directors as none of them currently resides in
the United States or has substantial assets located in the United States. In addition, there is uncertainty as to whether the courts of Taiwan would
recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability
provisions of the securities laws of the United States or any state.
The recognition
and enforcement of foreign judgments are provided for under the Taiwan Civil Procedures Law. Taiwan courts may
recognize and enforce foreign judgments in accordance with the requirements of the Taiwan Civil Procedures
Law based either on treaties between Taiwan and the country where the judgment is made or on principles of reciprocity
between jurisdictions. Taiwan does not have any treaties or other forms of written arrangement with the United States
that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the Taiwan Civil
Procedures Law, the Taiwan courts will not enforce a foreign judgment against us or our directors and
officers if they decide that the judgment violates the basic principles of Taiwan laws or national sovereignty, security
or public interest. As a result, it is uncertain whether and on what basis a Taiwan court would enforce a
judgment rendered by a court in the United States.
Risks Related to Our Management
Our ability to successfully complete
our initial business combination and to be successful thereafter will be totally dependent upon the efforts of members of our management
team, some of whom may join us following our initial business combination. The loss of such people could negatively impact the
operations and profitability of our post-combination business.
Our ability to successfully
complete our business combination is dependent upon the efforts of members of our management team. The role of members of our management
team in the target business, however, cannot presently be ascertained. Although some members of our management team may remain
with the target business in senior management or advisory positions following our business combination, it is likely that some
or all of the management of the target business will remain in place. While we intend to closely scrutinize any individuals we
engage after our initial business combination, we cannot assure you that our assessment of these individuals will prove to be correct.
These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to
have to expend time and resources helping them become familiar with such requirements.
In addition, the officers
and directors of an acquisition candidate may resign upon completion of our initial business combination. The departure of a business
combination target's key personnel could negatively impact the operations and profitability of our post-combination business.
The role of an acquisition candidate's key personnel upon the completion of our initial business combination cannot be ascertained
at this time. Although we contemplate that certain members of an acquisition candidate's management team will remain associated
with the acquisition candidate following our initial business combination, it is possible that members of the management of an
acquisition candidate will not wish to remain in place. The loss of key personnel could negatively impact the operations and profitability
of our post-combination business.
Members of our management team may negotiate
employment or consulting agreements with a target business in connection with a particular business combination. These agreements
may provide for them to receive compensation following our business combination and as a result, may cause them to have conflicts
of interest in determining whether a particular business combination is the most advantageous.
Members of our management
team may be able to remain with the company after the completion of our business combination only if they are able to negotiate
employment or consulting agreements in connection with the business combination. Such negotiations would take place simultaneously
with the negotiation of the business combination and could provide for such individuals to receive compensation in the form of
cash payments and/or our securities for services they would render to us after the completion of the business combination. The
personal and financial interests of such individuals may influence their motivation in identifying and selecting a target business.
However, we believe the ability of such individuals to remain with us after the completion of our business combination will not
be the determining factor in our decision as to whether or not we will proceed with any potential business combination. There is
no certainty, however, that any members of our management team will remain with us after the completion of our business combination.
We cannot assure you that any members of our management team will remain in senior management or advisory positions with us. The
determination as to whether any members of our management team will remain with us will be made at the time of our initial business
combination.
Our officers and directors may allocate
their time to other businesses and may become officers or directors of other special purpose acquisition companies including a
special purpose acquisition company that certain of our directors are currently serving as officer and directors of, thereby causing
conflicts of interest in their determination as to how much time to devote to our affairs and whether to present a target to us
instead of our competitors. This conflict of interest could have a negative impact on our ability to complete our initial business
combination.
Our officers and directors have fiduciary responsibility to dedicate substantially
all their business time to their respective affairs and their respective portfolio companies. However, this responsibility does not require
any of our officers or directors to commit his or her full time to our affairs in particular, which may result in a conflict of interest
in allocating their time between our operations and our search for a business combination and their other businesses, including other
business endeavors for which he or she may be entitled to substantial compensation. Furthermore, our officer and directors may become
an officer or director of another special purpose acquisition company with a class of securities registered under the Securities Exchange Act of 1934,
as amended, or the Exchange Act even before we enter a definitive agreement regarding our initial business combination.
As
a matter of fact, certain of our officer and directors are also officer and directors of other SPACs listed or
to be listed on
Nasdaq
.
We do not intend to have any full-time employees prior to the completion of our initial
business combination. In addition, each of our officers and certain of our directors are employed by or affiliated with our founders,
which makes investments in securities or other interests of or relating to companies in industries we may target for our initial business
combination. Our independent directors also serve as officers or board members for other entities. If our officers' and directors'
other business affairs require them to devote substantial amounts of time to such affairs in excess of their current commitment levels,
it could limit their ability to devote time to our affairs; or if they have fiduciary duty to present a target company to our competitor
instead of us, which may have a negative impact on our ability to complete our initial business combination. For a complete discussion
of our officers' and directors' other business affairs, please see the section of this prospectus entitled "Management — Conflicts
of Interest."
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Certain of our officers and directors
are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended
to be conducted by us and, accordingly, may have conflicts of interest in allocating their time and determining to which entity
a particular business opportunity should be presented.
Following the completion
of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and
combining with one or more businesses. Our officers and directors are, and may in the future become, affiliated with entities (such
as operating companies or investment vehicles) that are engaged in a similar business.
Our officers and directors
also may become aware of business opportunities which may be appropriate for presentation to us and the other entities in the future
to which they owe certain fiduciary or contractual duties, including our founders' affiliates. Accordingly, they may have
conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may
not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us.
Our amended and restated certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered
to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director
or officer of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise
be reasonable for us to pursue.
For a complete discussion
of our officers' and directors' business affiliations and the potential conflicts of interest that you should be aware
of, please see the sections of this prospectus entitled "Management — Officers, Directors and Director Nominees,"
"Management — Conflicts of Interest" and "Certain Relationships and Related Party Transactions."
Following the closing of this offering,
certain of our executive officers and directors will be located in Taiwan; therefore, investors may not be able to enforce federal
securities laws or their other legal rights upon those officers and directors located outside the United States.
Following
the closing of this offering, except one officer and one independent director located in the United States, the rest of the our
officers and directors are located in Taiwan. As a result, it may be difficult, or in some cases not possible, for investors in
the United States to enforce their legal rights, to effect service of process upon those officers and directors located outside
the United States, to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties on them
under United States securities laws.
Members
of our management team may in the future be involved
in governmental investigations and civil litigation relating to the business affairs of companies with which they are, were or
may in the future be affiliated with.
Members of our management
team may in the future be involved in governmental investigations and civil litigation relating to the business affairs of companies
with which they are, were or may in the future be affiliated with. Any such investigations or litigations may divert our management
team's attention and resources away from searching for an initial business combination, may be detrimental to our reputation,
and thus may negatively affect our ability to complete an initial business combination.
We may become involved in litigation
that may materially adversely affect us.
From time to time, we
may become involved in various legal proceedings relating to matters incidental to the ordinary course of our business, including
litigation and claims, and governmental and other regulatory investigations and proceedings. Such matters can be time-consuming,
divert management's attention and resources, cause us to incur significant expenses or liability or require us to change
our business practices. Because of the potential risks, expenses and uncertainties of litigation, we may, from time to time, settle
disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, we
cannot assure you that the results of any of these actions will not have a material adverse effect on our business.
Our share price may
be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to
securities litigation, including class action litigation. We may be the target of this type of litigation in the future.
Litigation of this type
could result in substantial costs and diversion of management's attention and resources, which could have a material adverse
effect on our business, financial condition, and results of operations. Any adverse determination in litigation could also subject
us to significant liabilities.
Our founders and their respective affiliates
may have competitive pecuniary interests that conflict with our interests.
We have not adopted
a policy that expressly prohibits our founders or their respective affiliates from having a direct or indirect pecuniary or financial
interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest.
We do not have a policy that expressly prohibits any such persons from engaging for their own account in business activities of
the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours.
We may engage in a business combination
with one or more target businesses that have relationships with entities that may be affiliated with our founders which may raise
potential conflicts of interest.
In light of the involvement
of our officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our founders
or their respective affiliates. Our officers and directors also serve as officers and board members for other entities, including,
without limitation, those described under the section of this prospectus entitled "Management — Conflicts
of Interest." Such entities may compete with us for business combination opportunities. Our founders are not currently aware
of any specific opportunities for us to complete our business combination with any entities with which they are affiliated, and
there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we will
not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction
if we determined that such affiliated entity met our criteria for a business combination as set forth in the section of this prospectus
entitled "Proposed Business — Sources of Target Businesses" and such transaction was approved by a
majority of our disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm
that is a member of FINRA, or from an independent accounting firm, regarding the fairness to our company from a financial point
of view of a business combination with one or more domestic or international businesses affiliated with our founders or their respective
affiliates, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be
as advantageous to our public shareholders as they would be absent any conflicts of interest.
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None of US Tiger or, any of its affiliates
has an obligation to provide us with potential investment opportunities or to devote any specified amount of time or support to
our company's business.
Although we expect
we may benefit from US Tiger and its affiliates' networks of relationships and processes for sourcing and evaluating potential
business combination targets, neither it nor any of its affiliates has any legal or contractual obligation to seek on our behalf
or present to us investment opportunities that might be suitable for our business, and they may allocate any such opportunities
at their discretion to us or other parties. We have no investment management, advisory, consulting or other agreement in place
with US Tiger or any of its affiliates that obligates them to undertake efforts on our behalf or that govern the manner in which
they will allocate investment opportunities. Moreover, even if US Tiger or one of its affiliates refers an opportunity to us, there
can be no assurance that such an opportunity will result in an acquisition agreement or a business combination.
After consummation of this offering,
we may engage US Tiger to act as our advisor in connection with our business combination and we will agree to pay them an additional
fee upon consummation of our business combination.
Because Mr. Xuedong
(Tony) Tian, our Chief Financial Officer, is the Managing Director and Head of Capital Markets of US Tiger, we may utilize his
affiliation with US Tiger during our search for suitable targets. If that occurs, we may engage US Tiger to act as our advisor
in connection with the marketing of our business combination and pay to US Tiger a fee for such services upon consummation of our
initial business combination.
Therefore, affiliates
of one of our founders will have additional financial interests in the completion of the initial business combination. These financial
interests may influence the advice any such affiliate provides us as our financial advisor, which advice would contribute to our
decision on whether to pursue a business combination with any particular target.
If we decide to engage US Tiger as our
advisor in connection with a business combination, we may compete with clients of US Tiger or other affiliates of our initial stockholders
for acquisition opportunities for our company, which could negatively impact our ability to locate a suitable business combination.
Due to the affiliation
between our Chief Financial Officer and US Tiger, we may engage US Tiger as our advisor in connection with a business combination.
If that occurs, our business strategy may overlap with some of the strategies of clients of US Tiger and certain of its other affiliates.
US Tiger is an independent investment bank. Acquisition opportunities that may be of interest to us may come to US Tiger, its clients
or other affiliates. In addition, our officers and directors are not prohibited from engaging on business activities or becoming
officers or directors of another special purpose acquisition company before we enter into a definitive agreement with a target.
As a result, our affiliates are not restricted from competing with our business and none of our affiliates is required to refer
any such opportunities to us except as may be required by our Amended and Restated Certificate of Incorporation with respect to
certain opportunities referred to our officers and directors. Our founders and their affiliates face conflicts of interest relating
to performing services on our behalf and allocating investment opportunities to us, and such conflicts may not be resolved in our
favor, meaning we could find less suitable acquisition opportunities which could limit our ability to find a business combination
that we find attractive.
If we decide to engage US Tiger as our advisor in connection with a business
combination, conflicts may arise from US Tiger' engagement with us, its provision of services both to us, and to third-party clients,
its affiliation with Feutune Light and TradeUP Acquisition as well as from actions undertaken by US Tiger or its affiliates for its own
account and certain members of management who presently has, and any of them in the future may have, additional fiduciary, contractual
or other obligations to US Tiger, Feutune Light, TradeUP Acquisition, or to clients of US Tiger, or other affiliates of our sponsor pursuant
to which such officer or director is or will be required to present a business combination opportunity. In performing services for other
clients and also when acting for its own account, US Tiger may take commercial steps which may have an adverse effect on us. US Tiger
is often engaged as a financial advisor, or placement agent, to corporations and other entities and their directors and managers in connection
with the sale of those entities, their assets or their subsidiaries. Clients generally require US Tiger to act exclusively on their behalf
and/or for other reasons, we may be precluded from attempting to acquire securities of the business being sold or otherwise participate
as a buyer in the transaction. Alternatively, US Tiger or an affiliate of our founders, may be a financial advisor to a target business
that we pursue a business combination with and US Tiger, or another affiliate of our founders, may receive fees from the target business
in connection with a business combination. US Tiger also represents potential buyer's businesses. US Tiger may be incentivized to
direct an opportunity to one of these buyers, thereby eliminating or reducing the investment opportunity available to us. Any of US Tiger's
other activities may, individually or in the aggregate, have an adverse effect on us, and the interests of US Tiger or its clients or
counterparties may at times be adverse to ours.
Since our initial shareholders will
lose their entire investment in us if our business combination is not completed, a conflict of interest may arise in determining
whether a particular business combination target is appropriate for our initial business combination.
On May 13, 2022, our Chief Financial
Officer and sponsor acquired an aggregate of 1,725,000 shares of Class B common stock, or founder shares for an aggregate purchase
price of $25,000. Our sponsor has committed to transfer an aggregated amount of 60,000 founder shares to certain of our directors, officers,
and/or their designees prior to the closing of this offering at the original purchase price. Prior to the initial investment in the company
of $25,000 by our sponsor, the company had no assets, tangible or intangible. The number of founder shares issued was determined based
on the expectation that such founder shares would represent 20% of the outstanding shares after this offering (excluding the sale of the
private units and assuming our founders do not purchase public shares in this offering). In addition, our sponsor has committed to purchase
an aggregate of 414,000 (or 450,000 if the underwriters' over-allotment option is exercised in full) private units, at $10.00 per
unit, for a purchase price of $4,140,000 (or $4,500,000 if the underwriters' over-allotment option is exercised in full). The founder
shares and private units will be worthless if we do not complete an initial business combination. Our initial shareholders have agreed
(A) to vote any shares owned by them in favor of any proposed business combination and (B) not to redeem any founder shares
or private shares in connection with a shareholder vote to approve a proposed initial business combination. In addition, we may obtain
loans from our founders. The personal and financial interests of our founders may influence their motivation in identifying and selecting
a target business combination, completing an initial business combination and influencing the operation of the business following the
initial business combination. These personal and financial interests of our founders may influence their motivation in identifying and
selecting a target business combination, completing an initial business combination and influencing the operation of the business following
the initial business combination. This risk may become more acute as the 12-month anniversary of the closing of this offering nears, which
is the deadline for our completion of an initial business combination.
The provisions of our amended and restated
certificate of incorporation that relate to our pre-business combination activity (and corresponding provisions of the agreement
governing the release of funds from our trust account) may be amended with the approval of holders of 65% of our common stock,
which is a lower amendment threshold than that of some other blank check companies. It may be easier for us, therefore, to amend
our then existing amended and restated certificate of incorporation and the trust agreement to facilitate the completion of an
initial business combination that some of our shareholders may not support.
Some other blank check
companies have a provision in their charter which prohibits the amendment of certain of its provisions, including those which relate
to a company's pre-business combination activity, without approval by a certain percentage of the company's shareholders.
In those companies, amendment of these provisions requires approval by between 90% and 100% of the company's public shareholders.
Our amended and restated certificate of incorporation will provide that any of its provisions related to pre-business combination
activity (including the requirement to deposit proceeds of this offering and the private placement of warrants into the trust account
and not release such amounts except in specified circumstances, and to provide redemption rights to public shareholders as described
herein) may be amended if approved by holders of 65% of our common stock entitled to vote thereon, and corresponding provisions
of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our
common stock entitled to vote thereon. In all other instances, our amended and restated certificate of incorporation may be amended
by holders of a majority of our outstanding common stock entitled to vote thereon, subject to applicable provisions of the DGCL
or applicable stock exchange rules. We may not issue additional securities that can vote on amendments to our then existing amended
and restated certificate of incorporation or in our initial business combination. Our initial shareholders, who will collectively
beneficially own up to 24.18% of our common stock upon the closing of this offering (assuming they do not purchase any units in
this offering), will participate in any vote to amend our then existing amended and restated certificate of incorporation and/or
trust agreement and will have the discretion to vote in any manner they choose. As a result, we may be able to amend the provisions
of our then existing amended and restated certificate of incorporation which govern our pre-business combination behavior more
easily than some other blank check companies, and this may increase our ability to complete a business combination with which you
do not agree. Our shareholders may pursue remedies against us for any breach of our amended and restated certificate of incorporation.
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Our initial shareholders
have agreed, pursuant to a letter agreement with us, that they will not propose any amendment to our then existing amended and
restated certificate of incorporation (i) that would 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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business
combination as described in this prospectus), or (ii) with respect to any other material provision relating to shareholders'
rights or pre-initial business combination activity, unless we provide our public shareholders with the opportunity to redeem their
shares of Class A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable and amounts previously
released to us for working capital purposes), divided by the number of then outstanding public shares. These agreements are contained
in a letter agreement that we have entered into with our founders. Our shareholders are not parties to, or third-party beneficiaries
of, these agreements and, as a result, will not have the ability to pursue remedies against our founders for any breach of these
agreements. As a result, in the event of a breach, our shareholders would need to pursue a shareholder derivative action, subject
to applicable law.
We may be unable to obtain additional
financing to complete our initial business combination or to fund the operations and growth of a target business, which could compel
us to restructure or abandon a particular business combination.
Although we believe
that the net proceeds of this offering and the sale of the private units will be sufficient to allow us to complete our initial
business combination, because we have not yet selected any prospective target business we cannot ascertain the capital requirements
for any particular transaction. If the net proceeds of this offering and the sale of the private units prove to be insufficient,
either because of the size of our initial business combination, the depletion of the available net proceeds in search of a target
business, the obligation to repurchase for cash a significant number of shares from shareholders who elect redemption in connection
with our initial business combination or the terms of negotiated transactions to purchase shares in connection with our initial
business combination, we may be required to seek additional financing or to abandon the proposed business combination. We cannot
assure you that such financing will be available on acceptable terms, if at all. To the extent that additional financing proves
to be unavailable when needed to complete our initial business combination, we would be compelled to either restructure the transaction
or abandon that particular business combination and seek an alternative target business candidate. If we are unable to complete
our initial business combination, our public shareholders may receive only approximately $10.20 per share plus any pro rata interest
earned on the funds held in the trust account (and not previously released to us to pay our taxes) on the liquidation of our trust
account and our warrants will expire worthless. In addition, even if we do not need additional financing to complete our business
combination, we may require such financing to fund the operations or growth of the target business. The failure to secure additional
financing could have a material adverse effect on the continued development or growth of the target business. None of our officers,
directors or shareholders is required to provide any financing to us in connection with or after our initial business combination.
If we are unable to complete our initial business combination, our public shareholders may only receive approximately $10.20 per
share on the liquidation of our trust account, and our warrants will expire worthless. In certain circumstances, our public shareholders
may receive less than $10.20 per share on the redemption of their shares. See "— If third parties bring claims
against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by shareholders
may be less than $10.20 per share" and other risk factors in this section.
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Our founders and other insiders may
exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support.
Upon the closing of
this offering, our founders will own founder shares representing 20% of our issued and outstanding shares of common stock (excluding
the sale of the private units and assuming our founders do not purchase public shares in this offering). Simultaneously with the
closing of this offering, we will be issuing in 414,000 private units (or up to 450,000 private units if the underwriters'
over-allotment option is exercised in full) to our sponsor. In addition, if our founders or their designated parties make any working
capital loans (including extension notes), up to $3,000,000 of such loans may be converted into working capital units, at the price
of $10.00 per unit at the option of the lenders. Such working capital units would be identical to the private units sold in the
private placement. Accordingly, our founders along with any designated parties may exert a substantial influence on actions requiring
a shareholder vote, potentially in a manner that you do not support, including amendments to our then existing amended and restated
certificate of incorporation and approval of major corporate transactions. If our founders purchase any units in this offering
or if they purchase any additional shares of common stock in the aftermarket or in privately negotiated transactions, this would
increase their control. Factors that would be considered in making such additional purchases would include consideration of the
current trading price of our Class A common stock. In addition, our board of directors, whose members were elected by certain
of our initial shareholders, is and will be divided into three classes, each of which will generally serve for a term of three years
with only one class of directors being elected in each year. We may not hold an annual meeting of shareholders to elect new directors
prior to the completion of our business combination, in which case all of the current directors will continue in office until at
least the completion of the business combination. If there is an annual meeting, as a consequence of our "staggered"
board of directors, only a minority of the board of directors will be considered for election and our initial shareholders, because
of their ownership position, will have considerable influence regarding the outcome. In addition, the founder shares, all of which
are held by our founders, will entitle the founders to elect and remove, with or without cause, all of our directors prior to our
initial business combination. Holders of our public shares will have no right to vote on the election of directors during such
time. These provisions of our amended and restated certificate of incorporation may only be amended by the vote of at least 90%
of our issued and outstanding common stock entitled to vote thereon. As a result, you will not have any influence over the election
of directors prior to our initial business combination. Accordingly, our initial shareholders will continue to exert control at
least until the completion of our business combination.
Post Business Combination Risks
Our management may not be able to maintain
control of a target business after our initial business combination. We cannot provide assurance that, upon loss of control of
a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business.
We may structure a business
combination so that the post-transaction company in which our public shareholders own shares will own less than 100% of the equity
interests or assets of a target business, but we will only complete such business combination if the post-transaction company owns
or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient
for the post-transaction company not to be required to register as an investment company under the Investment Company Act. We will
not consider any transaction that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting
securities of the target, our shareholders prior to the business combination may collectively own a minority interest in the post
business-combination company, depending on valuations ascribed to the target and us in the business combination transaction. For
example, we could pursue a transaction in which we issue a substantial number of new shares of Class A common stock in exchange
for all of the outstanding capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as
a result of the issuance of a substantial number of new shares of common stock, our shareholders immediately prior to such transaction
could own less than a majority of our outstanding shares of common stock subsequent to such transaction. In addition, other minority
shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company's
stock than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain our
control of the target business. We cannot provide assurance that, upon loss of control of a target business, new management will
possess the skills, qualifications or abilities necessary to profitably operate such business.
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Subsequent to the completion of our
initial business combination, we may be required to take write-downs or write-offs, restructuring and impairment or other charges
that could have a significant negative effect on our financial condition, results of operations and our stock price, which could
cause you to lose some or all of your investment.
Even if we conduct extensive
due diligence on a target business with which we combine, we cannot assure you that this diligence will surface all material issues
that may be present inside a particular target business, that it would be possible to uncover all material issues through a customary
amount of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a result
of these factors, we may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or
other charges that could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected
risks may arise and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even
though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of
this nature could contribute to negative market perceptions about us or our securities. In addition, charges of this nature may
cause us to violate net worth or other covenants to which we may be subject as a result of assuming pre-existing debt held by a
target business or by virtue of our obtaining post-combination debt financing. Accordingly, any shareholders who choose to remain
shareholders following the business combination could suffer a reduction in the value of their shares. Such shareholders are unlikely
to have a remedy for such reduction in value.
If we complete our initial business
combination with a company with operations or opportunities outside of the United States, we would be subject to a variety
of additional risks that may negatively impact our operations.
If we complete our initial
business combination with a company with operations or opportunities outside of the United States (although we will not effect
our initial business combination with any company being based in or having the majority of the company's operations in China,
including Hong Kong and Macau), we would be subject to any special considerations or risks associated with companies operating
in an international setting, including any of the following:
•
higher costs and difficulties inherent in managing cross-border
business operations and complying with different commercial and legal requirements of overseas markets;
•
rules and regulations regarding currency redemption;
•
complex corporate withholding taxes on individuals;
•
laws governing the manner in which future business combinations
may be effected;
•
tariffs and trade barriers;
•
regulations related to customs and import/export matters;
•
longer payment cycles and challenges in collecting accounts
receivable;
•
tax issues, such as tax law changes and variations in
tax laws as compared to the United States;
•
currency fluctuations and exchange controls;
•
rates of inflation;
•
cultural and language differences;
•
employment regulations;
•
crime, strikes, riots, civil disturbances, terrorist attacks,
natural disasters and wars;
•
deterioration of political relations with the United States;
and
•
government appropriations of assets.
We may not be able to
adequately address these additional risks. If we were unable to do so, our operations might suffer, which may adversely impact
our results of operations and financial condition.
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Risks Related to Our Securities
If our securities are approved for listing,
Nasdaq may delist our securities from trading on its exchange, which could limit investors' ability to make transactions
in our securities and subject us to additional trading restrictions.
We have applied to have
our units listed on Nasdaq. We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus.
Following the date the shares of our Class A common stock and warrants are eligible to trade separately, we anticipate that
the shares of our Class A common stock and warrants will be separately listed on Nasdaq. We cannot guarantee that our securities
will be approved for listing on Nasdaq. Although after giving effect to this offering we expect to meet, on a pro forma basis,
the minimum initial listing standards set forth in the Nasdaq listing standards, we cannot assure you that our securities will
be, or will continue to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing
our securities on Nasdaq prior to our initial business combination, we must maintain certain financial, distribution and stock
price levels. Generally, we must maintain a minimum number of holders of our securities (generally 400 public holders). Additionally,
in connection with our initial business combination, we will be required to demonstrate compliance with Nasdaq's initial
listing requirements, which are more rigorous than Nasdaq's continued listing requirements, in order to continue to maintain
the listing of our securities on Nasdaq. For instance, our stock price would generally be required to be at least $4.00 per share,
and we would be required to have a minimum of 400 round lot holders (with at least 50% of such round lot holders holding securities
with a market value of at least $2,500) of our securities. We cannot assure you that we will be able to meet those initial listing
requirements at that time.
If Nasdaq delists our
securities from trading on its exchange and we are not able to list our securities on another national securities exchange, we
expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material
adverse consequences, including:
•
a limited availability of market quotations for our securities;
•
reduced liquidity for our securities;
•
a determination that our Class A common stock is a "penny stock" which will require
brokers trading in our Class A common stock to adhere to more stringent rules and possibly result in a reduced level
of trading activity in the secondary trading market for our securities;
•
a limited amount of news and analyst coverage; and
•
a decreased ability to issue additional securities or obtain additional financing in the future.
The National Securities
Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale
of certain securities, which are referred to as "covered securities." Because we expect that our units and eventually
our Class A common stock and warrants will be listed on Nasdaq, our units, Class A common stock and warrants will be
covered securities. Although the states are preempted from regulating the sale of our securities, the federal statute does allow
the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the
states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these
powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state
securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder
the sale of securities of blank check companies in their states. Further, if we were no longer listed on Nasdaq, our securities
would not be covered securities and we would be subject to regulation in each state in which we offer our securities.
We are not registering the shares of
Class A common stock issuable upon exercise of the warrants under the Securities Act or any state securities laws at this
time, and such registration may not be in place when an investor desires to exercise warrants, thus precluding such investor from
being able to exercise its warrants except on a cashless basis and potentially causing such warrants to expire worthless.
We are not registering the shares of Class A
common stock issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time. However,
under the terms of the warrant agreement, have agreed that as soon as practicable, but in no event later than 30 business
days after the closing of our initial business combination, we will use our reasonable best efforts to file, and within 60 business
days following our initial business combination to have declared effective, a registration statement under the Securities Act covering
such shares and maintain a current prospectus relating to the Class A common stock issuable upon exercise of the warrants,
until the expiration of the warrants in accordance with the provisions of the warrant agreement. We cannot assure you that we will
be able to do so if, for example, any facts or events arise which represent a fundamental change in the information set forth in
the registration statement or prospectus, the financial statements contained or incorporated by reference therein are not current
or correct or the SEC issues a stop order. If the shares issuable upon exercise of the warrants are not registered under the Securities
Act, we will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable
for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption from registration is available. Notwithstanding the above, if our Class A common stock is at the time
of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered
security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of warrants who
exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities
Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will
be required to use our reasonable best efforts to register or qualify the shares under applicable blue sky laws to the extent an
exemption is not available. In no event will we be required to net cash settle any warrant. If the issuance of the shares upon
exercise of the warrants is not so registered or qualified or exempt from registration or qualification, the holder of such warrant
shall not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In such event, holders
who acquired their warrants as part of a purchase of units will have paid the full unit purchase price solely for the shares of
Class A common stock included in the units. If and when the warrants become redeemable by us, we may exercise our redemption
right on a cashless basis even if we are unable to register or qualify the underlying shares of Class A common stock for sale
under all applicable state securities laws. We will use our reasonable best efforts to register or qualify such shares of Class A
common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in this
offering.
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We may issue additional common stock
or preferred stock to complete our initial business combination or under an employee incentive plan after completion of our initial
business combination. We may also issue shares of Class A common stock upon the conversion of the Class B common stock
at a ratio greater than one-to-one at the closing of our initial business combination as a result of the anti-dilution provisions
contained in our amended and restated certificate of incorporation. Any such issuances would dilute the interest of our shareholders
and likely present other risks.
Our amended and restated
certificate of incorporation will authorize the issuance of up to 21,000,000 shares of Class A common stock, par value $0.0001
per share, 3,000,000 shares of Class B common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock,
par value $0.0001 per share. Immediately after this offering, there will be 6,414,000 shares of Class A common stock and 1,500,000
shares of Class B common stock (assuming, in each case, that the underwriters have not exercised their over-allotment option
and 225,000 founder shares have been forfeited as a result) issued and outstanding. As a result, there will be 14,586,000 unissued
shares of Class A common stock and 1,500,000 shares of Class B common stock, respectively, available for issuance, which
amount does not take into account the shares of Class A common stock reserved for issuance upon exercise of any outstanding
warrants or the shares of Class A common stock issuable upon conversion of Class B common stock. Immediately after the
consummation of this offering, there will be no shares of preferred stock issued and outstanding. Shares of Class B common
stock are convertible into shares of our Class A common stock initially at a one-for-one ratio but subject to adjustments
as set forth herein, including in certain circumstances in which we issue Class A common stock or equity-linked securities
related to our initial business combination.
We may issue a substantial number of additional
shares of common or preferred stock to complete our initial business combination or under an employee incentive plan after completion
of our initial business combination (although our amended and restated certificate of incorporation will provide that we may not
issue securities that can vote with common shareholders on matters related to our pre-initial business combination activity). We
may also issue shares of Class A common stock upon conversion of the Class B common stock at a ratio greater than one-to-one
at the closing of our initial business combination as a result of the anti-dilution provisions contained in our amended and restated
certificate of incorporation. However, our amended and restated certificate of incorporation will provide, among other things,
that prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders
thereof to: (i) receive funds from the trust account; (ii) vote on any initial business combination; or (iii) vote
on matters related to our pre-initial business combination activity. These provisions of our amended and restated certificate of
incorporation, like all provisions of our amended and restated certificate of incorporation, may be amended with the approval of
our shareholders. However, our executive officers and directors have agreed, pursuant to a written agreement with us, that they
will not propose any amendment to our then existing amended and restated certificate of incorporation to (A) modify the substance
or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination
or to redeem 100% of our public shares if we do not complete our initial business combination within 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus)
or (B) with respect to any other material provision relating to shareholders' rights or pre-initial business combination
activity, unless we provide our public shareholders with the opportunity to redeem their shares of common stock upon approval of
any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest (which interest shall be net of taxes payable), divided by the number of then outstanding public shares.
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The issuance of additional
shares of common or preferred stock:
•
may significantly dilute the equity interest of investors in this offering;
•
may subordinate the rights of holders of common stock if preferred stock is issued with rights
senior to those afforded our common stock;
•
could cause a change of control if a substantial number of shares of our common stock are issued,
which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the
resignation or removal of our present officers and directors; and
•
may adversely affect prevailing market prices for our units, Class A common stock and/or warrants.
We may issue notes or other debt securities,
or otherwise incur substantial debt, to complete a business combination, which may adversely affect our leverage and financial
condition and thus negatively impact the value of our shareholders' investment in us.
Although we have no
commitments as of the date of this prospectus issue any notes or other debt securities, or to otherwise incur outstanding debt
following this offering, we may choose to incur substantial debt to complete our business combination. We have agreed that we will
not incur any indebtedness unless we have obtained from the lender a waiver of any right, title, interest or claim of any kind
in or to the monies held in the trust account. As such, no issuance of debt will affect the per-share amount available for redemption
from the trust account. Nevertheless, the incurrence of debt could have a variety of negative effects, including:
•
default and foreclosure on our assets if our operating revenues after an initial business combination
are insufficient to repay our debt obligations;
•
acceleration of our obligations to repay the indebtedness even if we make all principal and interest
payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a
waiver or renegotiation of that covenant;
•
our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand;
•
our inability to obtain necessary additional financing if the debt security contains covenants
restricting our ability to obtain such financing while the debt security is outstanding;
•
our inability to pay dividends on our common stock;
•
using a substantial portion of our cash flow to pay principal and interest on our debt, which will
reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures
and acquisitions, and fund other general corporate purposes;
•
limitations on our flexibility in planning for and reacting to changes in our business and in the
industry in which we operate;
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•
increased vulnerability to adverse changes in general economic, industry and competitive conditions
and adverse changes in government regulation;
•
limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
debt service requirements, and execution of our strategy; and
•
other disadvantages compared to our competitors who have less debt.
The grant of registration rights to
our founders may make it more difficult to complete our initial business combination, and the future exercise of such rights may
adversely affect the market price of our Class A common stock.
Pursuant to an agreement
to be entered into concurrently with the issuance and sale of the securities in this offering, our initial shareholders and their
permitted transferees can demand that we register their founder shares and private units (including underlying securities), after
those shares convert to our Class A common stock at the closing of our initial business combination. In addition, holders
of our private units and their permitted transferees can demand that we register the private units (including underlying securities),
and holders of working capital units if any may demand that we register such working capital units (including underlying securities).
We will bear the cost of registering these securities. The registration and availability of such a significant number of securities
for trading in the public market may have an adverse effect on the market price of our Class A common stock. In addition,
the existence of the registration rights may make our initial business combination more costly or difficult to conclude. This is
because the shareholders of the target business may increase the equity stake they seek in the combined entity or ask for more
cash consideration to offset the negative impact on the market price of our Class A common stock that is expected when the
common stock and private units owned by our founders or holders of our working capital loans (including extension notes) or their
respective permitted transferees are registered.
The exercise price for the warrants
is higher than in some similar blank check company offerings in the past, and, accordingly, the warrants are more likely to expire
worthless.
The exercise price of
the warrants is higher than some similar blank check companies in the past. Historically, the exercise price of a warrant was generally
a fraction of the purchase price of the units in the initial public offering. The exercise price for our warrants is $11.50 per
share. As a result, the warrants are less likely to ever be in the money and more likely to expire worthless.
In order to complete our initial business
combination, we may seek to amend our then existing amended and restated certificate of incorporation or other governing instruments,
including our warrant agreement, in a manner that will make it easier for us to complete our initial business combination but that
our shareholders or warrant holders may not support.
In order to complete
a business combination, blank check companies have, in the recent past, amended various provisions of their charters and governing
instruments, including their warrant agreement. For example, blank check companies have amended the definition of business combination,
increased redemption thresholds, changed industry focus and, with respect to their warrants, amended their warrant agreements to
require the warrants to be exchanged for cash and/or other securities. We cannot assure you that we will not seek to amend our
charter or other governing instruments or change our industry focus in order to complete our initial business combination.
Our founders contributed an aggregate
of approximately $25,000, or approximately $0.01 per founder share, and, accordingly, you will experience immediate and substantial
dilution from the purchase of our Class A common stock.
The
difference between the public offering price per share (allocating all of the unit purchase price to the Class A common stock
and none to the warrant included in the unit) and the pro forma net tangible book value per share of our Class A common stock
after this offering constitutes the dilution to you and the other investors in this offering. Our founders acquired the founder
shares at a nominal price, significantly contributing to this dilution. Upon the closing of this offering, and assuming no value
is ascribed to the warrants included in the units, you and the other public shareholders will incur an immediate and substantial
dilution of approximately 107.4% (or $10.74 per share
, assuming
no exercise of the underwriters' over-allotment option), the difference between the pro forma net tangible book value per
share of $(0.74) and the initial offering price of $10.00 per unit. In addition, because of the anti-dilution rights of the founder
shares, any equity or equity-linked securities issued in connection with our initial business combination would be disproportionately
dilutive to our Class A common stock.
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Our founders paid an aggregate of $25,000
for the founder shares, or approximately $0.01 per founder share. As a result of this low initial price, our founders stand to
make a substantial profit even if an initial business combination subsequently declines in value or is unprofitable for our public
shareholders.
As a result of the low
acquisition cost of our founder shares, our founders could make a substantial profit even if we select and consummate an initial
business combination with an acquisition target that subsequently declines in value or is unprofitable for our public shareholders.
Thus, such parties may have more of an economic incentive for us to enter into an initial business combination with a riskier,
weaker-performing or financially unstable business, or an entity lacking an established record of revenues or earnings, than would
be the case if such parties had paid the full offering price for their founder shares.
We may amend the terms of the warrants
in a manner that may be adverse to holders of warrants with the approval by the holders of at least 50% of the then outstanding
warrants. As a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number
of shares of our Class A common stock purchasable upon exercise of a warrant could be decreased, all without your approval.
Our 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 to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least 50% of the then outstanding warrants to make any change that adversely affects
the interests of the registered holders of warrants. Accordingly, we may amend the terms of the warrants in a manner adverse to
a holder if holders of at least 50% of the then outstanding warrants approve of such amendment. Although our ability to amend the
terms of the warrants with the consent of at least 50% of the then outstanding warrants is unlimited, examples of such amendments
could be amendments to, among other things, increase the exercise price of the warrants, convert the warrants into cash, shorten
the exercise period or decrease the number of shares of our Class A common stock purchasable upon exercise of a warrant.
Our warrant agreement will designate
the courts of the State of New York or the United States District Court for the Southern District of New York as
the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which
could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.
Our warrant agreement
will provide that, subject to applicable law, (i) 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 (ii) that we irrevocably submit to such jurisdiction, which
jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum.
These provisions of
the warrant agreement will apply to action, proceeding or claim brought to enforce any liability or duty arising under the Securities
Act. Notwithstanding the foregoing, these provisions of the warrant agreement will not apply to suits brought to enforce any liability
or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of
America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants
shall be deemed to have notice of and to have consented to the forum provisions in our warrant agreement. If any action, the subject
matter of which is within the scope the forum provisions of the warrant agreement, is filed in a court other than a court of the
State of New York or the United States District Court for the Southern District of New York (a "foreign action")
in the name of any holder of our warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction
of the state and federal courts located in the State of New York in connection with any action brought in any such court to
enforce the forum provisions (an "enforcement action"), and (y) having service of process made upon such warrant
holder in any such enforcement action by service upon such warrant holder's counsel in the foreign action as agent for such
warrant holder.
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This choice-of-forum
provision may limit a warrant holder's ability to bring a claim in a judicial forum that it finds favorable for disputes
with our company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our warrant agreement
inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional
costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business,
financial condition and results of operations and result in a diversion of the time and resources of our management and board of
directors.
A provision of our warrant agreement
may make it more difficult for us to consummate an initial business combination.
If (x) we issue additional
shares of Class A common stock or equity-linked securities at a Newly Issued Price of less than $9.20 per share of Class A common
stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case
of any such issuance to our founders or their affiliates, without taking into account any founder shares held by our founders or
such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than
60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date
of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share,
then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market
Value and the Newly Issued Price, and the $16.50 per share redemption trigger price described above will be adjusted (to the nearest
cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
We may redeem your unexpired warrants
prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.
We have the ability
to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per
warrant, provided that the last reported sales price of our Class A common stock equals or exceeds $16.50 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading-day
period ending on the third trading day prior to the date on which we give proper notice of such redemption and provided certain
other conditions are met. If and when the warrants become redeemable by us, we may exercise our redemption right on a cashless
basis even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
Redemption of the outstanding warrants could force you (i) to exercise your warrants and pay the exercise price therefor at
a time when it may be disadvantageous for you to do so, (ii) to sell your warrants at the then-current market price when you
might otherwise wish to hold your warrants or (iii) to accept the nominal redemption price which, at the time the outstanding
warrants are called for redemption, is likely to be substantially less than the market value of your warrants.
Our private units and founder shares
may have an adverse effect on the market price of our Class A common stock and make it more difficult to complete our business
combination.
Simultaneously with
the closing of this offering, we will be issuing 414,000 private units (or up to 450,000 private units if the underwriters'
over-allotment option is exercised in full) to our sponsor. Our founders currently own 1,725,000 founder shares (up to 225,000
founder shares are subject to forfeiture if the over-allotment option is exercised in full or in part). The founder shares are
automatically convertible into shares of Class A common stock at the closing of our initial business combination on a one-for-one
basis, subject to adjustments as set forth herein. In addition, if our founders or their affiliates make any working capital loans
(including extension notes), up to $3,000,000 of such loans may be converted into working capital units, at the price of $10.00
per unit at the option of the lender. Such working capital units would be identical to the private units sold in the private placement.
To the extent we issue
shares of Class A common stock to complete a business combination, the potential for the issuance of a substantial number
of additional shares of Class A common stock upon conversion rights of up to $3,000,000 working capital loans (including extension
notes) could make us a less attractive acquisition vehicle to a target business. Any such issuance will increase the number of
issued and outstanding shares of our Class A common stock and reduce the value of the shares of Class A common stock
issued to complete the business combination. Therefore, our private units and founder shares may make it more difficult to complete
a business combination or increase the cost of acquiring the target business.
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The determination of the offering price
of our units and the size of this offering is more arbitrary than the pricing of securities and size of an offering of an operating
company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects
the value of such units than you would have in a typical offering of an operating company.
Prior to this offering
there has been no public market for any of our securities. The public offering price of the units and the terms of the warrants
were negotiated between us and the underwriters. In determining the size of this offering, management held customary organizational
meetings with the underwriters with respect to the state of capital markets, generally, and the amount the underwriters believed
they reasonably could raise on our behalf. Factors considered in determining the size of this offering, prices and terms of the
units, including the Class A common stock and warrants underlying the units, include:
•
the history and prospects of companies whose principal business is the acquisition of other companies;
•
prior offerings of those companies;
•
our prospects for acquiring an operating business;
•
a review of debt to equity ratios in leveraged transactions;
•
our capital structure;
•
an assessment of our management and their experience in identifying operating companies;
•
general conditions of the securities markets at the time of this offering; and
•
other factors as were deemed relevant.
Although these factors
were considered, the determination of our offering price is more arbitrary than the pricing of securities of an operating company
in a particular industry since we have no historical operations or financial results.
There is currently no market for our
securities and a market for our securities may not develop, which would adversely affect the liquidity and price of our securities.
There is currently no
market for our securities. Shareholders therefore have no access to information about prior market history on which to base their
investment decision. Following this offering, the price of our securities may vary significantly due to one or more potential business
combinations and general market or economic conditions. Furthermore, an active trading market for our securities may never develop
or, if developed, it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.
Because we must furnish our shareholders
with target business financial statements, we may lose the ability to complete an otherwise advantageous initial business combination
with some prospective target businesses.
The federal proxy rules require
that a proxy statement with respect to a vote on a business combination meeting certain financial significance tests include target
historical and/or pro forma financial statement disclosure. We will include the same financial statement disclosure in connection
with our tender offer documents, whether or not they are required under the tender offer rules. These financial statements may
be required to be prepared in accordance with, or be reconciled to, accounting principles generally accepted in the United States
of America, or GAAP, or international financial reporting standards as issued by the International Accounting Standards Board,
or IFRS, depending on the circumstances and the historical financial statements may be required to be audited in accordance with
the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. These financial statement requirements
may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such financial statements
in time for us to disclose such financial statements in accordance with federal proxy rules and complete our initial business
combination within the prescribed time frame.
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An investment in this offering may involve
uncertain or adverse U.S. federal income tax consequences.
An investment in this
offering may involve uncertain or adverse U.S. federal income tax consequences. For instance:
•
because there are no authorities that directly address instruments similar to the units we are
issuing in this offering, the allocation an investor makes with respect to the purchase price of the unit between the share of
common stock and one-half of one warrant included in the units could be challenged by the Internal Revenue Service of the United
States ("IRS") or the courts.
•
if we make distributions on our common stock, such distributions generally will be treated as dividends
for U.S. federal income tax purposes to the extent of our current or accumulated earnings and profits. The ability of a holder
to seek redemption of their shares may be viewed as a position with respect to substantially similar or related property which
diminishes your risk of loss and thereby affects your ability to satisfy the holding period requirements for the dividends received
deduction or the preferential tax rate on qualified dividend income with respect to the time period prior to the approval of an
initial business combination.
•
our warrants may be exercised on a cashless basis in certain situations as described herein. Although
there is no direct legal authority as to the U.S. federal income tax treatment of an exercise of a warrant on a cashless basis,
we intend to take the position that such exercise will not be taxable, either because the exercise is not a gain realization event
or because it qualifies as a tax-free recapitalization. In the former case, the holding period of the common stock should commence
on the day after the warrant is exercised. In the latter case, the holding period of the common stock would include the holding
period of the exercised warrants. However, our position is not binding on the IRS and the IRS may treat a cashless exercise of
a warrant as a taxable exchange.
•
any capital gain or loss you realize on a sale or other disposition of our common stock will generally
be long-term capital gain or loss if your holding period for the common stock is more than one year. However, the redemption feature
of the common stock could affect your ability to satisfy the holding period requirements for the long-term capital gain tax rate
with respect to the time period prior to the approval of an initial business combination.
See the section of this
prospectus entitled "United States Federal Income Tax Considerations — Personal Holding Company Status"
for a summary of the material United States federal income tax consequences of an investment in our securities. Each prospective
investor is urged to consult a tax advisor with respect to the specific tax consequences of the acquisition, ownership and disposition
of our securities, including the applicability and effect of state, local, or foreign tax laws, as well as United States federal
tax laws.
General Risk Factors
Unanticipated changes in our effective
tax rate or challenges by tax authorities could harm our future results.
We may become subject
to income taxes in various other jurisdictions in the future. Our effective tax rate could be adversely affected by changes in
the allocation of our pre-tax earnings and losses among countries with differing statutory tax rates, in certain non-deductible
expenses as a result of acquisitions, in the valuation of our deferred tax assets and liabilities, or in federal, state, local
or non-U.S. tax laws and accounting principles, including increased tax rates, new tax laws or revised interpretations of
existing tax laws and precedents. Increases in our effective tax rate would adversely affect our operating results. In addition,
we may be subject to income tax audits by various tax jurisdictions throughout the world. The application of tax laws in such jurisdictions
may be subject to diverging and sometimes conflicting interpretations by tax authorities in these jurisdictions. Although we believe
our income tax liabilities are reasonably estimated and accounted for in accordance with applicable laws and principles, an adverse
resolution of one or more uncertain tax positions in any period could have a material impact on the results of operations for that
period.
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Our amended and restated certificate
of incorporation will require, to the fullest extent permitted by law, that (i) derivative actions brought on our behalf,
(ii) actions asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to
us or our shareholders, (iii) actions asserting a claim against us, our directors, officers or employees arising pursuant
to any provision of the DGCL or our amended and restated certificate of incorporation or bylaws or (iv) actions asserting
a claim against us, our directors, officers or employees governed by the internal affairs doctrine may be brought only in the Court
of Chancery in the State of Delaware, which may have the effect of discouraging lawsuits against our directors, officers or other
employees.
Our amended and restated
certificate of incorporation will require, unless we consent in writing to the selection of an alternative forum, that (i) any
derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed
by any director, officer or other employee to us or our shareholders, (iii) any action asserting a claim against us, our directors,
officers or employees arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or
bylaws, or (iv) any action asserting a claim against us, our directors, officers or employees governed by the internal affairs
doctrine may be brought only in the Court of Chancery in the State of Delaware, except any action (A) as to which the Court
of Chancery of the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court
of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days
following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court
of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) arising under the
Securities Act, as to which the Court of Chancery and the federal district court for the District of Delaware shall concurrently
be the sole and exclusive forums. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought
to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the
United States of America have exclusive jurisdiction. Any person or entity purchasing or otherwise acquiring any interest
in shares of our capital stock shall be deemed to have notice of and consented to the forum provisions in our amended and restated
certificate of incorporation. This choice of forum provision may limit a shareholder's ability to bring a claim in a judicial
forum that it finds favorable for disputes with us or any of our directors, officers, other employees or shareholders, which may
discourage lawsuits with respect to such claims, although our shareholders will not be deemed to have waived our compliance with
federal securities laws and the rules and regulations thereunder. Alternatively, if a court were to find the choice of forum provision
contained in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur
additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results
and financial condition.
Our amended and restated
certificate of incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted
by applicable law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce
any duty or liability created by the Exchange Act or the rules and regulations thereunder, and Section 22 of the Securities
Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created
by the Securities Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits
brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction.
Changes in laws or regulations, or a
failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete
our initial business combination and results of operations.
We are subject to laws
and regulations enacted by national, regional and local governments. In particular, we will be required to comply with SEC rules
and other legal requirements. For instance, on March 30, 2022, the SEC issued proposed rules relating to, among other items,
enhancing disclosures in business combination transactions involving SPACs and private operating companies; amending the financial
statement requirements applicable to transactions involving shell companies; effectively eliminating the safe harbor relating to
the use of projections in SEC filings in connection with proposed business combination transactions; increasing the potential liability
of certain participants in proposed business combination transactions; and the extent to which SPACs could become subject to regulation
under the Investment Company Act of 1940. These rules, if adopted, whether in the form proposed or in revised form, may materially
adversely affect our ability to negotiate and complete our initial business combination and may increase the costs and time related
thereto.
Laws and regulations
and their interpretation and application may also change from time to time and those changes could have a material adverse effect
on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as
interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete
our initial business combination and results of operations.
We are an emerging growth company and
a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure
requirements available to emerging growth companies and smaller reporting companies, this could make our securities less attractive
to investors and may make it more difficult to compare our performance with other public companies.
We are an "emerging growth company"
within the meaning of the Securities Act, as modified by the JOBS Act, and we may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not
limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act,
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved. As a result, our shareholders may not have access to certain information they may deem important.
We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier,
including if the market value of our Class A common stock held by non-affiliates exceeds $700 million as of any June 30
before that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot
predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors
find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be
lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our
securities may be more volatile.
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Further, Section 102(b)(1) of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out
of such extended transition period, which means that when a standard is issued or revised and it has different application dates
for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither
an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accountant standards used.
Additionally, we are
a "smaller reporting company" as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting
companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years
of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which
(1) the market value of our common stock held by non-affiliates exceeds $250 million as of the end of the prior June 30
th
,
or (2) our annual revenues exceeded $100 million during such completed fiscal year and the market value of our common
stock held by non-affiliates exceeds $700 million as of the prior June 30
th
. To the extent we take advantage
of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult
or impossible.
If we are deemed to be an investment
company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities
may be restricted, which may make it difficult for us to complete our business combination.
If we are deemed to
be an investment company under the Investment Company Act, our activities may be restricted, including:
•
restrictions on the nature of our investments; and
•
restrictions on the issuance of securities, each of which may make it difficult for us to complete
our business combination.
In addition, we may
have imposed upon us burdensome requirements, including:
•
registration as an investment company;
•
adoption of a specific form of corporate structure; and
•
reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations.
In order not to be regulated
as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged
primarily in a business other than investing, reinvesting or trading of securities and that our activities do not include investing,
reinvesting, owning, holding or trading "investment securities" constituting more than 40% of our total assets (exclusive
of U.S. government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete a
business combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy
businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or
to be a passive investor.
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We do not believe that
our anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust
account may only be invested in United States "government securities" within the meaning of Section 2(a)(16) of
the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under
Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations.
Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment
of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term
(rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid being
deemed an "investment company" within the meaning of the Investment Company Act. This offering is not intended for
persons who are seeking a return on investments in government securities or investment securities. The trust account is intended
as a holding place for funds pending the earliest to occur of: (i) the completion of our primary business objective, which
is a business combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote
to amend our then existing amended and restated certificate of incorporation to modify (A) 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 12 months from the closing of this offering (or up to 18 months, if
we extend the time to complete a business combination as described in this prospectus) or (B) with respect to any other provision
relating to shareholders' rights or pre-initial business combination activity; or (iii) absent a business combination,
our return of the funds held in the trust account to our public shareholders as part of our redemption of the public shares. If
we do not invest the proceeds as discussed above, we may be deemed to be subject to the Investment Company Act. If we were deemed
to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses
for which we have not allotted funds and may hinder our ability to complete a business combination. If we are unable to complete
our initial business combination, our public shareholders may receive only approximately $10.20 per share on the liquidation of
our trust account and our warrants will expire worthless. In certain circumstances, our public shareholders may receive less than
$10.20 per share on the redemption of their shares. See "— If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by shareholders may be less than $10.20
per share" and other risk factors in this section.
Furthermore
,
on March 30, 2022, the SEC issued proposed rules relating to, among other matters, the extent to which SPACs could become
subject to regulation under the Investment Company Act. The SEC's proposed rule under the Investment Company Act would provide
a safe harbor for SPACs from the definition of "investment company" under Section 3(a)(1)(A) of the Investment Company
Act, provided that they satisfy certain conditions that limit a SPAC's duration, asset composition, business purpose and
activities. The duration component of the proposed safe harbor rule would require a SPAC to file a report on Form 8-K with
the Commission announcing that it has entered into an agreement with the target company (or companies) to engage in an initial
business combination no later than 18 months after the effective date of the SPAC's registration statement for its initial
public offering. The SPAC would then be required to complete its initial business combination no later than 24 months after
the effective date of its registration statement for its initial public offering. The proposed safe harbor rule has not yet been
adopted, and one or more elements of the proposed safe harbor rule may not be adopted or may be adopted in a revised form. Nevertheless,
we intend to comply with the terms of the proposed safe harbor rule, including the duration component of that rule, when and if
adopted. As a result, we do not believe that the SEC would deem us to be an investment company for purposes of the Investment Company
Act. However, if we were deemed to be an investment company for purposes of the Investment Company Act, compliance with these additional
regulatory burdens would require additional expenses for which we have not allotted funds and could increase the costs and time
needed to complete a business combination or impair our ability to complete a business combination. If we have not completed our
initial business combination within the required time period, our public stockholders may receive only approximately $10.20 per
share, or less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless.
Compliance obligations under the Sarbanes-Oxley
Act may make it more difficult for us to complete our initial business combination, require substantial financial and management
resources, and increase the time and costs of completing an acquisition.
Section 404 of
the Sarbanes-Oxley Act requires that we evaluate and report on our system of internal controls beginning with our Annual Report
on Form 10-K for the year ending December 31, 2023. Only in the event we are deemed to be a large accelerated filer or
an accelerated filer will we be required to comply with the independent registered public accounting firm attestation requirement
on our internal control over financial reporting. Further, for as long as we remain an emerging growth company, we will not be
required to comply with the independent registered public accounting firm attestation requirement on our internal control over
financial reporting. The fact that we are a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act
particularly burdensome on us as compared to other public companies because a target company with which we seek to complete our
business combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal
controls. The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase
the time and costs necessary to complete any such acquisition.
Provisions in our amended and restated
certificate of incorporation and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing
to pay in the future for our Class A common stock and could entrench management.
Our amended and restated
certificate of incorporation will contain provisions that may discourage unsolicited takeover proposals that shareholders may consider
to be in their best interests. These provisions include a staggered board of directors and the ability of the board of directors
to designate the terms of and issue new series of preferred shares, which may make the removal of management more difficult and
may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.
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We are also subject
to anti-takeover provisions under Delaware law, which could delay or prevent a change of control. Together these provisions may
make the removal of management more difficult and may discourage transactions that otherwise could involve payment of a premium
over prevailing market prices for our securities.
We may not hold an annual meeting of
shareholders until after the consummation of our initial business combination, which could delay the opportunity for our shareholders
to elect and remove, with or without cause, directors.
In accordance with Nasdaq
corporate governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal
year end following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual
meeting of shareholders for the purposes of electing directors in accordance with our bylaws unless such election is made by written
consent in lieu of such a meeting. We may not hold an annual meeting of shareholders to elect new directors prior to the consummation
of our initial business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires
an annual meeting. Therefore, if our shareholders want us to hold an annual meeting prior to the consummation of our initial business
combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance
with Section 211(c) of the DGCL.
Risks Associated with Acquiring and Operating
a Business Outside of the United States
We may effect a business combination
with a company located outside of the United States and if we do, we would be subject to a variety of additional risks that
may negatively impact our business operations and financial results.
If we consummate a business
combination with a target business located outside of the United States (although we will not effect our initial business
combination with any company being based in or having the majority of the company's operations in China, including Hong Kong
and Macau), we would be subject to any special considerations or risks associated with companies operating in the target business'
governing jurisdiction, including any of the following:
•
rules and regulations or currency redemption or corporate withholding taxes on individuals;
•
tariffs and trade barriers;
•
regulations related to customs and import/export matters;
•
longer payment cycles than in the United States;
•
inflation;
•
economic policies and market conditions;
•
unexpected changes in regulatory requirements;
•
challenges in managing and staffing international operations;
•
tax issues, such as tax law changes and variations in tax laws as compared to the United States;
•
currency fluctuations;
•
challenges in collecting accounts receivable;
•
cultural and language differences;
•
protection of intellectual property; and
•
employment regulations.
We cannot assure you
that we would be able to adequately address these additional risks. If we were unable to do so, our operations might suffer.
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Because of the costs and difficulties
inherent in managing cross-border business operations, our results of operations may be negatively impacted.
Managing a business,
operations, personnel or assets in another country is challenging and costly. Any management that we may have (whether based abroad
or in the U.S.) may be inexperienced in cross-border business practices and unaware of significant differences in accounting rules,
legal regimes and labor practices. Even with a seasoned and experienced management team, the costs and difficulties inherent in
managing cross-border business operations, personnel and assets can be significant (and much higher than in a purely domestic business)
and may negatively impact our financial and operational performance.
If social unrest, acts of terrorism,
regime changes, changes in laws and regulations, political upheaval, or policy changes or enactments occur in a country in which
we may operate after we effect our initial business combination, it may result in a negative impact on our business.
Political events in
another country may significantly affect our business, assets or operations. Social unrest, acts of terrorism, regime changes,
changes in laws and regulations, political upheaval, and policy changes or enactments could negatively impact our business in a
particular country.
Many countries have difficult and
unpredictable legal systems and underdeveloped laws and regulations that are unclear and subject to corruption and inexperience,
which may adversely impact our results of operations and financial condition.
Our ability to seek
and enforce legal protections, including with respect to intellectual property and other property rights, or to defend ourselves
with regard to legal actions taken against us in a given country, may be difficult or impossible, which could adversely impact
our operations, assets or financial condition.
Rules and regulations
in many countries are often ambiguous or open to differing interpretation by responsible individuals and agencies at the municipal,
state, regional and federal levels. The attitudes and actions of such individuals and agencies are often difficult to predict and
inconsistent.
Delay with respect to
the enforcement of particular rules and regulations, including those relating to customs, tax, environmental and labor, could cause
serious disruption to operations abroad and negatively impact our results.
If we effect a business combination
with a company located outside of the United States, the laws applicable to such company will likely govern all of our material
agreements and we may not be able to enforce our legal rights.
If we effect a business
combination with a company located outside of the United States (although we will not effect our initial business combination
with any company being based in or having the majority of the company's operations in China, including Hong Kong and Macau),
the laws of the country in which such company operates will govern almost all of the material agreements relating to its operations.
We cannot assure you that the target business will be able to enforce any of its material agreements or that remedies will be available
in this new jurisdiction. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in
implementation and interpretation as in the United States. The inability to enforce or obtain a remedy under any of our future
agreements could result in a significant loss of business, business opportunities or capital. Additionally, if we acquire a company
located outside of the United States, it is likely that substantially all of our assets would be located outside of the United States
and some of our officers and directors might reside outside of the United States. As a result, it may not be possible for
investors in the United States to enforce their legal rights, to effect service of process upon our directors or officers
or to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties of our directors
and officers under Federal securities laws.
If relations between the United States
and foreign governments deteriorate, it could cause potential target businesses or their goods and services to become less attractive.
The relationship between
the United States and foreign governments could be subject to sudden fluctuation and periodic tension. For instance, the United States
may announce its intention to impose quotas on certain imports. Such import quotas may adversely affect political relations between
the two countries and result in retaliatory countermeasures by the foreign government in industries that may affect our ultimate
target business. Changes in political conditions in foreign countries and changes in the state of U.S. relations with such
countries are difficult to predict and could adversely affect our operations or cause potential target businesses or their goods
and services to become less attractive. Because we are not limited to any specific industry, there is no basis for investors in
this offering to evaluate the possible extent of any impact on our ultimate operations if relations are strained between the United States
and a foreign country in which we acquire a target business or move our principal manufacturing or service operations.
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If any dividend is declared in the
future and paid in a foreign currency, you may be taxed on a larger amount in U.S.
If you are a U.S. holder
of our common stock, you will be taxed on the U.S. dollar value of your dividends, if any, at the time you receive them, even
if you actually receive a smaller amount of U.S. dollars when the payment is in fact converted into U.S. dollars. Specifically,
if a dividend is declared and paid in a foreign currency, the amount of the dividend distribution that you must include in your
income as a U.S. holder will be the U.S. dollar value of the payments made in the foreign currency, determined at the
spot rate of the foreign currency to the U.S. dollar on the date the dividend distribution is includible in your income, regardless
of whether the payment is in fact converted into U.S. dollars. Thus, if the value of the foreign currency decreases before
you actually convert the currency into U.S. dollars, you will be taxed on a larger amount in U.S. dollars than the U.S. dollar
amount that you will actually ultimately receive.
If our management following our initial
business combination is unfamiliar with United States securities laws, they may have to expend time and resources becoming
familiar with such laws, which could lead to various regulatory issues.
Following our initial
business combination, certain members of our management team will likely resign from their positions as officers or directors of
the company and the management of the target business at the time of the business combination will remain in place. Management
of the target business may not be familiar with United States securities laws. If new management is unfamiliar with our laws,
they may have to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming and could
lead to various regulatory issues, which may adversely affect our operations.
Currency policies may cause a target
business' ability to succeed in the international markets to be diminished.
In the event we acquire
a non-U.S. target, all revenues and income would likely be received in a foreign currency, the dollar equivalent of our net
assets and distributions, if any, could be adversely affected by reductions in the value of the local currency. The value of the
currencies in our target regions fluctuate and are affected by, among other things, changes in political and economic conditions.
Any change in the relative value of such currency against our reporting currency may affect the attractiveness of any target business
or, following consummation of our initial business combination, our financial condition and results of operations. Additionally,
if a currency appreciates in value against the dollar prior to the consummation of our initial business combination, the cost of
a target business as measured in dollars will increase, which may make it less likely that we are able to consummate such transaction.
Many industries in Asia are subject
to government regulations that limit or prohibit foreign investments in such industries, which may limit the potential number of
acquisition candidates.
Governments in many
Asian countries have imposed regulations that limit foreign investors' equity ownership or prohibit foreign investments altogether
in companies that operate in certain industries. As a result, the number of potential acquisition candidates available to us (excluding
China) may be limited or our ability to grow and sustain the business, which we ultimately acquire will be limited. Our amended
and restated certificate of incorporation to be adopted upon the effectiveness of the registration statement of which this prospectus
forms a part will prohibit us from undertaking our initial business combination with any company being based in or having the majority
of the company's operations in China (including Hong Kong and Macau).
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If a country in Asia (excluding China)
enacts regulations in industry segments that forbid or restrict foreign investment, our ability to consummate our initial business
combination could be severely impaired. Our Certificate of Incorporation to be adopted upon the effectiveness of the registration
statement of which this prospectus forms a part will prohibit us from undertaking our initial business combination with any company
being based in or having the majority of the company's operations in China (including Hong Kong and Macau).
Many of the rules and
regulations that companies face concerning foreign ownership are not explicitly communicated. If new laws or regulations forbid
or limit foreign investment in industries in which we want to complete our initial business combination, they could severely impair
our candidate pool of potential target businesses. Additionally, if the relevant central and local authorities find us or the target
business with which we ultimately complete our initial business combination to be in violation of any existing or future laws or
regulations, they would have broad discretion in dealing with such a violation, including, without limitation:
•
levying fines;
•
revoking our business and other licenses;
•
requiring that we restructure our ownership or operations; and
•
requiring that we discontinue any portion or all of our business.
Any of the above could
have an adverse effect on our company post-business combination and could materially reduce the value of your investment.
Corporate governance standards in
Asia may not be as strict or developed as in the United States and such weakness may hide issues and operational practices
that are detrimental to a target business.
General corporate governance
standards in some countries are weak in that they do not prevent business practices that cause unfavorable related party transactions,
over-leveraging, improper accounting, family company interconnectivity and poor management. Local laws often do not go far enough
to prevent improper business practices. Therefore, shareholders may not be treated impartially and equally as a result of poor
management practices, asset shifting, conglomerate structures that result in preferential treatment to some parts of the overall
company, and cronyism. The lack of transparency and ambiguity in the regulatory process also may result in inadequate credit evaluation
and weakness that may precipitate or encourage financial crisis. In our evaluation of a business combination we will have to evaluate
the corporate governance of a target and the business environment, and in accordance with United States laws for reporting
companies take steps to implement practices that will cause compliance with all applicable rules and accounting practices. Notwithstanding
these intended efforts, there may be endemic practices and local laws that could add risk to an investment we ultimately make and
that result in an adverse effect on our operations and financial results.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements in
this prospectus may constitute "forward-looking statements" for purposes of the federal securities laws. Our forward-looking
statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus
may include, for example, statements about:
•
our ability to complete our initial business combination;
•
our expectations around the performance of the prospective target business or businesses;
•
our success in retaining or recruiting, or changes required in, our officers, key employees or
directors following our initial business combination;
•
our officers and directors allocating their time to other businesses and potentially having conflicts
of interest with our business or in approving our initial business combination, as a result of which they would then receive expense
reimbursements;
•
our potential ability to obtain additional financing to complete our initial business combination;
•
the ability of our officers and directors to generate a number of potential acquisition opportunities;
•
our public securities' potential liquidity and trading;
•
the lack of a market for our securities;
•
the use of proceeds not held in the trust account or available to us from interest income on the
trust account balance;
•
the trust account not being subject to claims of third parties; or
•
our financial performance following this offering.
The forward-looking
statements contained in this prospectus are based on our current expectations and beliefs concerning future developments and their
potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions
that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not limited to, those factors described in the section of this prospectus
entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our assumptions
prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake
no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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USE
OF PROCEEDS
We are offering 6,000,000 units
at an offering price of $10.00 per unit. We estimate that the net proceeds of this offering together with the funds we will receive
from the sale of the private units will be used as set forth in the following table.
Without
Over-Allotment
Option
With
Over-Allotment
Option Fully Exercised
Gross proceeds
Gross proceeds from units offered to public
(1)
$
60,000,000
$
69,000,000
Gross proceeds from private units offered in the private placement
4,140,000
4,500,000
Total gross proceeds
$
64,140,000
$
73,500,000
Offering expenses
(2)
Underwriting commissions (2% of gross proceeds from units offered to public)
$
1,200,000
$
1,380,000
Legal fees and expenses
250,000
250,000
Nasdaq listing fee
85,000
85,000
SEC registration fee
6,396
6,396
FINRA filing fee
10,850
10,850
Printing and engraving expenses
40,000
40,000
Accounting fees and expenses
80,000
80,000
D&O insurance
350,000
350,000
Miscellaneous expenses
267,754
267,754
Total offering expenses (excluding deferred underwriting commission)
$
1,090,000
$
1,090,000
Proceeds after offering expenses
$
61,850,000
$
71,030,000
Held in trust account
(3)
$
61,200,000
$
70,380,000
% of public offering size
102.0
%
102.0
%
Not held in trust account
$
650,000
$
650,000
The following table
shows the use of the approximately $650,000 of net proceeds not held in the trust account:
Amount
(4)
% of Total
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination
(5)
$
400,000
61.5
%
Legal and accounting fees related to regulatory reporting obligations
100,000
15.4
%
Working capital to cover miscellaneous expenses and reserves
150,000
23.1
%
Total
$
650,000
100.0
%
(1)
Includes amounts payable to public shareholders who properly redeem their shares in connection
with our successful completion of our initial business combination.
(2)
A portion of the offering expenses will be paid from the proceeds of a loan from our sponsor and/or
its affiliates of up to $500,000 as described in this prospectus. This amount will be repaid upon completion of this offering out
of the offering proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) and
amounts not to be held in the trust account. In the event that offering expenses are less than set forth in this table, any such
amounts will be used for post-closing working capital expenses. In the event that the offering expenses are more than as set forth
in this table, we may fund such excess with funds not held in the trust account. As of May 16, 2022, we have borrowed $95,521
loan from our sponsor.
(3)
Upon completion of our initial business combination, $2,100,000 (or $2,415,000 if the underwriters'
over-allotment option is exercised in full) will be payable to the underwriters for deferred underwriting commissions from the
funds held in the trust account, and the remaining funds, less amounts released to the trustee to pay redeeming shareholders, will
be released to us and can be used to pay all or a portion of the purchase price of the business or businesses with which our initial
business combination occurs or for general corporate purposes, including payment of principal or interest on indebtedness incurred
in connection with our initial business combination, to fund the purchases of other companies or for working capital. The underwriters
will not be entitled to any interest accrued on the deferred underwriting commissions.
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(4)
These expenses are estimates only. Our actual expenditures for some or all of these items may differ
from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates
in connection with negotiating and structuring our business combination based upon the level of complexity of such business combination.
In the event we identify a business combination target in a specific industry subject to specific regulations, we may incur additional
expenses associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary
and as a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any
change in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations,
to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses.
(5)
Includes estimated amounts that may also be used in connection with our business combination to
fund a "no shop" provision and commitment fees for financing.
We may increase or decrease
the total number of units sold to the public in this offering. If we decide to proceed with an offering that results in an increase
in the total number of units sold to the public, we would have additional proceeds from the offering available to pursue an acquisition.
If we proceed with an offering that results in a decrease in the total number of units sold to the public, we would have reduced
proceeds from the offering available to pursue an acquisition. Such an increase or decrease may impact the size of the initial
business combination we may pursue. In addition, the proceeds held in trust would correspondingly increase or decrease such that
100% of the gross proceeds from this offering will be held in trust. The underwriter's option to purchase additional units
to cover over-allotments and the amount of private units that our sponsor will purchase would correspondingly increase or decrease.
We would issue additional Class B common stock in the event we increase the total number of units sold in this offering exceeding
the total number of units after the full over-allotment and the holders of our Class B common stock would forfeit shares of
Class B common stock in the event we decrease the total number of units sold in this offering so that the number of shares
of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate,
on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon completion of this
offering (excluding the sale of the private units and assuming our founders do not purchase public shares in this offering) plus
all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the business combination
(excluding any shares or equity-linked securities issued, or to be issued, to any seller in the business combination).
The rules of Nasdaq
provide that at least 90% of the gross proceeds from this offering and the sale of the private units be deposited in a trust account.
Of the net proceeds of this offering and the sale of the private units, $61,200,000 (or $70,380,000 if the underwriters'
over-allotment option is exercised in full), including $2,100,000 (or $2,415,000 if the underwriters' over-allotment option
is exercised in full) for deferred underwriting commissions, will be placed in a U.S.-based trust account with Continental Stock Transfer & Trust Company, acting as trustee,
and will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds
meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government
treasury obligations. We estimate that the interest earned on the trust account will be approximately $30,600 per year, assuming
an interest rate of 0.05% per year; however, we can provide no assurance regarding this amount. Except with respect to interest
earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering
and the sale of the private units that are deposited in the trust account will not be released from the trust account until the
earliest to occur of: (a) the completion of our initial business combination, (b) the redemption of any public shares
properly submitted in connection with a shareholder vote to amend our then existing amended and restated certificate of incorporation
(i) 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 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus)
or (ii) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity
and (c) the redemption of our public shares if we are unable to complete our business combination within 12 months from the
closing of this offering, subject to applicable law (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus).
The net proceeds held
in the trust account may be used as consideration to pay the sellers of a target business with which we ultimately complete our
business combination. If our initial business combination is paid for using equity or debt instruments, or not all of the funds
released from the trust account are used for payment of the consideration in connection with our business combination, we may apply
the balance of the cash released from the trust account for general corporate purposes, including for maintenance or expansion
of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing
our initial business combination, to fund the purchase of other assets, companies or for working capital.
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We believe that amounts
not held in trust will be sufficient to pay the costs and expenses to which such proceeds are allocated. This belief is based on
the fact that while we may begin preliminary due diligence of a target business in connection with an indication of interest, we
intend to undertake in-depth due diligence, depending on the circumstances of the relevant prospective acquisition, only after
we have negotiated and signed a letter of intent or other preliminary agreement that addresses the terms of a business combination.
However, if our estimate of the costs of undertaking in-depth due diligence and negotiating a business combination is less than
the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which
is currently unascertainable. If we are required to seek additional capital, we could seek such additional capital through loans
or additional investments from our founders or their affiliates, but such persons are not under any obligation to advance funds
to, or invest in, us.
Our sponsor has agreed
to loan us up to $500,000 to be used for a portion of the expenses of this offering. This loan is non-interest bearing, unsecured
and is due at the earlier of May 12, 2023 or the closing of this offering. The loan will be repaid upon the closing of this offering
out of the offering proceeds not held in the trust account.
In addition, in order
to finance transaction costs in connection with an intended initial business combination, our founders or an affiliate of our founders
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans would be repaid only out of
funds held outside the trust account. In the event that our initial business combination does not close, we may use a portion of
the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be
used to repay such loaned amounts. Up to $3,000,000 of such loans may be convertible into working capital units, at a price of
$10.00 per share at the option of the lender. The working capital units would be identical to the private units sold in the private
placement. The terms of such loans by our founders or their affiliates, if any, have not been determined and no written agreements
exist with respect to such loans. Prior to the completion of our initial business combination, we do not expect to seek loans from
parties other than our founders or their affiliates as we do not believe third parties will be willing to loan such funds and provide
a waiver against any and all rights to seek access to funds in our trust account, but in the event that we seek loans from any
third party, we will obtain a waiver against any and all rights to seek access to funds in our trust account.
If we seek shareholder
approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant
to the tender offer rules, our founders or their affiliates may purchase shares in privately negotiated transactions either prior
to or following the completion of our initial business combination. There is no limit on the number of shares our founders or their
affiliates may purchase in such transactions, subject to compliance with applicable law and the rules of Nasdaq. However,
they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions
for any such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession
of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under
the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the
tender offer rules under the Exchange Act or a going-private transaction subject to the going- private rules under
the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to
such rules, the purchasers will comply with such rules.
We will only redeem
our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our
initial business combination and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's
"penny stock" rules) and the agreement for our business combination may require as a closing condition that we have
a minimum net worth or a certain amount of cash. If too many public shareholders exercise their redemption rights so that we cannot
satisfy the net tangible asset requirement or any net worth or cash requirements, we would not proceed with the redemption of our
public shares or the business combination, and instead may search for an alternate business combination.
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A public shareholder
will be entitled to receive funds from the trust account only upon the earliest to occur of: (i) our completion of an initial
business combination, and then only in connection with those public shares that such shareholder properly elected to redeem, subject
to the limitations described in this prospectus, (ii) the redemption of any public shares properly submitted in connection
with a shareholder vote to amend our then existing amended and restated certificate of incorporation to modify (A) 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 12 months from the closing of this offering (or up to 18 months,
if we extend the time to complete a business combination as described in this prospectus) or (B) with respect to any other
provision relating to shareholders' rights or pre-initial business combination activity, and (iii) the redemption of
our public shares if we are unable to complete our business combination within 12 months following the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), subject to applicable
law and as further described herein and any limitations (including but not limited to cash requirements) created by the terms of
the proposed business combination. In no other circumstances will a public shareholder have any right or interest of any kind to
or in the trust account.
Our initial shareholders
will enter into a letter agreement with us, pursuant to which they will agree to waive their redemption rights with respect to
any founder shares and private units and any public shares held by them in connection with the completion of our initial business
combination and to waive their redemption rights with respect to their founder shares and private units and public shares in connection
with a shareholder vote to approve an amendment to our then existing amended and restated certificate of incorporation (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 12 months from the closing of this
offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (B) with
respect to any other provision relating to shareholders' rights or pre-initial business combination activity. In addition,
our initial shareholders have agreed to waive their rights to liquidating distributions from the trust account with respect to
any founder shares and private units held by them if we fail to complete our business combination within the prescribed time frame.
However, if our initial shareholders or their affiliates acquire public shares in or after this 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 frame. Permitted transferees of the founder shares and private units held by our initial
shareholders would be subject to the same restrictions applicable to our initial shareholders, respectively.
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DIVIDEND POLICY
We have not paid any
cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of our initial 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 our initial business combination. The payment of any cash dividends
subsequent to our initial business combination will be within the discretion of our board of directors at such time Further, if
we incur any indebtedness in connection with our business combination, our ability to declare dividends may be limited by restrictive
covenants we may agree to in connection therewith.
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DILUTION
The difference between
the public offering price per share of Class A common stock, assuming no value is attributed to the warrants included in the
units we are offering pursuant to this prospectus or the private units, and the pro forma net tangible book value per share of
our Class A common stock after this offering constitutes the dilution to investors in this offering. Such calculation does
not reflect any dilution associated with the sale and exercise of warrants, including the private units, which would cause the
actual dilution to the public shareholders to be higher, particularly where a cashless exercise is utilized. Net tangible book
value per share is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities
(including the value of Class A common stock which may be redeemed for cash), by the number of outstanding shares of our Class A
common stock.
As of May 16, 2022, our net
tangible book deficit was $(95,521). After giving effect to the sale of 6,000,000 shares of Class A common stock included in
the units we are offering by this prospectus, the sale of the private units and the deduction of underwriting commissions and
estimated expenses of this offering, our pro forma net tangible book value as of May 16, 2022 would have been $(1,425,521 or
approximately $(0.74) per share (or $(1,740,521) or $(0.80) per share if the underwriters' option to purchase additional units
is exercised in full), representing an immediate increase in net tangible book value (as decreased by the value of 6,000,000 shares
of Class A common stock that may be redeemed for cash and assuming no exercise of the underwriters' over-allotment
option) of $(0.68) per share (or $(0.74) per share if the underwriters' option to purchase additional units is exercised in
full) to our founders as of the closing of this offering and an immediate dilution of $10.74 per share or 107.40% to our public
shareholders. The dilution to new investors if the underwriters exercise the over-allotment option in full would be an immediate
dilution of $10.80 per share or 108.00%.
The following table
illustrates the dilution to the public shareholders on a per-share basis, assuming no value is attributed to the warrants included
in the units or the private units:
Without
Over-Allotment
With
Over-Allotment
Public offering price
$
10.00
$
10.00
Net tangible book deficit before this offering
(0.06
)
(0.06
)
Decrease attributable to public shareholders
(0.68
)
(0.74
)
Pro forma net tangible book value after this offering and the sale of the private units
(0.74
)
(0.80
)
Dilution to public shareholders
$
10.74
$
10.80
Percentage of dilution to public shareholders
107.40
%
108.00
%
For purposes of presentation,
we have reduced our pro forma net tangible book value after this offering (assuming no exercise of the underwriters' over-allotment
option) by $61,200,000 because holders of up to approximately 100.0% of our public shares may redeem their shares for a pro rata
share of the aggregate amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust
account as set forth in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days
prior to the commencement of our tender offer or shareholders meeting, 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 shares of Class A common stock sold
in this offering.
The following table
sets forth information with respect to our founders and the public shareholders:
Shares Purchased
Total Consideration
Number
Percentage
Amount
Percentage
Average Price
Per Share
Class B common stock
(1)
1,500,000
18.95
%
$
25,000
0.04
%
$
0.017
Private units
414,000
5.23
%
4,140,000
6.45
%
10.00
Public Shareholders
6,000,000
75.82
%
60,000,000
93,51
%
$
10.00
7,914,000
100.00
%
$
64,165,000
100.00
%
(1)
Assumes no exercise of the underwriters' over-allotment option and the corresponding forfeiture
of an aggregate of 225,000 shares of Class B common stock held by our founders.
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The pro forma net tangible
book value per share after the offering is calculated as follows:
Without
Over-allotment
With
Over-allotment
Numerator:
Net tangible book deficit before this offering
$
(95,521
)
$
(95,521
)
Net proceeds from this offering and sale of the private shares
61,850,000
71,030,000
Plus: Offering costs paid in advance, excluded from tangible book value
120,000
120,000
Less: Deferred Underwriting Commissions
(2,100,000
)
(2,415,000
)
Less: Proceeds held in trust subject to redemption
(61,200,000
)
(70,380,000
)
$
(1,425,521
)
$
(1,740,521
)
Denominator:
Class B common stock outstanding prior to this offering
1,725,000
1,725,000
Class B common stock forfeited if over-allotment is not exercised
(225,000
)
—
Class A common stock included in the units offered in this offering
6,000,000
6,900,000
Class A common stock included in the private units
414,000
450,000
Less: Shares subject to redemption
(6,000,000
)
(6,900,000
)
1,914,000
2,175,000
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CAPITALIZATION
The
following table sets forth our capitalization as of May 16, 2022 and as adjusted to give effect to the sale of our units and the
private units and the application of the estimated net proceeds derived from the sale of such securities:
As of May 16, 2022
Actual
As Adjusted
(1)
Promissory note to related party
(2)
$
95,521
$
—
Deferred Underwriting Commissions
—
2,100,000
Class A common stock subject to possible redemption; $0.0001
par value, 0 shares actual and 6,000,000 shares subject to redemption
(3)
—
61,200,000
Preferred stock, $0.0001 par value, 1,000,000 shares authorized;
none issued and outstanding, actual and as adjusted
—
—
Class A common stock, $0.0001 par value, 21,000,000 shares authorized;
none and 414,000 issued and outstanding, actual and as adjusted, respectively.
—
41
Class B common stock, $0.0001 par value; 3,000,000 shares authorized;
1,725,000 and 1,500,000 shares issued and outstanding, actual and as adjusted, respectively
(4)
173
150
Additional paid-in capital
24,827
—
Accumulated deficit
(521
)
(1,425,712
)
Total shareholders' equity (deficit)
$
24,479
$
1,425,521
)
Total capitalization
$
120,000
$
61,874,479
(1)
Assumes the over-allotment option has not been exercised and the resulting forfeiture of 225,000
founder shares held by our founders has occurred.
(2)
Our sponsor and/or its affiliates has agreed to loan us up to $500,000 to be used for a portion
of the expenses of this offering. As of May 16, 2022, we borrowed $95,521 under the promissory note.
(3)
Upon the completion of our initial business combination, we will provide our shareholders with
the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in
the trust account as of two business days prior to the consummation of the initial business combination including interest
earned on the funds held in the trust account and not previously released to us to pay our taxes or for working capital purposes,
subject to the limitations described herein and any limitations (including, but not limited to, cash requirements) created by the
terms of the proposed initial business combination.
(4)
Actual share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted
amount assumes no exercise of the underwriters' over-allotment option.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We are a blank check
company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We have not selected any
business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions directly or indirectly,
with respect to identifying any business combination target. We intend to complete our initial business combination using cash
from the proceeds of this offering and the private placements of the private units, our capital stock, debt or a combination of
cash, stock and debt. We shall not undertake our initial business combination with any company being based in or having the majority
of the company's operations in China (including Hong Kong and Macau). Our amended and restated certificate of incorporation
to be adopted upon the effectiveness of the registration statement of which this prospectus forms a part will prohibit us from
undertaking our initial business combination with any company being based in or having the majority of the company's operations
in China (including Hong Kong and Macau).
The issuance of additional
shares of our stock in a business combination:
•
may significantly dilute the equity interest of investors in this offering, which dilution would
increase if the anti-dilution provisions in the Class B common stock resulted in the issuance of Class A shares on a
greater than one-to-one basis upon conversion of the Class B common stock; may significantly dilute the equity interest of
investors in this offering;
•
may subordinate the rights of holders of our common stock if preferred stock is issued with rights
senior to those afforded our common stock;
•
could cause a change in control if a substantial number of shares of our common stock is issued,
which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the
resignation or removal of our present officers and directors;
•
may have the effect of delaying or preventing a change of control of us by diluting the stock ownership
or voting rights of a person seeking to obtain control of us; and
•
may adversely affect prevailing market prices for our Class A common stock and/or warrants.
Similarly, if we issue
debt securities or otherwise incur significant debt to bank or other lenders or owners of a target, it could result in:
•
default and foreclosure on our assets if our operating revenues after an initial business combination
are insufficient to repay our debt obligations;
•
acceleration of our obligations to repay the indebtedness even if we make all principal and interest
payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a
waiver or renegotiation of that covenant;
•
our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand;
•
our inability to obtain necessary additional financing if the debt security contains covenants
restricting our ability to obtain such financing while the debt security is outstanding;
•
our inability to pay dividends on our common stock;
•
using a substantial portion of our cash flow to pay principal and interest on our debt, which will
reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures
and acquisitions, and fund other general corporate purposes;
•
limitations on our flexibility in planning for and reacting to changes in our business and in the
industry in which we operate;
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•
increased vulnerability to adverse changes in general economic, industry and competitive conditions
and adverse changes in government regulation;
•
limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
debt service requirements, and execution of our strategy; and
•
other purposes and other disadvantages compared to our competitors who have less debt.
As
indicated in the accompanying financial statements, as of May 16, 2022, we had deferred offering costs of $120,000. Further, we
expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to
raise capital or to complete our initial business combination will be successful.
Results of Operations and Known Trends
or Future Events
We have neither engaged
in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and
those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues until after
completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and
cash equivalents after this offering. There has been no significant change in our financial or trading position and no material
adverse change has occurred since the date of our audited financial statements. After this offering, we expect to incur increased
expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as
for due diligence expenses. We expect our expenses to increase substantially after the closing of this offering.
Liquidity and Capital Resources
Our liquidity needs have
been satisfied prior to the completion of this offering through a capital contribution from our founders of $25,000 and a loan
to us of up to $500,000 by our sponsor, under an unsecured promissory note. We estimate that the net proceeds from (i) the
sale of the units in this offering, after deducting offering expenses of approximately $1,090,000, underwriting commissions of
$1,200,000 ($1,380,000 if the underwriters' over-allotment option is exercised in full), and (ii) the sale of the private
units for a purchase price of $4,140,000 (or $4,500,000 if the over-allotment option is exercised in full), will be $61,850,000
(or $71,030,000 if the underwriters' over-allotment option is exercised in full). Of this amount, $61,200,000 (or $70,380,000
if the underwriters' over-allotment option is exercised in full) will be held in the trust account, which includes $2,100,000
(or $2,415,000 if the underwriters' over-allotment option is exercised in full) for the underwriters' deferred underwriting
fee. The remaining approximately $650,000 will not be held in the trust account. In the event that our offering expenses exceed
our estimate of $1,090,000, we may fund such excess with funds not to be held in the trust account. In such case, the amount of
funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the
offering expenses are less than our estimate of $1,090,000, the amount of funds we intend to be held outside the trust account
would increase by a corresponding amount.
We intend to use substantially
all of the funds held in the trust account, including any amounts representing interest earned on the trust account (less amounts
released to us for taxes payable, working capital purposes and deferred underwriting commissions) to complete our initial business
combination. We may withdraw interest to pay taxes. We estimate our annual franchise tax obligations, based on the number of shares
of our common stock authorized and outstanding after the completion of this offering, to be $200,000, which is the maximum amount
of annual franchise taxes payable by us as a Delaware corporation per annum. Our annual income tax obligations will depend on the
amount of interest and other income earned on the amounts held in the trust account. To the extent that our capital stock or debt
is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the
trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions
and pursue our growth strategies.
Prior to the completion
of our initial business combination, we will have available to us the approximately $650,000 of proceeds held outside the trust
account. We will use these funds primarily to identify and evaluate target businesses, perform business due diligence on prospective
target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives
or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete
a business combination.
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In order to fund working
capital deficiencies or finance transaction costs in connection with an intended initial business combination, our founders or
an affiliate of our founders may, but are not obligated to, loan us funds as may be required. If we complete our initial business
combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use
a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account
would be used for such repayment. Up to $3,000,000 of such loans may be convertible into working capital units, at a price of $10.00
per share at the option of the lender. The working capital units would be identical to the private units. The terms of such loans
by our founders or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans.
We do not expect to seek loans from parties other than our founders or an affiliate of our founders as we do not believe third
parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust
account, but in the event that we seek loans from any third parties, we will obtain a waiver against any and all rights to seek
access to funds in our trust account.
We
expect our primary liquidity requirements during that period
to include approximately $400,000 in legal, accounting, due diligence and other fees in connection with the business combination;
$100,000 in legal and accounting related to regulatory reporting obligations; and $150,000 in working capital and miscellaneous
expenses.
These amounts are estimates
and may differ materially from our actual expenses. In addition, we could use a portion of the funds not being placed in trust
to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment
or to fund a "no-shop" provision (a provision designed to keep target businesses from "shopping" around
for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular
proposed business combination, although we do not have any current intention to do so. If we entered into an agreement where we
paid for the right to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a
"no-shop" provision would be determined based on the terms of the specific business combination and the amount of our
available funds at the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could result in our
not having sufficient funds to continue searching for, or conducting due diligence with respect to, prospective target businesses.
As indicated in
the accompanying financial statements, May 16, 2022, we had no cash in operating bank account and a working capital
deficiency of $95,521. Further, we have incurred and expect to continue to incur significant costs in pursuit of our
financing and acquisition plans.
We do not believe we
will need to raise additional funds following this offering in order to meet the expenditures required for operating our business.
However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an
initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate
our business prior to our business combination. Moreover, we may need to obtain additional financing either to complete our initial
business combination or because we become obligated to redeem a significant number of our public shares upon completion of our
initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination.
In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds
of this offering and the sale of the private units, and, as a result, if the cash portion of the purchase price exceeds the amount
available from the trust account, net of amounts needed to satisfy any redemptions by public shareholders, we may be required to
seek additional financing to complete such proposed initial business combination. We may also obtain financing prior to the closing
of our initial business combination to fund our working capital needs and transaction costs in connection with our search for and
completion of our initial business combination. There is no limitation on our ability to raise funds through the issuance of equity
or 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 agreements we may enter into following consummation of this offering.
Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion
of our initial business combination. Our amended and restated certificate of incorporation will provide that, following this offering
and prior to the consummation of our initial business combination, we will be prohibited from issuing additional securities that
would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public
shares (a) on any initial business combination or (b) to approve an amendment to our then existing amended and restated
certificate of incorporation to (x) extend the time we have to consummate a business combination beyond 12 months from the
closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus)
or (y) amend the foregoing provisions, unless (in connection with any such amendment to our then existing amended and restated
certificate of incorporation) we offer our public shareholders the opportunity to redeem their public shares.
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If we are unable to
complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations
and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may
need to obtain additional financing in order to meet our obligations.
Controls and Procedures
We are not currently
required to maintain an effective system of internal controls as defined by Section 404 of the Sarbanes-Oxley Act. We will
be required to comply with the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending December 31,
2023. Only in the event that we are deemed to be a large accelerated filer or an accelerated filer would we be required to comply
with the independent registered public accounting firm attestation requirement. Further, for as long as we remain an emerging growth
company as defined in the JOBS Act, we intend to take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirement.
Prior to the closing
of this offering, we have not completed an assessment, nor have our auditors tested our systems, of internal controls. We expect
to assess the internal controls of our target business or businesses prior to the completion of our initial business combination
and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that we maintain
an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider for our business combination
may have internal controls that need improvement in areas such as:
•
staffing for financial, accounting and external reporting areas, including segregation of duties;
•
reconciliation of accounts;
•
proper recording of expenses and liabilities in the period to which they relate;
•
evidence of internal review and approval of accounting transactions;
•
documentation of processes, assumptions and conclusions underlying significant estimates; and
•
documentation of accounting policies and procedures.
Because it will take
time, management involvement and perhaps outside resources to determine what internal control improvements are necessary for us
to meet regulatory requirements and market expectations for our operation of a target business, we may incur significant expense
in meeting our public reporting responsibilities, particularly in the areas of designing, enhancing, or remediating internal and
disclosure controls. Doing so effectively may also take longer than we expect, thus increasing our exposure to financial fraud
or erroneous financing reporting.
Once our management's
report on internal controls is complete, we will retain our independent auditors to audit and render an opinion on such report
when required by Section 404 of the Sarbanes-Oxley Act. The independent auditors may identify additional issues concerning
a target business's internal controls while performing their audit of internal control over financial reporting.
Quantitative and Qualitative Disclosures
about Market Risk
The net proceeds of
this offering and the sale of the private units held in the trust account will be invested in U.S. government treasury bills
with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act which invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments,
we believe there will be no associated material exposure to interest rate risk.
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Related Party Transactions
On May 13, 2022, our Chief Financial Officer and sponsor acquired an aggregate
of 1,725,000 shares of Class B common stock for an aggregate purchase price of $25,000, or the "founder shares," from
us, of which: (i) Xuedong (Tony) Tian, our Chief Financial Officer and Director Nominee, acquired 60,000 shares of Class B common
stock, for a purchase price of $869.57; and (iii) our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares of Class B
common stock, for a purchase price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares that are subject
to forfeiture, including up to: (i)7,826 shares of Class B common stock under Mr. Tian's ownership, and (iii)  217,174
shares of Class B common stock under the sponsor's ownership, to the extent that the underwriters' over-allotment option
is not exercised in full or in part, so that founder shares will represent 20% of our issued and outstanding shares after this offering
(excluding the sale of the private unites and assuming our founders do not purchase public shares in this offering). None of our founders
has indicated any intention to purchase public shares in this offering. Our sponsor has committed to transfer an aggregated amount of
60,000  founder shares to certain of our directors, officers, and/or their designees prior to the closing of this offering at the
original purchase price. Prior to the initial investment in the company of $25,000 by our sponsor, the company had no assets, tangible
or intangible. The number of founder shares issued was determined based on the expectation that such founder shares would represent approximately
20% of the outstanding shares upon completion of this offering (excluding the sale of the private units and assuming our founders do not
purchase public shares in this offering). The per share purchase price of the founder shares was determined by dividing the amount of
cash contributed to the company by the aggregate number of founder shares issued. If we increase or decrease the size of the offering
we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to
our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our
initial shareholders at approximately 20% of the issued and outstanding shares of our common stock upon the consummation of this offering
(excluding the sale of the private units and assuming our founders do not purchase public shares in this offering).
Our founders and advisors,
or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our founders, advisors or our or their affiliates
and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement
of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.
On May 12, 2022, our sponsor
has agreed to loan us up to $500,000 to be used for a portion of the expenses of this offering. This loan is non-interest bearing,
unsecured and is due at the earlier of (1) May 12, 2023 or (2) the consummation of initial public offering. As of
May 16, 2022, we borrowed $95,521 under the promissory note.
In addition, in order to
finance transaction costs in connection with an intended initial business combination, our founders or an affiliate of our founders
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital
held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.
Up to $3,000,000 of such loans may be convertible into working capital units, at a price of $10.00 per share at the option of the
lender. Such working capital units would be identical to the private units sold in the private placement. The terms of such loans
by our founders or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans.
We do not expect to seek loans from parties other than our founders or an affiliate of our founders as we do not believe third
parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust
account, but in the event that we seek loans from any third parties, we will obtain a waiver against any and all rights to seek
access to funds in our trust account.
Our sponsor has committed
to purchase an aggregate of 414,000 private units (or up to 450,000 if the underwriters' over-allotment option is exercised
in full) at a price of $10.00 per unit ($4,140,000 in the aggregate or $4,500,000 if the underwriters' over-allotment option
is exercised in full) in a private placement that will occur simultaneously with the closing of this offering. Our sponsor will
be permitted to transfer the private units held by them to certain permitted transferees, including our officers and directors
and other persons or entities affiliated with or related to it or them, but the transferees receiving such securities will be subject
to the same agreements with respect to such securities as the founders. Otherwise, these private units will not, subject to certain
limited exceptions, be transferable or salable until 30 days after the completion of our business combination.
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Pursuant to a registration
rights agreement we will enter into with our founders on or prior to the closing of this offering, we may be required to register
certain securities for sale under the Securities Act. Our founders and holders of private units issued upon conversion of working
capital loans (including extension notes), if any, are entitled under the registration rights agreement to make up to three demands
that we register certain of our securities held by them for sale under the Securities Act and to have the securities covered thereby
registered for resale pursuant to Rule 415 under the Securities Act. In addition, these holders have the right to include
their securities in other registration statements filed by us. We will bear the costs and expenses of filing any such registration
statements. See the section of this prospectus entitled "Certain Relationships and Related Party Transactions."
Off-Balance Sheet Arrangements; Commitments
and Contractual Obligations; Quarterly Results
As of May 16,
2022, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K
and did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in this
prospectus, as we have conducted no operations to date.
JOBS Act
On April 5, 2012,
the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements
for qualifying public companies. We will qualify as an "emerging growth company" and under the JOBS Act will be allowed
to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies.
We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised
accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As
a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements
as of public company effective dates.
Additionally, we are
in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject
to certain conditions set forth in the JOBS Act, if, as an "emerging growth company", we choose to rely on such exemptions
we may not be required to, among other things, (i) provide an auditor's attestation report on our system of internal
controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be
required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply
with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor's
report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose
certain executive compensation related items such as the correlation between executive compensation and performance and comparisons
of the CEO's compensation to median employee compensation. These exemptions will apply for a period of five years following
the completion of this offering or until we are no longer an "emerging growth company," whichever is earlier.
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Our Company
We are a newly organized
blank check company incorporated as a Delaware corporation on April 20, 2022 for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which
we refer to throughout this prospectus as our initial business combination.
To date, our efforts
have been limited to organizational activities and activities related to this offering. We have not selected any specific business
combination target and we have not, nor has any person on our behalf, engaged in any substantive discussions, directly or indirectly,
with any business combination target with respect to an initial business combination with us.
Although we may pursue
a business combination in any industry, sector, or geographical location, we intend to leverage the knowledge, expertise, capabilities
and deep industry relationships of our management team and board of directors to focus on opportunities in biotechnology and green
technology industries with an emphasize on Environmental, Social and Governance ("ESG") practices in the United States
and Taiwan. Notwithstanding the foregoing, we will not undertake our initial business combination with any company being based
in or having the majority of the company's operations in China (including Hong Kong and Macau). All of our management are
located outside of China.
Our sponsor is
Inkstone Feibo Sponsor LLC, managed by I-Fa Chang.
Our
officers and directors have accumulated comprehensive experiences in technology-focused investments and consultation, as well as
biotechnology-related operation, management and investments. With the rise of social responsibility and awareness, investors and
businesses around the world increasingly put ESG practices on the top of their investment checklists. We believe that the businesses
promote the broad social good will bring long term value to investors, consumers and communities, in particular, companies that
explicitly focus on making a positive social impact will be better positioned to succeed and grow as a group of united people sharing
this goal. We aim to find companies with such emphasize in the industries that members of management have expertise with. It may
be challenging to find a sustainable business model with ongoing focus on ESG that can reliably create social, environmental and
economic value, however, we believe there are significant, attractive opportunities to invest in businesses committed to this goal.
Businesses in the biotechnology and green technology sectors often help achieve these values.
We believe in the ability
of our officers and directors to add significant value to a target company from a commercial, operating, strategic and sustainability
perspective. We will seek to acquire a business that has existing environmental sustainability practices or enforceable business
plan for such practices, or that may benefit, both operationally and economically, from our management team's commitment
and expertise in executing such practices.
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Our Management Team
We will be guided by
a cross-functional team comprised of our officers and board of directors. Our managing officers consists of our Chief Executive
Officer, Mr. I-Fa Chang and our Chief Financial Officer, Mr. Tony Tian. Our board of directors will consist of Mr. Chang,
the Chairman, Mr. Tian, an executive director and three independent director nominees: Dr. Hangzhong (Han) Li, Dr. Teng-Wei Chen
and Mr. Kevin Vassily . We believe the collective expertise, experience and network of our cross-functional team gives us unique
advantages in sourcing and evaluating compelling business combination targets.
Mr. I-Fa Chang
has
been the Chairman of our board of directors and our Chief Executive Officer since the inception of our Company. Mr. Chang has more
two decades of investment management and advisory experience. In 2012, Mr. Chang founded Inkstone Capital Co., Ltd., a technology-focused
investment advisory firm ("Inkstone Capital") serving clients in Mainland China, Hong Kong and Taiwan, and has served
as its chief executive officer ever since. He has also served as an independent director of Sichuan Tianfu Bank, a regional
bank based in Southeast China since 2015. Between October 2017 and June 2018, Mr. Chang served as a director and finance control
officer for Finconn Inc., a subsidiary of the Taiwanese electronic manufacturing conglomerate, Foxconn. Before founding Inkstone
Capital, Mr. Chang had extensive experience in financial and investment management across different sectors. Between June 2006
to December 2008, Mr. Chang served as a financial consultant for Chengdu Jiannanchun Shengbo Technology Co., Ltd., an IT solution
company. He also served as a managing director for ARC China Investment Corporation, an investment management company from April
2007 to July 2011, and as a managing director for Xiamen Dazhou-ARC Investment Management Co., Ltd., a joint venture between ARC
China and Dazhou Holding Group, a multi-industry conglomerate based in Xiamen, Fujian Province, PRC, from August 2011 to October
2012. Mr. Chang received his MBA in Finance from National Pingtung Science and Technology University in Taiwan, and his B.A. in
Management Information System from California State University, San Bernardino.
Mr. Xuedong (Tony)
Tian
has been our Chief Financial Officer and a member of our board of directors since the inception of our Company. Mr. Tian
has served as a managing director and head of capital markets at US Tiger Securities, Inc. since October 2020. From May 2012 to
October 2020, Mr. Tian was the founder and president of Weitian Group LLC, a corporate advisory and investor relations firm. Prior
to that, Mr. Tian served as a sell-side equity analyst at various investment banks, including managing director covering China
at Merriman Capital, Inc. from June 2013 to January 2016; executive director and lead analyst covering China Industrials and IT
outsourcing at Oppenheimer & Co. Inc. from May 2011 to May 2012; vice president and lead China analyst at Ladenburg Thalmann
& Co. Inc. from May 2010 to April 2011; senior associate covering Networking, Hardware & IT Supply Chain at Ticonderoga
Securities LLC from October 2009 to May 2010; and associate covering Semiconductor & Semiconductor Capital Equipment at Pacific
Crest Securities LLC (now part of KeyBanc) from April 2008 to September 2009. Mr. Tian holds an MBA degree from New York University,
a M.A. degree in Economics from the University of Connecticut and M.S. and B.S. degrees in Land Resources and Management from China
Agricultural University. Mr. Tian is a CFA charter holder and currently holds Series 7, 24, 63, and 79 licenses. Since March 2022,
Mr. Tian has been the Chief Executive Officer of Feutune Light Acquisition Corporation, a special purpose acquisition company to
be listed on Nasdaq.
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Dr. Hanzhong (Han)
Li
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part. Dr. Li has more than two decades of investment, operational and management experience in biotechnology industry. Since February 2019, Dr. Li has served as the senior vice president for Corporate Development
at Eureka Therapeutics, a clinical stage biotechnology company developing antibody-TCR T-Cell therapies for oncology treatment
based in California. In this role, Dr. Li is responsible for a variety of initiatives on finance, corporate and business development
for the company. Before joining Eureka, Dr. Li spent two years as the chief financial officer at Ascentage Pharma Group. Between
2010 and 2017, Dr. Li served as deputy director in the strategy and portfolio management group at Bayer Pharmaceuticals (FWB: BAYN),
a German pharmaceutical company. Earlier in his career, Dr. Li served as an equity research analyst at Morgan Stanley, Suntrust
Robinson Humphrey and Stanford Financial Group in New York, covering biotech and biopharmaceutical companies for the period between
2002 and 2009. He also worked as a research scientist at Genentech , Inc., where he served as lead inventor of three patents
on novel cytokines . Dr. Li received his Ph.D. in Pharmacology from the Boston University School of Medicine and MBA from
the Anderson School of Business at UCLA.
Dr. Teng-Wei Chen
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part
.
Dr. Chen is an active start-up and early-stage investor in Southern Taiwan. Dr. Chen has served as managing
director at You-Ci Management Consulting Co., Ltd., an investment company based in Pingtung, Taiwan, since 2015. Since 2018, Dr.
Chen was a director of New-shine Biomedical Co., Ltd., a Taiwanese biotechnology company of which he was also an investor. Since
2019, he founded iDentist Business Space Co., Ltd. , a provider of coworking and shared conferencing space provider in Pingtung,
Taiwan. In 2021, Dr. Chen founded You-Cheng Internet Information Co., Ltd.,  an IT solution company based in Pingtung, and
has served as its Chairman and CEO since then. As a dentist by training, Dr. Chen has been the chief dentist and manager of Sunshine
Dental Clinic, in Pingtung, Taiwan since September 2015. From August 2012 to March 2014, Dr. Chen was a visiting dental specialist
at Tainan Hospital, Ministry of Health and Welfare, Taiwan. Dr. Chen finished his residency at National Cheng Kung University
Hospital, Taiwan, in July 2012, where he was a resident dentist for six years. Dr. Chen received his D.D.S.   in Dentistry
from China Medical University, Taiwan, in 2006.
Mr. Kevin Vassily
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus forms
a part
.
Mr. Vassily has extensive working experience as a senior management team member serving private and public companies.
In January 2021, he was appointed Chief Financial Officer, and in March 2021, became a member of the board of directors of iPower
Inc. (Nasdaq: IPW), a leading online hydroponic equipment retailer and supplier. Prior to joining iPower, from 2019 to January
2021, Mr. Vassily served as Vice President of Market Development for Facteus, a financial analytics company focused on the Asset
Management industry. From March 2019 through 2020, he served as an advisor at Woodseer, a financial technology firm providing global
dividend forecasts. From Oct 2018 through its acquisition in 2020, Mr. Vassily served as an advisor at Go Capture, where he was
responsible for providing strategic, business development, and product development advisory services for the company's emerging
"Data as a Service" platform. Since February 2020, Mr. Vassily has served as a director of Zhongchao Inc. (Nasdaq:
ZCMD), a provider of healthcare information, education and training services to healthcare professionals and the public in China.
Since July 2018, Mr. Vassily has also served as an advisor at Prometheus Fund, a Shanghai- based merchant bank/PE firm focused
on the "green" economy. And from 2015 through 2018, Mr. Vassily served as an associate director of research at Keybanc
Capital Markets, and helped to co-manage the Technology Research vertical. From 2010 to 2014, he served as the director of research
at Pacific Epoch (a wholly owned subsidiary of Pacific Crest Securities), where he was responsible for a complete overhaul of product
and a complete business model restart post acquisition, re focusing the firm around a "data-first" research offering.
From 2007 to 2010, he served as the Asia Technology business development representative and as a senior analyst at Pacific Crest
Securities, responsible for establishing the firm's presence and relevance covering Asia Technology. From 2003 to 2006, he
served as senior research analyst in the semiconductor technology group at Susquehanna International Group, responsible for research
in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily served as the vice president and senior research analyst
for semiconductor capital equipment at Thomas Weisel Partners, responsible for publishing research and maintaining financial models
on each of the companies under coverage. Mr. Vassily began his career on Wall Street in 1998, as a research associate covering
the semiconductor industry at Lehman Brothers. He holds a B.A. in liberal arts from Denison University and an M.B.A. from the Tuck
School of Business at Dartmouth College. Mr. Vassily is a director of Denali Capital Acquisition Corp., a special purpose acquisition
company listed on Nasdaq and a director nominee of two additional special purpose acquisition companies seeking listing on Nasdaq:
Fortune Joy International Acquisition Corporation and Feutune Light Acquisition Corporation .
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We believe our management
team's operating and transaction experience and relationships with businesses will provide us with access to a large number
of potential business combination targets. Over the course of their careers, the members of our management team have developed
a broad network of contacts and corporate relationships in green/environmental technology and biotechnology sectors.
Notwithstanding the
foregoing, the past performance of our management team is not a guarantee either (i) that we will be able to identify a suitable
candidate for our initial business combination or (ii) of success with respect to any business combination we may consummate.
You should not rely on the historical performance record of our management team as indicative of our future performance. Additionally,
in the course of their respective careers, members of our management team have been involved in businesses and deals that were
unsuccessful. Our officers and directors may have conflicts of interest with other entities to which they owe fiduciary or contractual
obligations with respect to initial business combination opportunities.
Members of our management
team are not obligated to devote any specific number of hours to our matters, but they intend to devote as much of their time
as they, in the exercise of their respective business judgement, deem necessary to our affairs until we have completed our initial
business combination. The amount of time that any member of our management team will devote in any time period will vary based
on whether a target business has been selected for our initial business combination and the current stage of the business combination
process. We do not have an employment agreement with any member of our management team.
Industry Opportunity and Acquisition
Strategy
Although we may pursue
a business combination in any industry, sector, or geographical location, we intend to leverage the knowledge, expertise, capabilities
and deep industry relationships of our management team and board of directors to focus on opportunities in biotechnology and green
technology industries with an emphasize on Environmental, Social and Governance ("ESG") practices in the United States
and Taiwan. Notwithstanding the foregoing, we will not undertake our initial business combination with any company being based
in or having the majority of the company's operations in China (including Hong Kong and Macau). All of our management are
located outside of China.
Within these two sectors,
we believe there are superior acquisition opportunities that may be identified and secured through our management's network
and connections.
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Biotechnology
The biotechnology sector is vast, encompassing
fast-growing industries that include artificial intelligence, big data, gene editing, precision medicine, and biomanufacturing,
to name just a few  beyond the traditional confine of pharmaceutical and medical device industries. Opportunities for innovation
and investment within this sector are significant. Globally, the biotechnology market exceeded $627 billion in 2020, and is expected
to grow at a CAGR, or compound annual growth rate, of 8.57% between 2022 and 2026, according the Global Biotechnology Market Report
2021.
However, the industry
is still catching up with the ESG investment trend just now. Although traditional, major players continued to dominate the pharmaceutical
and medical device sectors, as a May 2022 report by Fortune  pointed out, many emerging companies in the United States at
the cross-section of ESG and biotechnology are not publicly traded. ESG investment in the biotech sector is an area worth exploring.
Our management team's
expertise in the medical and biotech sectors make them uniquely positioned to identify biotech companies that ride the tide in
providing ESG-focused solutions. Biotech and bioscience solutions have emerged man areas in addressing key ESG issues, such as:
·
Sustainable Manufacturing.
Biotechnology has tremendous potential in addressing manufacturing
and packaging issues. According to a report by the Biotechnology Innovation Organization, manufacturing of everyday products, like
apparel, plastics, packaging, carpet and cosmetics, is a major greenhouse gas emitter, responsible for 22% of total GHG emissions.
Biotechnology  can dramatically reduce these emissions by making their building blocks from renewable feedstocks rather than
fossil fuels; in many cases, biology allows drop-in replacements of existing building blocks, enabling faster adoption throughout
our economy with homegrown solutions. For  example, use of enzymes and microorganism in manufacturing can reduce 80% in consumer
products manufacturing; applying silk proteins can create edible protective layer to prolong food packaging while reducing plastic
needs; using CRISPR gene-editing technology can make food more resistant to diseases and resilient amid climate change.
·
Carbon Capture.
Biotechnology also provide first-class solutions in providing lower-carbon
products and enhancing carbon sequestration. The success story of first-generation biofuels in reducing U.S. transportation-sector
GHG emissions in the past decades have been a strong restatement to the potential for providing low-carbon products, as the biofuel
sector contributed 980 million tons in CHG emission reduction over the past thirteen years, equivalent to taking roughly 16 million
vehicles off the road, or 19 coal-fired power plants offline, for that period. Biotech innovations in feedstocks, processing, co-products,
and carbon recycling have shown great success in lowering their carbon intensity of the food and agriculture sectors as well, such
as production  of plant-based meats, algae feed ingredients, and anaerobic digestion of animal waste.
Green and Environmental
Technology
Green and environmental
technology investments benefit the natural environment by both reducing pollution and waste, and encouraging sustainable and renewable
energy alternatives. These forward-looking technologies include, but are not limited to:
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·
Green Transportation.
Electric vehicles and EV charging infrastructure are rapidly
growing technologies that can help reduce burning fossil fuels and its attendant pollution. According to a KPMG survey, automobile
executives expect 52% of new vehicle sales to be all-electric by 2030 . By the end of the decade, all public buses in Taiwan
are expected to go electric, according to the Ministry of Transportation and Communications . And in the U.S., the number
of EV-charging stations is expected to grow dramatically, to between 800,000 and 1.7 million, according to the International Energy
Agency .
·
Pollution Control and Waste Management.
From reducing greenhouse gas emissions on
industrial power plants, minimizing the emissions that come out of the tailpipe of your car, to increasing efficiency in recycling
waste and used utility, the pollution control and waste management industries are on the rise. The growing market for improving
biological and biomedical waste management practices alone is a booming sector, with development driven by several key factors,
most recently the tens of thousands of tons of extra medical waste from the response to the COVID-19 pandemic. This surging problem,
coupled with an expanding public awareness of the threats that medical waste pose to human and environmental health, create favorable
growth trends for biological and biomedical waste management investment opportunities. The global medical waste management market—valued
at $7.2 billion in 2020—is projected to reach $12.8 billion by 2030, registering a CAGR, or compound annual growth rate,
of 5.8% from 2021 to 2030, according to Allied Market Research .
·
Green Agriculture.
Farming and livestock are major contributors to carbon dioxide
emission. Agricultural Fertilizers and pesticides also have significant environmental and ecological consequences. Increasingly,
green agriculture has become an emerging ESG investment target areas, with a 2017  Global Impact Investing Network report
listing that 63% of impact investors expressing interests in the food and agriculture industries. Ag-tech companies providing organic
farming, aquaculture, and other green agriculture solutions have become key investment targets for ESG investors to fight climate
change. According to a 2020 report by US SIF: The Forum for Sustainable and Responsible Investment, surveyed investors have identified
sustainable agriculture as one of the top five criteria for ESG investments.
We believe that the
experience of our management and board of directors in investing and company-building will enable us to source and evaluate the
highest-quality targets that have the potential to capitalize on the growing global ESG-related technology industry generally and
the biotechnology and green/environmental sectors particularly. We will leverage the access provided by our management and board
of directors to identify a wide range of opportunities focusing on ESG solutions in biotech and environmental and green technology
sectors, utilizing their network of relationships with public and private companies, private equity sponsors, public investors
and intermediaries including investment bankers, lenders, attorneys, accountants, and other advisors. Given our profile and industry
expertise, we anticipate that target business candidates may be brought to our attention from various unaffiliated sources, including
investors in other private and public companies in our networks.
Upon completion of this
offering, management team will immediately begin the active search for a target business by communicating with our network of relationships
and other interested parties to articulate our initial business combination criteria, including the parameters of our search for
a target business, and will begin the process of pursuing and reviewing potential opportunities.
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Competitive Advantages
Our management team
has a proven track record of executing investment strategies, growing and managing businesses and generating returns for investors.
Our broad network of contacts and corporate
relationships enable us to efficiently:
·
Source and evaluate businesses
. Mr. Chang, our Chairman and CEO, has over 20 years' experience in business strategy,
finance and investment management. He has also led Inkstone Capital in investing in biotech-related companies in the past. Mr.
Tian, our CFO and an original member of our Board, has extensive experience as a financial analyst, corporate advisor and investor
relations consultant, with expertise in land resources and management. Two independent director nominees, Dr. Li and Dr. Chen,
both developed their career from a medical background, enabling them to understand and evaluate the fundamentals of biotechnology
companies. The combined team has a successful track record of understanding public capital markets and leading the transition of
private companies to public markets.
·
Negotiate and execute transactions in a timely and professional manner.
Our management team's experience
and professionalism in providing investment management and financial advisory services has helped create value for investors. We
have a wellspring of expertise in negotiating and closing major business transactions. Mr. Chang and Dr. Chen has experience in
closing dozens of deals in their investment careers with technology companies. Mr. Vassily has served on various special purpose
acquisition companies and public companies, with experience in identifying and executing transactions efficiently and effectively.
Acquisition Criteria
We are not limited to
a particular geographic region for purposes of consummating an initial business combination except that we will not undertake our
initial business combination with any company being based in or having the majority of the company's operations in China
(including Hong Kong and Macau).
In accordance with our
acquisition strategy and objectives, we have identified the following criteria that we believe are important in evaluating prospective
target businesses. We may, however decide to enter into our initial business combination with a target business that does not meet
these criteria. We currently intend to acquire a company that we believe:
•
is developing products or services with existing environmental sustainability practices or enforceable
business plan for such practices, or that may benefit, both operationally and economically, from our management team's commitment
and expertise in executing such practices;
•
has a platform with potential for multiple long-term growth drivers;
•
has significant potential across the U.S. and Taiwan commercial markets;
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•
has a defensible position within its target market as a result of differentiated products, proprietary
technology, supply chains or distribution channels, or other competitive advantages;
•
is ready to go public, with a strong and experienced management team and with corporate governance
and reporting policies in place; and
•
can benefit from being a public company with access to capital markets to support future growth.
These criteria are not
intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination may be based, to
the extent relevant, on these general guidelines as well as other considerations, factors and criteria that our management team
may deem relevant. In the event that we decide to enter into our initial business combination with a target business that does
not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder
communications related to our initial business combination, which, as discussed in this prospectus, would be in the form of tender
offer documents or proxy solicitation materials that we would file with the SEC.
Initial Business Combination
Our initial business
combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of
the assets held in the trust account (excluding deferred underwriting commissions and taxes payable released for working capital
purposes on the income earned on the trust account) at the time of the agreement to enter into the initial business combination.
If our board is not able to independently determine the fair market value of the target business or businesses, we will obtain
an opinion from an independent investment banking firm that is a member of FINRA, or an independent accounting firm with respect
to the satisfaction of such criteria. Our shareholders may not be provided with a copy of such opinion, nor will they be able to
rely on such opinion. We shall not undertake our initial business combination with any company being based in or having the majority
of the company's operations in China (including Hong Kong and Macau). Our amended and restated certificate of incorporation
to be adopted upon the effectiveness of the registration statement of which this prospectus forms a part will prohibit us from
undertaking our initial business combination with any company being based in or having the majority of the company's operations
in China (including Hong Kong and Macau).
The net proceeds of
this offering and the sale of the private units released to us from the trust account upon the closing of our initial business
combination may be used as consideration to pay the sellers of a target business with which we complete our initial business combination.
If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust
account are used for payment of the consideration in connection with our initial business combination or used for redemption of
our public shares, we may use the balance of the cash released to us from the trust account following the closing for general corporate
purposes, including for maintenance or expansion of operations of the post-transaction businesses, the payment of principal or
interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or
for working capital.
In addition, we may
be required to obtain additional financing in connection with the closing of our initial business combination to be used following
the closing for general corporate purposes as described above. There is no limitation on our ability to raise funds through the
issuance of equity or 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 agreements we may enter into following consummation
of this offering. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with
the completion of our initial business combination. At this time, we are not a party to any arrangement or understanding with any
third party with respect to raising any additional funds through the sale of securities or otherwise. None of our founders or shareholders
is required to provide any financing to us in connection with or after our initial business combination. We may also obtain financing
prior to the closing of our initial business combination to fund our working capital needs and transaction costs in connection
with our search for and completion of our initial business combination. Our amended and restated certificate of incorporation will
provide that, following this offering and prior to the consummation of our initial business combination, we will be prohibited
from issuing additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote
as a class with our public shares (a) on any initial business combination or (b) to approve an amendment to our then
existing amended and restated certificate of incorporation to (x) extend the time we have to consummate a business combination
beyond 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus) or (y) amend the foregoing provisions, unless (in connection with any such amendment to our
then existing amended and restated certificate of incorporation) we offer our public shareholders the opportunity to redeem their
public shares.
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Our Acquisition Process
We will utilize the
diligence, rigor, and expertise of our managements' respective platforms to evaluate potential targets' strengths,
weaknesses, and opportunities to identify the relative risk and return profile of any potential target for our initial business
combination.
Each of our officers
and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly, if
any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he
or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations
to present such opportunity to such entity. Our management team is continuously made aware of potential investment opportunities,
one or more of which we may desire to pursue for a business combination.
On May 13, 2022, Mr. Xuedong (Tony)
Tian, our Chief Financial Officer, acquired 60,000 founder shares for a purchase price of $869.57 prior to the offering. Mr. Xuedong (Tony)
Tian is also the Managing Director and Head of Capital Markets of US Tiger. We may utilize Mr. Tian's affiliation with US Tiger
during our search for suitable targets, if that occurs, we may engage US Tiger to act as our advisor in connection with the marketing
of our business combination and pay to US Tiger a fee for such services upon consummation of our initial business combination. US Tiger
is also affiliated or associated with Tradeup Inc., a founder of TradeUP Acquisition Corp. ("TradeUP Acquisition"), a SPAC
listed on Nasdaq. If we engage US Tiger to assist with marketing of our business combination, we may compete with TradeUP Acquisition
for business opportunities, and certain members of management who presently has, and any of them in the future may have, additional fiduciary,
contractual or other obligations to US Tiger, TradeUP Acquisition or to clients of US Tiger, or other affiliates of our sponsor pursuant
to which such officer or director is or will be required to present a business combination opportunity. Additionally, certain of our officers
and directors have fiduciary and contractual duties to other SPACs listed or to be listed on Nasdaq including Denali Capital, Feutune
Light and Fortune Joy. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable
for an entity to which he or she has then current fiduciary, contractual or other obligations, including TradeUP Acquisition, Denali Capital,
Feutune Light or Fortune Joy, he or she will honor his or her fiduciary, contractual or other obligations to present such opportunity
to such entity and only present it to us if such entity rejects the opportunity and he or she determines to present the opportunity to
us (including as described above). These conflicts may not be resolved in our favor and a potential target business may be presented to
another entity prior to its presentation to us. However, we do not believe that the fiduciary duties or contractual obligations of our
officers or directors will materially affect our ability to complete our initial business combination.
Our officers may become an officer
or director of any other special purpose acquisition company with a class of securities registered under the Exchange Act, even before
we enter into a definitive agreement regarding our initial business combination or we have failed to complete our initial business combination
within 12 months after the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described
in this prospectus). Certain of our officers and directors have fiduciary and contractual duties to Denali Capital, Feutune Light and
Fortune Joy. Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition may compete with us for business combination opportunities.
If Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition decide to pursue any such opportunity, we may be precluded from
pursuing such opportunities. Subject to his or her fiduciary duties under Delaware law, none of the members of our management team who
are also employed by, or directors of, our sponsor or its affiliates have any obligation to present us with any opportunity for a potential
business combination of which they become aware. Our sponsor and directors and officers are also not prohibited from sponsoring, investing
or otherwise becoming involved with, any other blank check companies, including in connection with their initial business combinations,
prior to us completing our initial business combination. Our management team, in their capacities as directors, officers or employees
of our sponsor or its affiliates or in their other endeavors, may choose to present potential business combinations to the related entities
described above, current or future entities affiliated with or managed by our sponsor, or third parties, before they present such opportunities
to us, subject to his or her fiduciary duties under Delaware law and any other applicable fiduciary duties. Our amended and restated certificate
of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such
opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the company and it is an opportunity
that we are able to complete on a reasonable basis.
In the event we seek
to complete our initial business combination with a company that is affiliated with, or which there is a fiduciary, contractual
or other obligation by, our sponsor, officers or directors, we, or a committee of independent directors, may obtain an opinion
from an independent investment banking firm which is a member of the Financial Industry Regulatory Authority, or FINRA, or an independent
accounting firm that the consideration to be paid by us in the initial business combination is fair to our company from a financial
point of view. Any such entity may co-invest with us in the target business at the time of our initial business combination,
or we could raise additional proceeds to complete the acquisition by making a specified future issuance to any such entity.
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Status as a Public Company
We believe our structure
will make us an attractive business combination partner to target businesses. As an existing public company, we offer a target
business an alternative to the traditional initial public offering through a merger or other business combination. In this situation,
the owners of the target business would exchange their shares of stock in the target business for shares of our stock or for a
combination of shares of our stock and cash, allowing us to tailor the consideration to the specific needs of the sellers. Although
there are various costs and obligations associated with being a public company, we believe target businesses will find this method
a more certain and cost effective method to becoming a public company than the typical initial public offering. In a typical initial
public offering, there are additional expenses incurred in marketing, road show and public reporting efforts that may not be present
to the same extent in connection with a business combination with us.
Furthermore, once a
proposed business combination is completed, the target business will have effectively become public, whereas an initial public
offering is always subject to the underwriters' ability to complete the offering, as well as general market conditions, which
could delay or prevent the offering from occurring or could have negative valuation consequences. Once public, we believe the target
business would then have greater access to capital and an additional means of providing management incentives consistent with shareholders'
interests. It can offer further benefits by augmenting a company's profile among potential new customers and vendors and
aid in attracting talented employees.
We are an "emerging
growth company," as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are
eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies
that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find our securities
less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may
be more volatile.
In addition, Section 107
of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period
provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other
words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.
We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the
completion of this offering, (b) in which we have total annual gross revenue of at least $1.07 billion, or (c) in
which we are deemed to be a large accelerated filer, which means the market value of our Class A common stock that is held
by non-affiliates exceeds $700 million as of the prior June 30
th
, and (2) the date on which we have issued
more than $1.0 billion in non-convertible debt securities during the prior three-year period.
Financial Position
With funds in the trust
account available for a business combination initially in the amount of $59,100,000, after payment of $2,100,000 for deferred underwriting
commissions (or $67,965,000 after payment of $2,415,000 for deferred underwriting commissions if the underwriters' over-allotment
option is exercised in full), in each case before fees and expenses associated with our initial business combination, we offer
a target business a variety of options such as creating a liquidity event for its owners, providing capital for the potential growth
and expansion of its operations or strengthening its balance sheet by reducing its debt or leverage ratio. Because we are able
to complete our business combination using our cash, debt or equity securities, or a combination of the foregoing, we have the
flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the target business
to fit its needs and desires. However, we have not taken any steps to secure third-party financing and there can be no assurance
it will be available to us.
Effecting our Initial Business Combination
We are not presently
engaged in, and we will not engage in, any operations for an indefinite period of time following this offering. We intend to complete
our initial business combination using cash from the proceeds of
this offering and the private placement
of the private units, our capital stock, debt or a combination of these as the consideration to be paid in our initial business
combination. We may seek to complete our initial business combination with a company or business that may be financially unstable
or in its early stages of development or growth, which would subject us to the numerous risks inherent in such companies and businesses.
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If our initial business
combination is paid for using equity or debt instruments, or not all of the funds released from the trust account are used for
payment of the consideration in connection with our business combination or used for redemptions of our Class A common stock,
we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance
or expansion of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in
completing our initial business combination, to fund the purchase of other assets, companies or for working capital.
We may seek to raise
additional funds through a private offering of debt or equity securities in connection with the completion of our initial business
combination, and we may complete our initial business combination using the proceeds of such offering rather than using the amounts
held in the trust account. Subject to compliance with applicable securities laws, we would expect to complete such financing only
simultaneously with the completion of our business combination. In the case of an initial business combination funded with assets
other than the trust account assets, our tender offer documents or proxy materials disclosing the business combination would disclose
the terms of the financing and, only if required by law, we would seek shareholder approval of such financing. There is no limitation
on our ability to raise funds through the issuance of equity or 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 agreements we
may enter into following consummation of this offering. At this time, we are not a party to any arrangement or understanding with
any third party with respect to raising any additional funds through the sale of securities or otherwise. None of our founders,
officers, directors, or shareholders is required to provide any financing to us in connection with or after our initial business
combination. Our amended and restated certificate of incorporation will provide that, following this offering and prior to the
consummation of our initial business combination, we will be prohibited from issuing additional securities that would entitle the
holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on
any initial business combination or (b) to approve an amendment to our then existing amended and restated certificate of incorporation
to (x) extend the time we have to consummate a business combination beyond 12 months from the closing of this offering (or
up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (y) amend the
foregoing provisions, unless (in connection with any such amendment to our then existing amended and restated certificate of incorporation)
we offer our public shareholders the opportunity to redeem their public shares.
The time required to
select and evaluate a target business and to structure and complete our initial business combination, and the costs associated
with this process, are not currently ascertainable with any degree of certainty. Any costs incurred with respect to the identification
and evaluation of a prospective target business with which our business combination is not ultimately completed will result in
our incurring losses and will reduce the funds we can use to complete another business combination.
Ability to Extend Time to Complete Business
Combination
If we anticipate
that we may not be able to consummate our initial business combination within 12 months from closing of this offering, we
may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional
three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant to the terms of
our amended and restated certificate of incorporation and the trust agreement to be entered into between us and Continental Stock Transfer & Trust Company on the
date of this prospectus, in order to extend the time available for us to consummate our initial business combination, our
sponsor, upon at least five days advance notice prior to the applicable deadline, must deposit into the trust account for
each three-month extension, $600,000, or $690,000 if the underwriters' over-allotment option is exercised in full
($0.10 per unit in either case), up to an aggregate of $1,200,000 or $1,380,000 if the underwriters' over-allotment
option is exercised in full ($0.20 per unit in either case), on or prior to the date of the applicable deadline. Our public
shareholders will not be afforded an opportunity to vote on our extension of time to consummate an initial business
combination from 12 months to up to 18 months described above or redeem their shares in connection with such extensions. The
sponsor will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not
be repaid in the event that we are unable to close a business combination unless there are funds available outside the trust
account to do so. Such notes would either be paid upon consummation of our initial business combination, or, at the
lender's discretion, converted upon consummation of our business combination into additional private units at a price
of $10.00 per unit. Our shareholders have approved the issuance of the private units upon conversion of such notes, to the
extent the holder wishes to so convert such shares at the time of the consummation of our initial business combination. In
the event that we receive notice from our founders five days prior to the applicable deadline of their intent to effect
an extension, we intend to issue a press release announcing such intention at least three days prior to the applicable
deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether or
not the funds had been timely deposited. Our founders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. Any notes issued pursuant to these loans
would be in addition to any notes issued pursuant to working capital loans made to us.
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Sources of Target Businesses
We expect to receive
a number of proprietary transaction opportunities to originate as a result of the business relationships, direct outreach, and
deal sourcing activities of our management team. In addition to the proprietary deal flow, we anticipate that target business candidates
will be brought to our attention from various unaffiliated sources, including investment banking firms, consultants, accounting
firms, private equity groups, large business enterprises, and other market participants. These sources may also introduce us to
target businesses in which they think we may be interested on an unsolicited basis, since many of these sources will have read
this prospectus and know what types of businesses we are targeting. Our management team and founders, as well as their affiliates,
may also bring to our attention target business candidates that they become aware of through their business contacts as a result
of formal or informal inquiries or discussions they may have, as well as attending trade shows or conventions. Some of our officers,
directors, and advisors may enter into employment or consulting agreements with the post-transaction company following our initial
business combination. The presence or absence of any such fees or arrangements will not be used as a criterion in our selection
process of an acquisition candidate. In no event will our sponsor or any of our existing officers or directors, or any entity with
which they are affiliated, be paid any finder's fee, consulting fee, advisory fee or other compensation prior to, or for
any services they render in order to effectuate, the completion of our initial business combination (regardless of the type of
transaction that it is) although we may consider cash or other compensation to officers or advisors we may hire subsequent to this
offering to be paid either prior to or in connection with our initial business combination. We have agreed to reimburse our founders
for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination.
Furthermore, because
Mr. Xuedong (Tony) Tian, our Chief Financial Officer, is the Managing Director and Head of Capital Markets of US Tiger, we may
utilize his affiliation with US Tiger during our search for suitable targets. If that occurs, we may engage US Tiger to act as
our advisors in connection with the marketing of our business combination and pay to US Tiger a fee for such services upon consummation
of our initial business combination which would be at market rates and conditioned upon the completion of the business combination.
We are not prohibited
from pursuing an initial business combination with a business combination target that is affiliated with our founders, officers,
directors, or advisors or making the acquisition through a joint venture or other form of shared ownership with our officers, directors
or advisors. In the event we seek to complete our initial business combination with a business combination target that is affiliated
with our founders, officers, directors, or advisors, we, or a committee of independent directors, would obtain an opinion from
an independent investment banking firm which is a member of FINRA or an independent accounting firm that such an initial business
combination is fair to our company from a financial point of view. We are not required to obtain such an opinion in any other context.
As more fully discussed in the section of this prospectus entitled "Management — Conflicts of Interest,"
if any of our officers or directors becomes aware of a business combination opportunity that falls within the line of business
of any entity to which he or she has pre-existing fiduciary or contractual obligations, he or she may be required to present such
business combination opportunity to such entity prior to presenting such business combination opportunity to us.
Lack of Business Diversification
For an indefinite period
of time after the completion of our initial business combination, the prospects for our success may depend entirely on the future
performance of a single business. Unlike other entities that have the resources to complete business combinations with multiple
entities in one or several industries, it is probable that we will not have the resources to diversify our operations and mitigate
the risks of being in a single line of business. In addition, we intend to focus our search for an initial business combination
in a single industry. By completing our business combination with only a single entity, our lack of diversification may:
•
subject us to negative economic, competitive and regulatory developments, any or all of which may
have a substantial adverse impact on the particular industry in which we operate after our initial business combination, and
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•
cause us to depend on the marketing and sale of a single product or limited number of products
or services.
Limited Ability to Evaluate the Target's
Management Team
Although we intend to
closely scrutinize the management of a prospective target business when evaluating the desirability of effecting our business combination
with that business, our assessment of the target business' management may not prove to be correct. In addition, the future
management may not have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role
of members of our management team or of our board, if any, in the target business cannot presently be stated with any certainty.
While it is possible that one or more of our directors will remain associated in some capacity with us following our business combination,
it is presently unknown if any of them will devote their full efforts to our affairs subsequent to our business combination. Moreover,
we cannot assure you that members of our management team will have significant experience or knowledge relating to the operations
of the particular target business. The determination as to whether any members of our board of directors will remain with the combined
company will be made at the time of our initial business combination.
Following a business
combination, to the extent that we deem it necessary, we may seek to recruit additional managers to supplement the incumbent management
team of the target business. We cannot assure you that we will have the ability to recruit additional managers, or that additional
managers will have the requisite skills, knowledge or experience necessary to enhance the incumbent management.
Shareholders May Not Have the Ability
to Approve our Initial Business Combination
We may conduct redemptions
without a shareholder vote pursuant to the tender offer rules of the SEC. However, we will seek shareholder approval
if it is required by law or applicable stock exchange rule, or we may decide to seek shareholder approval for business or other
legal reasons. Presented in the table below is a graphic explanation of the types of initial business combinations we may consider
and whether shareholder approval is currently required under Delaware law for each such transaction.
Type of Transaction
Whether
Shareholder
Approval is
Required
Purchase of assets
No
Purchase of stock of target not involving a merger with the company
No
Merger of target into a subsidiary of the company
No
Merger of the company with a target
Yes
Under Nasdaq's
listing rules, shareholder approval would be required for our initial business combination if, for example:
•
we issue shares of Class A common stock that will be equal to or in excess of 20% of the number
of shares of our common stock then outstanding;
•
any of our directors, officers or substantial shareholders (as defined by Nasdaq rules) has a 5%
or greater interest (or such persons collectively have a 10% or greater interest), directly or indirectly, in the target business
or assets to be acquired or otherwise and the present or potential issuance of common stock could result in an increase in outstanding
common shares or voting power of 5% or more; or
•
the issuance or potential issuance of common stock will result in our undergoing a change of control.
The decision as to whether
we will seek shareholders approval of a proposed business combination in those instances in which shareholder approval is not required
by applicable law or stock exchange listing requirements will be made by us, solely in our discretion, and will be based on business
and legal reasons, which include a variety of factors, including, but not limited to: (i) the timing of the transaction, including
in the event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder
approval or doing so would place the company at a disadvantage in the transaction or result in other additional burdens on the
company; (ii) the expected cost of holding a shareholder vote; (iii) the risk that the shareholders would fail to approve
the proposed business combination; (iv) other time and budget constraints of the company; and (v) additional legal complexities
of a proposed business combination that would be time-consuming and burdensome to present to shareholders.
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Permitted Purchases of our Securities
In the event we seek
shareholder approval of our business combination and we do not conduct redemptions in connection with our business combination
pursuant to the tender offer rules, our founders, officers, directors, advisors or their affiliates may purchase shares in privately
negotiated transactions or in the open market either prior to or following the completion of our initial business combination.
However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms
or conditions for any such transactions.
None of the funds in
the trust account will be used to purchase shares in such transactions. They will not make any such purchases when they are in
possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M
under the Exchange Act. Such a purchase may include a contractual acknowledgement that such shareholder, although still the
record holder of our shares is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights.
In the event that our founders, officers, directors, advisors or their affiliates purchase shares in privately negotiated transactions
from public shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required
to revoke their prior elections to redeem their shares. We do not currently anticipate that such purchases, if any, would constitute
a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the
going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that
the purchases are subject to such rules, the purchasers will comply with such rules.
The purpose of such
purchases would be to (i) vote such shares in favor of the business combination and thereby increase the likelihood of obtaining
shareholder approval of the business combination or (ii) to satisfy a closing condition in an agreement with a target that
requires us to have a minimum net worth or a certain amount of cash at the closing of our business combination, where it appears
that such requirement would otherwise not be met. This may result in the completion of our business combination that may not otherwise
have been possible.
In addition, if such
purchases are made, the public "float" of our common stock may be reduced and the number of beneficial holders of our
securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities
on a national securities exchange.
Our founders, officers,
directors, advisors or their affiliates anticipate that they may identify the shareholders with whom our founders, officers, directors,
advisors or their affiliates may pursue privately negotiated purchases by either the shareholders contacting us directly or by
our receipt of redemption requests submitted by shareholders following our mailing of proxy materials in connection with our initial
business combination. To the extent that our founders, officers, directors, advisors or their affiliates enter into a private purchase,
they would identify and contact only potential selling shareholders who have expressed their election to redeem their shares for
a pro rata share of the trust account or vote against the business combination. Our founders, officers, directors, advisors or
their affiliates will only purchase shares if such purchases comply with Regulation M under the Exchange Act and the
other federal securities laws.
Any purchases by our
founders, officers, directors, advisors or their affiliates who are affiliated purchasers under Rule 10b-18 under the Exchange Act
will only be made to the extent such purchases are able to be made in compliance with Rule 10b-18, which is a safe harbor
from liability for manipulation under Section 9(a)(2) and Rule 10b-5 under, the Exchange Act. Rule 10b-18
has certain technical requirements that must be complied with in order for the safe harbor to be available to the purchaser. Our
founders, officers, directors, advisors or their affiliates will not make purchases of common stock if the purchases would violate
Section 9(a)(2) of, or Rule 10b-5 under, the Exchange Act.
Redemption Rights for Public Shareholders
upon Completion of our Initial Business Combination
We will provide our public shareholders
with the opportunity to redeem all or a portion of their shares of Class A common stock upon the completion of our initial
business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
as of two business days prior to the consummation of the initial business combination including interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public
shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be approximately
$10.20 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced
by deferred underwriting commissions we will pay to the underwriters. Our founders, officers, directors, advisors will enter into
a letter agreement with us, pursuant to which they will agree to waive their redemption rights with respect to any founder shares
and any private shares held by them in connection with the completion of our business combination. However, if our founders, officers
or directors acquire public shares in or after this 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 allotted 12-month
time period (or 18-month period if extended).
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Manner of Conducting Redemptions
We will provide our
public shareholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon the completion
of our initial business combination either (i) in connection with a shareholder meeting called to approve the business combination
or (ii) by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination
or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing
of the transaction and whether the terms of the transaction would require us to seek shareholder approval under the law or stock
exchange listing requirement. Asset acquisitions and stock purchases would not typically require shareholder approval while direct
mergers with our company where we do not survive and any transactions where we issue more than 20% of our outstanding common stock
or seek to amend our then existing amended and restated certificate of incorporation would require shareholder approval. If we
structure a business combination transaction with a target company in a manner that requires shareholder approval, we will not
have discretion as to whether to seek a shareholder vote to approve the proposed business combination. We intend to conduct redemptions
without a shareholder vote pursuant to the tender offer rules of the SEC unless shareholder approval is required by law or
stock exchange listing requirements or we choose to seek shareholder approval for business or other legal reasons. So long as we
obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with such rules.
If a shareholder vote
is not required and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended
and restated certificate of incorporation:
•
conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E under the Exchange Act,
which regulate issuer tender offers, and
•
file tender offer documents with the SEC prior to completing our initial business combination which
contain substantially the same financial and other information about the initial business combination and the redemption rights
as is required under Regulation 14A under the Exchange Act, which regulates the solicitation of proxies.
Upon the public announcement
of our business combination, we or our founders will terminate any plan established in accordance with Rule 10b5-1 to purchase
shares of our Class A common stock in the open market if we elect to redeem our public shares through a tender offer, to comply
with Rule 14e-5 under the Exchange Act.
In the event that we
conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days,
in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business
combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on public shareholders
not tendering more than a specified number of public shares which are not purchased by our founders, which number will be based
on the requirement that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be
at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters' fees and commissions
(so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible asset or cash requirement
which may be contained in the agreement relating to our initial business combination. If public shareholders tender more shares
than we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.
If, however, shareholder
approval of the transaction is required by law or stock exchange listing requirement, or we decide to obtain shareholder approval
for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation:
•
conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A
under the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and
•
file proxy materials with the SEC.
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In the event that we
seek shareholder approval of our initial business combination, we will distribute proxy materials and, in connection therewith,
provide our public shareholders with the redemption rights described above upon completion of the initial business combination.
If we seek shareholder
approval, we will complete our initial business combination only if a majority of the then outstanding shares of common stock present
and entitled to vote at the meeting to approve the initial business combination are voted in favor of the initial business combination.
A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the
company representing a majority (more than 50%) of the voting power of all outstanding shares of capital stock of the company entitled
to vote at such meeting. Our initial shareholders will count toward this quorum and have agreed to vote their founder shares and
private units and any public shares purchased during or after this offering in favor of our initial business combination. For purposes
of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval
of our initial business combination once a quorum is obtained. As a result, in the event that only the minimum number of shares
representing a quorum is present at a shareholders' meeting held to vote on our initial business combination, in addition
to our initial shareholders' founder shares and private shares, we would need only 64,501 or 1.08%, of the 6,000,000 public
shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination
approved (assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering
or units or shares in the after-market). In the event that all shares of our outstanding common stock are voted, we would need
2,043,001 or 34.05%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial business combination
in order to have our initial business combination approved (assuming the over-allotment option is not exercised, and the initial
shareholders do not purchase any units in this offering or units or shares in the after-market). We intend to give approximately
30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required,
at which a vote shall be taken to approve our initial business combination.
These quorums and voting
thresholds, and the voting agreements of our initial shareholders may make it more likely that we will consummate our initial business
combination. Each public shareholder may elect to redeem its public shares irrespective of whether they vote, do not vote or abstain,
and if they do vote, irrespective of whether they vote for or against the proposed transaction, and irrespective of whether they
were a public shareholder on the record date for the general meeting held to approve the proposed transaction.
Our amended and restated
certificate of incorporation will provide that we will only redeem our public shares so long as (after such redemption) our net
tangible assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters'
fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible
asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the
proposed business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to
be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy
other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration
we would be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount
required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash
available to us, we will not complete the business combination or redeem any shares, and all shares of Class A common stock
submitted for redemption will be returned to the holders thereof.
Limitation on Redemption
upon Completion of Initial Business Combination if we Seek Shareholder Approval
Notwithstanding the foregoing, if we seek
shareholder approval of our initial business combination and we do not conduct redemptions in connection with our business combination
pursuant to the tender offer rules, our amend and restated certificate of incorporation 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 seeking redemption rights with respect to
more than an aggregate of 15% of the shares sold in this offering, which we refer to as the "Excess Shares." We believe
this restriction will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders
to use their ability to exercise their redemption rights against a proposed business combination as a means to force us or our
management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent
this provision, a public shareholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to
exercise its redemption rights if such holder's shares are not purchased by us or our management at a premium to the then-current
market price or on other undesirable terms. By limiting our shareholders' ability to redeem no more than 15% of the shares
sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our
ability to complete our business combination, particularly in connection with a business combination with a target that requires
as a closing condition that we have a minimum net worth or a certain amount of cash. However, our amended and restated certificate
of incorporation will not restrict our shareholders' ability to vote all of their shares (including Excess Shares) for or
against our business combination.
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Tendering Stock Certificates
in Connection with a Tender Offer or Redemption Rights
We may require our public
shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street
name," to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents
mailed to such holders, or up to two business days prior to the vote on the proposal to approve the business combination in
the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using the Depository Trust
Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option. The tender offer or proxy materials,
as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate
whether we are requiring public shareholders to satisfy such delivery requirements. Accordingly, a public shareholder would have
from the time we send out our tender offer materials until the close of the tender offer period, or up to two days prior to
the vote on the business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek
to exercise its redemption rights. Given the relatively short exercise period, it is advisable for shareholders to use electronic
delivery of their public shares.
There is a nominal cost
associated with the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC
System. The transfer agent will typically charge the tendering broker $100.00 and it would be up to the broker whether or not to
pass this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders
seeking to exercise redemption rights to tender their shares. The need to deliver shares is a requirement of exercising redemption
rights regardless of the timing of when such delivery must be effectuated.
The foregoing is different
from the procedures used by many blank check companies. In order to perfect redemption rights in connection with their business
combinations, many blank check companies would distribute proxy materials for the shareholders' vote on an initial business
combination, and a holder could simply vote against a proposed business combination and check a box on the proxy card indicating
such holder was seeking to exercise his or her redemption rights. After the business combination was approved, the company would
contact such shareholder to arrange for him or her to deliver his or her certificate to verify ownership. As a result, the shareholder
then had an "option window" after the completion of the business combination during which he or she could monitor the
price of the company's stock in the market. If the price rose above the redemption price, he or she could sell his or her
shares in the open market before actually delivering his or her shares to the company for cancellation. As a result, the redemption
rights, to which shareholders were aware they needed to commit before the shareholder meeting, would become "option"
rights surviving past the completion of the business combination until the redeeming holder delivered its certificate. The requirement
for physical or electronic delivery prior to the meeting ensures that a redeeming holder's election to redeem is irrevocable
once the business combination is approved.
Any request to redeem
such shares, once made, may be withdrawn at any time up to the date set forth in the tender offer materials or the date of the
shareholder meeting set forth in our proxy materials, as applicable. Furthermore, if a holder of a public share delivered its certificate
in connection with an election of redemption rights and subsequently decides prior to the applicable date not to elect to exercise
such rights, such holder may simply request that the transfer agent return the certificate (physically or electronically). It is
anticipated that the funds to be distributed to holders of our public shares electing to redeem their shares will be distributed
promptly after the completion of our business combination.
If our initial business
combination is not approved or completed for any reason, then our public shareholders who elected to exercise their redemption
rights would not be entitled to redeem their shares for the applicable pro rata share of the trust account. In such case, we will
promptly return any certificates delivered by public holders who elected to redeem their shares.
If our initial proposed
business combination is not completed, we may continue to try to complete a business combination with a different target until
12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described
in this prospectus).
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Redemption of Public Shares
and Liquidation if no Initial Business Combination
Our amended and restated
certificate of incorporation will provide that we will have only 12 months from the closing of this offering to complete our initial
business combination (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus).
If we are unable to complete our business combination within such 12-month period (or up to 18 months, if we extend the time to
complete a business combination as described in this prospectus), we will: (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public
shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest
earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $75,000 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, dissolve and liquidate, subject in each case to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating
distributions with respect to our warrants, which will expire worthless if we fail to complete our business combination within
the 12-month time period.
If we anticipate
that we may not be able to consummate our initial business combination within 12 months from closing of this offering, we
may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional
three-month period each time (for a total of up to 18 months to complete a business combination). Pursuant to the terms of
our amended and restated certificate of incorporation and the trust agreement to be entered into between us and Continental
Stock Transfer & Trust Company on the date of this prospectus, in order to extend the time available for us to consummate
our initial business combination, our sponsor, upon at least five days advance notice prior to the applicable deadline, must
deposit into the trust account for each three-month extension, $600,000, or $690,000 if the underwriters'
over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of $1,200,000 or $1,380,000 if
the underwriters' over-allotment option is exercised in full ($0.20 per unit in either case), on or prior to the date
of the applicable deadline. Our public shareholders will not be afforded an opportunity to vote on our extension of time to
consummate an initial business combination from 12 months to up to 18 months described above or redeem their shares in
connection with such extensions. The sponsor will receive a non-interest bearing, unsecured promissory note equal to the
amount of any such deposit that will not be repaid in the event that we are unable to close a business combination unless
there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our
initial business combination, or, at the lender's discretion, converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such unit at the time of the consummation of our
initial business combination. In the event that we receive notice from our founders five days prior to the applicable
deadline of their intent to effect an extension, we intend to issue a press release announcing such intention at least
three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the
applicable deadline announcing whether or not the funds had been timely deposited. Our founders and their affiliates or
designees are not obligated to fund the trust account to extend the time for us to complete our initial business combination.
Any notes issued pursuant to these loans would be in addition to any notes issued pursuant to working capital loans made to
us.
Our initial shareholders
have waived their rights to liquidating distributions from the trust account with respect to any founder shares and private units
held by them if we fail to complete our initial business combination within 12 months from the closing of this offering (or up
to 18 months, if we extend the time to complete a business combination as described in this prospectus). However, if our initial
shareholder acquire public shares in or after this 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 allotted 12-month
time period.
Our initial shareholders have agreed, pursuant
to a letter agreement with us (filed as an exhibit to the registration statement of which this prospectus forms a part), that they
will not propose any amendment to our then existing amended and restated certificate of incorporation (i) that would 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 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), or (ii) with
respect to any other material provision relating to shareholders' rights or pre-initial business combination activity, unless
we provide our public shareholders with the opportunity to redeem their shares of Class A common stock upon approval of any
such amendment 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. However, we will only redeem our public shares so long as (after such redemption) our net tangible
assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of underwriters'
fees and commissions (so that we are not subject to the SEC's "penny stock" rules). If this optional redemption
right is exercised with respect to an excessive number of public shares such that we cannot satisfy the net tangible asset requirement
(described above) we would not proceed with the amendment or the related redemption of our public shares.
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We expect that all costs
and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts
remaining out of the approximately $650,000 of proceeds held outside the trust account, although we cannot assure you that there
will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs and expenses associated
with implementing our plan of dissolution, to the extent that there is any interest accrued in the trust account not required to
pay taxes on interest income earned on the trust account balance, we may request the trustee to release to us an additional amount
of up to $75,000 of such accrued interest to pay those costs and expenses.
If we were to expend
all of the net proceeds of this offering and the sale of the private units, other than the proceeds deposited in the trust account,
and without taking into account interest, if any, earned on the trust account, the per-share redemption amount received by shareholders
upon our dissolution would be approximately $10.20. The proceeds deposited in the trust account could, however, become subject
to the claims of our creditors which would have higher priority than the claims of our public shareholders. We cannot assure you
that the actual per-share redemption amount received by shareholders will not be substantially less than $10.20. Under Section 281(b) of
the DGCL, our plan of dissolution must provide for all claims against us to be paid in full or make provision for payments to be
made in full, as applicable, if there are sufficient assets. These claims must be paid or provided for before we make any distribution
of our remaining assets to our shareholders. While we intend to pay such amounts, if any, we cannot assure you that we will have
funds sufficient to pay or provide for all creditors' claims.
Although we will seek
to have all vendors, service providers, prospective target businesses or other entities with which we do business execute agreements
with us waiving any right, title, interest and claim of any kind in or to any monies held in the trust account for the benefit
of our public shareholders, there is no guarantee that they will execute such agreements or even if they execute such agreements
that they would be prevented from bringing claims against the trust account including but not limited to fraudulent inducement,
breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in
each case in order to gain an advantage with respect to a claim against our assets, including the funds held in the trust account.
If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account, our management
will perform an analysis of the alternatives available to it and will only enter into an agreement with a third party that has
not executed a waiver if management believes that such third party's engagement would be significantly more beneficial to
us than any alternative. Examples of possible instances where we may engage a third party that refuses to execute a waiver include
the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly
superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service
provider willing to execute a waiver.
In addition, there is
no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any
negotiations, contracts or agreements with us and will not seek recourse against the trust account for any reason. Our sponsor
has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold
to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of
funds in the trust account to below (i) $10.20 per public share or (ii) such lesser amount per public share held in the
trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each case
net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver
of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of
this offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver
is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for
such third party claims We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations
and believe that our sponsor's only assets are securities of our company. We have not asked our sponsor to reserve for such
indemnification obligations. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. As a
result, if any such claims were successfully made against the trust account, the funds available for our initial business combination
and redemptions could be reduced to less than $10.20 per public share. In such event, we may not be able to complete our initial
business combination, and you would receive such lesser amount per share in connection with any redemption of your public shares.
None of our officers will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective
target businesses.
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In the event that the
proceeds in the trust account are reduced below (i) $10.20 per public share or (ii) such lesser amount per public share
held in the trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets,
in each case net of the amount of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy
its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent directors
would determine whether to take legal action against our sponsor to enforce its indemnification obligations. While we currently
expect that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification
obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so
if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable
or if the independent directors determine that a favorable outcome is not likely. We have not asked our sponsor to reserve for
such indemnification obligations and we cannot assure you that our sponsor would be able to satisfy those obligations. Accordingly,
we cannot assure you that due to claims of creditors the actual value of the per-share redemption price will not be less than $10.20
per public share.
We will seek to reduce
the possibility that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all
vendors, service providers, prospective target businesses or other entities with which we do business execute agreements with us
waiving any right, title, interest or claim of any kind in or to monies held in the trust account. Our sponsor will also not be
liable as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities
under the Securities Act. We will have access to up to approximately $650,000 from the proceeds of this offering with which to
pay any such potential claims. In the event that we liquidate and it is subsequently determined that the reserve for claims and
liabilities is insufficient, shareholders who received funds from our trust account could be liable for claims made by creditors.
In the event that our offering expenses exceed our estimate of $1,090,000, we may fund such excess with funds from the funds not
to be held in the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease
by a corresponding amount. Conversely, in the event that the offering expenses are less than our estimate of $1,090,000, the amount
of funds we intend to be held outside the trust account would increase by a corresponding amount.
Under the DGCL, shareholders
may be held liable for claims by third parties against a corporation to the extent of distributions received by them in a dissolution.
The pro rata portion of our trust account distributed to our public shareholders upon the redemption of our public shares in the
event we do not complete our business combination within 12 months from the closing of this offering (or up to 18 months, if we
extend the time to complete a business combination as described in this prospectus) may be considered a liquidating distribution
under Delaware law. If the corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure
that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims
can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to shareholders, any liability of shareholders with respect
to a liquidating distribution is limited to the lesser of such shareholder's pro rata share of the claim or the amount distributed
to the shareholder, and any liability of the shareholder would be barred after the third anniversary of the dissolution.
Furthermore, if the
pro rata portion of our trust account distributed to our public shareholders upon the redemption of our public shares in the event
we do not complete our business combination within 12 months from the closing of this offering (or up to 18 months, if we extend
the time to complete a business combination as described in this prospectus), is not considered a liquidating distribution under
Delaware law and such redemption distribution is deemed to be unlawful, then pursuant to Section 174 of the DGCL, the statute
of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years,
as in the case of a liquidating distribution. If we are unable to complete our business combination within 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus),
we will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not
more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes or for working capital purposes (less up to $75,000 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,
dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Accordingly, it is our intention to redeem our public shares as soon as reasonably possible following
our 15
th
month and, therefore, we do not intend to comply with those procedures. As such, our shareholders could potentially
be liable for any claims to the extent of distributions received by them (but no more) and any liability of our shareholders may
extend well beyond the third anniversary of such date.
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Because we will not
be complying with Section 280, Section 281(b) of the DGCL requires us to adopt a plan, based on facts known to us
at such time that will provide for our payment of all existing and pending claims or claims that may be potentially brought against
us within the subsequent 10 years. However, because we are a blank check company, rather than an operating company, and our
operations will be limited to searching for prospective target businesses to acquire, the only likely claims to arise would be
from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. As described above, pursuant
to the obligation contained in our underwriting agreement, we will seek to have all vendors, service providers, prospective target
businesses or other entities with which we do business execute agreements with us waiving any right, title, interest or claim of
any kind in or to any monies held in the trust account. As a result of this obligation, the claims that could be made against us
are significantly limited and the likelihood that any claim that would result in any liability extending to the trust account is
remote. Further, our sponsor may be liable only to the extent necessary to ensure that the amounts in the trust account are not
reduced below (i) $10.20 per public share or (ii) such lesser amount per public share held in the trust account as of
the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each case net of the amount
of interest withdrawn to pay taxes and will not be liable as to any claims under our indemnity of the underwriters of this offering
against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver is deemed to
be unenforceable against a third party, our sponsor will not be responsible to the extent of any liability for such third-party
claims.
If we file a bankruptcy
petition or an involuntary bankruptcy petition is filed against us that is not dismissed, the proceeds held in the trust account
could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third
parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the trust account, we cannot
assure you we will be able to return $10.20 per share to our public shareholders. Additionally, if we file a bankruptcy petition
or an involuntary bankruptcy petition is filed against us that is not dismissed, any distributions received by shareholders could
be viewed under applicable debtor/creditor and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent
conveyance." As a result, a bankruptcy court could seek to recover some or all amounts received by our shareholders. Furthermore,
our board of directors may be viewed as having breached its fiduciary duty to our creditors and/or may have acted in bad faith,
thereby exposing itself and our company to claims of punitive damages, by paying public shareholders from the trust account prior
to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons.
Our public shareholders will be entitled
to receive funds from the trust account only (i) in the event of the redemption of our public shares if we do not complete
our business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete
a business combination as described in this prospectus), subject to applicable law, (ii) (a) in connection with a shareholder
vote to approve an amendment to our then existing amended and restated certificate of incorporation 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 12 months from the closing of this offering (or up to
18 months, if we extend the time to complete a business combination as described in this prospectus) or (b) with respect to
any other provision relating to shareholders' rights or pre-initial business combination activity or (iii) our completion
of an initial business combination, and then only in connection with those public shares that such shareholder properly elected
to redeem, subject to the limitations described in this prospectus. In no other circumstances will a shareholder have any right
or interest of any kind to or in the trust account. In the event we seek shareholder approval in connection with our initial business
combination, a shareholder's voting in connection with the business combination alone will not result in a shareholder's
redeeming its shares to us for an applicable pro rata share of the trust account. Such shareholder must have also exercised its
redemption rights as described above.
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Comparison of Redemption
or Purchase Prices in Connection with our Initial Business Combination and if We Fail to Complete our Business Combination
The following table
compares the redemptions and other permitted purchases of public shares that may take place in connection with the completion of
our initial business combination and if we are unable to complete our business combination within 12 months from the closing of
this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus).
Redemptions in
Connection with our Initial
Business Combination
Other Permitted
Purchases of Public
Shares by us or
our Affiliates
Redemptions if we
fail to Complete an
Initial Business
Combination
Calculation of redemption price
Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.20 per public share), 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 limitation that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination and any limitations (including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed business combination.
If we seek shareholder approval of our initial business combination, our founders, officers, directors, or their affiliates may purchase shares in privately negotiated transactions or in the open market prior to or following completion of our initial business combination. There is no limit to the prices that our founders, officers, directors or their affiliates may pay in these transactions.
If we are unable to complete our business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), we will redeem all public shares at a per-share price, payable in cash, equal to the aggregate amount, then on deposit in the trust account (which is initially anticipated to be $10.20 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $75,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares.
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Redemptions in
Connection with our Initial
Business Combination
Other Permitted
Purchases of Public
Shares by us or
our Affiliates
Redemptions if we
fail to Complete an
Initial Business
Combination
Impact to remaining shareholders
The redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders, who will bear the burden of deferred underwriting commissions, working capital and taxes payable released to us.
If the permitted purchases described above are made there would be no impact to our remaining shareholders because the purchase price would not be paid by us.
The redemption of our public shares if we fail to complete our business combination will reduce the book value per share for the shares held by our initial shareholders, who will be our only remaining shareholders after such redemptions.
Comparison of This Offering to Those
of Blank Check Companies Subject to Rule 419
The following table
compares the terms of this offering to the terms of an offering by a blank check company subject to the provisions of Rule 419.
This comparison assumes that the gross proceeds, underwriting commissions and underwriting expenses of our offering would be identical
to those of an offering undertaken by a company subject to Rule 419, and that the underwriters will not exercise their over-allotment
option. None of the provisions of Rule 419 apply to our offering.
Terms of Our Offering
Terms Under a Rule 419 Offering
Escrow of offering proceeds
$61,200,000 of the net proceeds of this offering and the sale of the private units will be deposited into a U.S.-based trust account with Continental Stock Transfer & Trust Company, acting as trustee.
Approximately $52,002,000
of the offering proceeds would be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.
Investment of net proceeds
$61,200,000 of the net offering proceeds and the sale of the private units held in trust will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.
Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.
Receipt of interest on escrowed funds
Interest on proceeds from the trust account to be paid to shareholders is reduced by (i) any taxes paid or payable; (ii) amounts released for working capital, and (iii) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $75,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation.
Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination.
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Terms of Our Offering
Terms Under a Rule 419 Offering
Limitation on fair value or net assets of target business
Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding deferred underwriting commissions and interest income earned on the trust account released to us to pay taxes or for working capital purposes) at the time of the agreement to enter into the initial business combination.
The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.
Trading of securities issued
The units will begin trading on or promptly after the date of this prospectus. The Class A common stock and warrants comprising the units will begin separate trading on the 52
nd
day following the date of this prospectus unless the representatives inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering, which is anticipated to take place three business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, an additional Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option.
No trading of the units or the underlying Class A common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.
Exercise of the warrants
The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination or 12 months from the closing of this offering.
The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account.
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Terms of Our Offering
Terms Under a Rule 419 Offering
Election to remain an investor
We will provide our public shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account 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, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by law to hold a shareholder vote. If we are not required by law and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC's proxy rules. If, however, we hold a shareholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if a majority of the then outstanding shares of common stock present and entitled to vote at the meeting to approve the initial business combination are voted in favor of the initial business combination. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority (more than 50%) of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.
A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company's registration statement, to decide if it elects to remain a shareholder of the company or require the return of its investment. If the company has not received the notification by the end of the 45
th
business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued.
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Terms of Our Offering
Terms Under a Rule 419 Offering
Business combination deadline
If we are unable to complete an initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of 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 and not previously released to us to pay our taxes or for working capital purposes (less up to $75,000 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, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
If an acquisition has not been completed
        within 12 months after the effective date of the company's registration statement, funds held in the trust or escrow
        account are returned to investors.
The proceeds held in the escrow account
        are not released until the earlier of the completion of a business combination or the failure to effect a business combination
        within the allotted time.
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Terms of Our Offering
Terms Under a Rule 419 Offering
Release of funds
Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering and the sale of the private units that are deposited and held in the trust account will not be released from the trust account until the earliest to occur of: (i) the completion of our initial business combination, (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our then existing amended and restated certificate of incorporation (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 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (b) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity and (iii) the redemption of 100% of our public shares if we are unable to complete a business combination within the required time frame (subject to the requirements of applicable law).
Competition
In identifying, evaluating
and selecting a target business for our business combination, we may encounter intense competition from other entities having a
business objective similar to ours, including other blank check companies, private equity groups and leveraged buyout funds, and
operating businesses seeking strategic acquisitions. Many of these entities are well established and have extensive experience
identifying and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess greater
financial, technical, human and other resources than we do. Our ability to acquire larger target businesses will be limited by
our available financial resources. This inherent limitation gives others an advantage in pursuing the acquisition of a target business.
Furthermore, our obligation to pay cash in connection with our public shareholders who exercise their redemption rights may reduce
the resources available to us for our initial business combination and our outstanding warrants, and the future dilution they potentially
represent, may not be viewed favorably by certain target businesses. Either of these factors may place us at a competitive disadvantage
in successfully negotiating an initial business combination.
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Facilities
Our executive offices
are located at 7683 SE 27th St. #268, Mercer Island, WA 98040.
Employees
We currently have two
executive officers including Mr. I-Fa Chang, the Chief Executive Officer, and Mr. Xuedong (Tony) Tian, the Chief Financial
Officer. These individuals are not obligated to devote any specific number of hours to our matters but they intend to devote
as much of their time as they deem necessary to our affairs until we have completed our initial business combination. The amount
of time they will devote in any time period will vary based on whether a target business has been selected for our initial business
combination and the stage of the initial business combination process we are in. We do not intend to have any full-time employees
prior to the completion of our initial business combination.
Periodic Reporting and Financial Information
We will register our
units, Class A common stock and warrants under the Exchange Act and have reporting obligations, including the requirement
that we file annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act,
our annual reports will contain financial statements audited and reported on by our independent registered public accountants.
Prior to the date of
this prospectus, we will file a Registration Statement on Form 8-A with the SEC to voluntarily register our securities under
Section 12 of the Exchange Act. As a result, we will be subject to the rules and regulations promulgated under the
Exchange Act. We have no current intention of filing a Form 15 to suspend our reporting or other obligations under the
Exchange Act prior or subsequent to the consummation of our business combination.
We will provide shareholders
with audited financial statements of the prospective target business as part of the tender offer materials or proxy solicitation
materials sent to shareholders to assist them in assessing the target business. In all likelihood, these financial statements will
need to be prepared in accordance with GAAP. We cannot assure you that any particular target business selected by us as a
potential acquisition candidate will have financial statements prepared in accordance with GAAP or that the potential target business
will be able to prepare its financial statements in accordance with GAAP. To the extent that this requirement cannot be met,
we may not be able to acquire the proposed target business. While this may limit the pool of potential acquisition candidates,
we do not believe that this limitation will be material.
We will be required
to evaluate our internal control procedures for the fiscal year ending December 31, 2023 as required by the Sarbanes-Oxley
Act. Only in the event we are deemed to be a large accelerated filer or an accelerated filer will we be required to have our internal
control procedures audited. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy
of their internal controls. The development of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley
Act may increase the time and costs necessary to complete any such acquisition.
Legal Proceedings
There is no material
litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their
capacity as such.
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MANAGEMENT
Officers, Directors and Director Nominees
Our officers, directors
and director nominees are as follows:
Name
Age
Position
I-Fa Chang
41
Chief Executive Officer and Chairman
Xuedong (Tony) Tian
51
Chief Financial Officer and Director
Hanzhong (Han) Li
54
Director Nominee
Teng-Wei Chen
53
Director Nominee
Kevin Vassily
56
Director Nominee
Mr. I-Fa Chang
has
been the Chairman of our board of directors and our Chief Executive Officer since the inception of our Company. Mr. Chang has more
two decades of investment management and advisory experience. In 2012, Mr. Chang founded Inkstone Capital Co., Ltd., a technology-focused
investment advisory firm ("Inkstone Capital") serving clients in Mainland China, Hong Kong and Taiwan, and has served
as its chief executive officer ever since. He has also served as an independent director of Sichuan Tianfu Bank, a regional
bank based in Southeast China since 2015. Between October 2017 and June 2018, Mr. Chang served as a director and finance control
officer for Finconn Inc., a subsidiary of the Taiwanese electronic manufacturing conglomerate, Foxconn. Before founding Inkstone
Capital, Mr. Chang had extensive experience in financial and investment management across different sectors. Between June 2006
to December 2008, Mr. Chang served as a financial consultant for Chengdu Jiannanchun Shengbo Technology Co., Ltd., an IT solution
company. He also served as a managing director for ARC China Investment Corporation, an investment management company from April
2007 to July 2011, and as a managing director for Xiamen Dazhou-ARC Investment Management Co., Ltd., a joint venture between ARC
China and Dazhou Holding Group, a multi-industry conglomerate based in Xiamen, Fujian Province, PRC, from August 2011 to October
2012. Mr. Chang received his MBA in Finance from National Pingtung Science and Technology University in Taiwan, and his B.A. in
Management Information System from California State University, San Bernardino.
We believe that Mr.
Chang qualifies as our Chairman because of his investment and financial management experience.
Mr. Xuedong (Tony)
Tian
has been our Chief Financial Officer and a member of our board of directors since the inception of our Company. Mr. Tian
has served as a managing director and head of capital markets at US Tiger Securities, Inc. since October 2020. From May 2012 to
October 2020, Mr. Tian was the founder and president of Weitian Group LLC, a corporate advisory and investor relations firm. Prior
to that, Mr. Tian served as a sell-side equity analyst at various investment banks, including managing director covering China
at Merriman Capital, Inc. from June 2013 to January 2016; executive director and lead analyst covering China Industrials and IT
outsourcing at Oppenheimer & Co. Inc. from May 2011 to May 2012; vice president and lead China analyst at Ladenburg Thalmann
& Co. Inc. from May 2010 to April 2011; senior associate covering Networking, Hardware & IT Supply Chain at Ticonderoga
Securities LLC from October 2009 to May 2010; and associate covering Semiconductor & Semiconductor Capital Equipment at Pacific
Crest Securities LLC (now part of KeyBanc) from April 2008 to September 2009. Mr. Tian holds an MBA degree from New York University,
a M.A. degree in Economics from the University of Connecticut and M.S. and B.S. degrees in Land Resources and Management from China
Agricultural University. Mr. Tian is a CFA charter holder and currently holds Series 7, 24, 63, and 79 licenses. Since March 2022,
Mr. Tian has been the Chief Executive Officer of Feutune Light Acquisition Corporation, a special purpose acquisition company to
be listed on Nasdaq.
We believe that Mr.
Tian qualifies as our director because of his experience in capital market.
Dr. Hanzhong (Han)
Li
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part. Dr. Li has more than two decades of investment, operational and management experience in biotechnology industry.
Since February 2019, Dr. Li has served as the senior vice president for Corporate Development
at Eureka Therapeutics, a clinical stage biotechnology company developing antibody-TCR T-Cell therapies for oncology treatment
based in California. In this role, Dr. Li is responsible for a variety of initiatives on finance, corporate and business development
for the company. Before joining Eureka, Dr. Li spent two years as the chief financial officer at Ascentage Pharma Group. Between
2010 and 2017, Dr. Li served as deputy director in the strategy and portfolio management group at Bayer Pharmaceuticals (FWB: BAYN),
a German pharmaceutical company. Earlier in his career, Dr. Li served as an equity research analyst at Morgan Stanley, Suntrust
Robinson Humphrey and Stanford Financial Group in New York, covering biotech and biopharmaceutical companies for the period between
2002 and 2009. He also worked as a research scientist at Genentech , Inc., where he served as lead inventor of three patents
on novel cytokines . Dr. Li received his Ph.D. in Pharmacology from the Boston University School of Medicine and MBA from
the Anderson School of Business at UCLA.
We believe that Dr. Li qualifies as our
director because of his experience in the biotech industry.
Dr. Teng-Wei Chen
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus forms
a part. Dr. Chen is an active start-up and early-stage investor in Southern Taiwan. Dr. Chen has served as managing director at
You-Ci Management Consulting Co., Ltd., an investment company based in Pingtung, Taiwan, since 2015. Since 2018, Dr. Chen has been
a director of New-shine Biomedical Co., Ltd., a Taiwanese biotechnology company of which he was also an investor. In 2019, he founded
iDentist Business Space Co., Ltd., a provider of coworking and shared conferencing space provider in Pingtung, Taiwan. In 2021,
Dr. Chen founded You-Cheng Internet Information Co., Ltd., an IT solution company based in Pingtung, and has served as its Chairman
and CEO since then. As a dentist by training, Dr. Chen has been the chief dentist and manager of Sunshine Dental Clinic, in Pingtung,
Taiwan since September 2015. From August 2012 to March 2014, Dr. Chen was a visiting dental specialist at Tainan Hospital, Ministry
of Health and Welfare, Taiwan. Dr. Chen finished his residency at National Cheng Kung University Hospital, Taiwan, in July 2012,
where he was a resident dentist for six years. Dr. Chen received his D.D.S. in Dentistry from China Medical University, Taiwan,
in 2006.
We believe that Dr. Chen qualifies as our
director because of his background as an active investor in Taiwan.
Mr. Kevin Vassily
will become a member of our board of directors upon effectiveness of the registration statement for which this prospectus
forms a part
.
Mr. Vassily has extensive working experience as a senior management team member serving private and public
companies. In January 2021, he was appointed Chief Financial Officer, and in March 2021, became a member of the board of directors
of iPower Inc. (Nasdaq: IPW), a leading online hydroponic equipment retailer and supplier. Prior to joining iPower, from 2019
to January 2021, Mr. Vassily served as Vice President of Market Development for Facteus, a financial analytics company focused
on the Asset Management industry. From March 2019 through 2020, he served as an advisor at Woodseer, a financial technology firm
providing global dividend forecasts. From Oct 2018 through its acquisition in 2020, Mr. Vassily served as an advisor at Go Capture,
where he was responsible for providing strategic, business development, and product development advisory services for the company's
emerging "Data as a Service" platform. Since February 2020, Mr. Vassily has served as a director of Zhongchao Inc.
(Nasdaq: ZCMD), a provider of healthcare information, education and training services to healthcare professionals and the public
in China. Since July 2018, Mr. Vassily has also served as an advisor at Prometheus Fund, a Shanghai- based merchant bank/PE firm
focused on the "green" economy. And from 2015 through 2018, Mr. Vassily served as an associate director of research
at Keybanc Capital Markets, and helped to co-manage the Technology Research vertical. From 2010 to 2014, he served as the director
of research at Pacific Epoch (a wholly owned subsidiary of Pacific Crest Securities), where he was responsible for a complete
overhaul of product and a complete business model restart post acquisition, re focusing the firm around a "data-first"
research offering. From 2007 to 2010, he served as the Asia Technology business development representative and as a senior analyst
at Pacific Crest Securities, responsible for establishing the firm's presence and relevance covering Asia Technology. From
2003 to 2006, he served as senior research analyst in the semiconductor technology group at Susquehanna International Group, responsible
for research in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily served as the vice president and senior
research analyst for semiconductor capital equipment at Thomas Weisel Partners, responsible for publishing research and maintaining
financial models on each of the companies under coverage. Mr. Vassily began his career on Wall Street in 1998, as a research associate
covering the semiconductor industry at Lehman Brothers. He holds a B.A. in liberal arts from Denison University and an M.B.A.
from the Tuck School of Business at Dartmouth College. Mr. Vassily is a director of Denali Capital Acquisition Corp., a special
purpose acquisition company listed on Nasdaq and a director nominee of two additional special purpose acquisition companies seeking
listing on Nasdaq: Fortune Joy International Acquisition Corporation and Feutune Light Acquisition Corporation.
We believe that Mr. Vassily qualifies as
our director because of his experience as a public company director and investor in technology companies.
Following the closing of this offering, all of our executive officers and directors
are located in the United States except that our Chief Executive Officer, Mr. Chang, and our independent director, Dr. Chen, are
located in Taiwan.
As a result,
it may be difficult, or in some cases not possible, for investors in the United States to enforce their legal rights, to effect
service of process upon those directors located outside the United States, to enforce judgments of United States courts predicated
upon civil liabilities and criminal penalties on our directors under United States securities laws. In particular, Taiwan does
not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the United States and many
other countries and regions. Therefore, recognition and enforcement in Taiwan of judgement of United States courts in relation
to any matter not subject to a binding arbitration provision may be difficult or impossible.
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Number and Terms of Office
of Officers and Directors
We intend to have five directors upon the effectiveness of this
prospectus. Our board of directors will be divided into three classes with only one class of directors being elected in each year
and each class (except for those directors appointed prior to our first annual meeting of shareholders) serving a three-year term.
The term of office of the first class of directors, consisting of Mr. Vassily, will expire at our first annual meeting of shareholders.
The term of office of the second class of directors, consisting of Dr. Li and Dr. Chen, will expire at the second annual meeting
of shareholders. The term of office of the third class of directors, consisting of Mr. Chang and Mr. Tian, will expire at the third
annual meeting of shareholders. We may not hold an annual meeting of shareholders until after we consummate our initial business
combination. In addition, the founder shares, all of which are held by our initial shareholders, will entitle the initial shareholders
to elect and remove, with or without cause, all of our directors prior to our initial business combination. Holders of our public
shares will have no right to vote on the election of directors during such time. These provisions of our amended and restated certificate
of incorporation may only be amended by the vote of at least 90% of our issued and outstanding common stock entitled to vote thereon.
As a result, you will not have any influence over the election of directors prior to our initial business combination.
Our officers are appointed
by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our
board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws
provide that our officers may consist of one or more Chairmen of the Board, one or more Chief Executive Officers, a President,
a Chief Financial Officer, Vice Presidents, Secretary, Treasurer, Assistant Secretary and such other offices as may be determined
by the board of directors.
Director Independence
Nasdaq listing standards
require that a majority of our board of directors be independent. An "independent director" is defined generally as
a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which
in the opinion of the company's board of directors, would interfere with the director's exercise of independent judgment
in carrying out the responsibilities of a director. Our board of directors has determined that Mr. Vassily, Dr. Li and Dr. Chen are "independent directors"
as defined in the Nasdaq listing standards and applicable SEC rules. Our audit committee will be entirely composed of independent
directors meeting Nasdaq's additional requirements applicable to members of the audit committee. Our independent directors
will have regularly scheduled meetings at which only independent directors are present.
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Officer and Director Compensation
None of our officers or directors
has received any cash compensation for services rendered to us, except that (i) our CFO and Director, Mr. Xuedong (Tony) Tian,
has acquired 60,000 founder shares for a purchase price of $869.57 on May 13, 2022; and (ii) our sponsor has agreed to transfer an
aggregate amount of 60,000 founder shares to certain of our directors, officers, and their designees prior to the closing of this offering,
among which, each 20,000 founder shares will be transferred to each of Dr. Li, Dr. Chen and Mr. Vassily, our independent director nominees.
Other than as set forth elsewhere in this prospectus, no compensation of any kind, including finder's and consulting fees, will
be paid to our founders or any of their respective affiliates, for services rendered prior to or in connection with the completion of
our initial business combination although we may consider cash or other compensation to officers or advisors we may hire subsequent to
this offering to be paid either prior to or in connection with our initial business combination. In addition, our officers, directors
or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee
will review on a quarterly basis all payments that were made to our founders or their affiliates.
After the completion
of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management
fees from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the tender
offer materials or proxy solicitation materials furnished to our shareholders in connection with a proposed business combination.
We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members
of management. It is unlikely the amount of such compensation will be known at the time of the proposed business combination, because
the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation
to be paid to our officers will be determined, or recommended to the board of directors for determination, either by a compensation
committee constituted solely by independent directors or by a majority of the independent directors on our board of directors.
Following a business
combination, to the extent we deem it necessary, we may seek to recruit additional managers to supplement the incumbent management
team of the target business. We cannot assure you that we will have the ability to recruit additional managers, or that additional
managers will have the requisite skills, knowledge or experience necessary to enhance the incumbent management.
Committees of the Board of Directors
Our board of directors
will have two standing committees: an audit committee and a compensation committee. Subject to phase-in rules and a limited exception,
the rules of Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised
solely of independent directors, and the rules of Nasdaq require that the compensation committee of a listed company be comprised
solely of independent directors.
Audit Committee
Prior to the consummation of this offering, we will establish
an audit committee of the board of directors. Mr. Vassily, Dr. Li and Dr. Chen will serve as members of our audit committee, with
Mr. Vassily serving as the Chairman of the audit committee. Under the Nasdaq listing standards and applicable SEC rules, we are
required to have at least three members of the audit committee, all of whom must be independent, subject to certain phase-in provisions.
Each such person meets the independent director standard under Nasdaq listing standards and under Rule 10-A-3(b)(1) of
the Exchange Act.
Each member of the audit
committee is financially literate and our board of directors has determined that [ ] qualifies as an "audit committee financial
expert" as defined in applicable SEC rules.
We will adopt an audit
committee charter, which will detail the principal functions of the audit committee, including:
•
the appointment, compensation, retention, replacement, and oversight of the work of the independent
auditors and any other independent registered public accounting firm engaged by us;
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•
pre-approving all audit and permitted non-audit services to be provided by the independent auditors
or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;
•
reviewing and discussing with the independent auditors all relationships the auditors have with
us in order to evaluate their continued independence;
•
setting clear hiring policies for employees or former employees of the independent auditors;
•
setting clear policies for audit partner rotation in compliance with applicable laws and regulations;
•
obtaining and reviewing a report, at least annually, from the independent auditors describing (i) the
independent auditor's internal quality-control procedures and (ii) any material issues raised by the most recent internal
quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities
within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal
with such issues;
•
reviewing and approving any related party transaction required to be disclosed pursuant to Item 404
of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and
•
reviewing with management, the independent auditors, and our legal advisors, as appropriate, any
legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints
or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes
in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.
Compensation Committee
Prior to the consummation of this offering, we will establish
a compensation committee of the board of directors. Mr. Vassily, Dr. Li and Dr. Chen will serve as members of our compensation
committee, with Dr. Chen serving as the chairwoman of the compensation committee. Under the Nasdaq listing standards and applicable
SEC rules, we are required to have at least two members of the compensation committee, all of whom must be independent, subject
to certain phase-in provisions. Each such person meets the independent director standard under Nasdaq listing standards applicable
to members of the compensation committee.
We will adopt a compensation
committee charter, which will detail the principal functions of the compensation committee, including:
•
reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief
Executive Officer's compensation, evaluating our Chief Executive Officer's performance in light of such goals and objectives
and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;
•
reviewing and approving on an annual basis the compensation of all of our other officers;
•
reviewing on an annual basis our executive compensation policies and plans;
•
implementing and administering our incentive compensation equity-based remuneration plans;
•
assisting management in complying with our proxy statement and annual report disclosure requirements;
•
approving all special perquisites, special cash payments and other special compensation and benefit
arrangements for our officers and employees;
•
if required, producing a report on executive compensation to be included in our annual proxy statement;
and
•
reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.
Notwithstanding the
foregoing, as indicated above, other than reimbursement of expenses, no compensation of any kind, including finders, consulting
or other similar fees, will be paid to any of our existing shareholders, officers, directors or any of their respective affiliates,
prior to, or for any services they render in order to complete the consummation of a business combination although we may consider
cash or other compensation to officers or advisors we may hire subsequent to this offering to be paid either prior to or in connection
with our initial business combination. Accordingly, it is likely that prior to the consummation of an initial business combination,
the compensation committee will only be responsible for the review and recommendation of any compensation arrangements to be entered
into in connection with such initial business combination.
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The charter will also
provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,
legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of
any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other
adviser, the compensation committee will consider the independence of each such adviser, including the factors required by Nasdaq
and the SEC.
Director Nominations
We do not have a standing
nominating committee. In accordance with Rule 5605(e)(2) of the Nasdaq Rules, a majority of the independent directors
may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent
directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation
of a standing nominating committee. As there is no standing nominating committee, we do not have a nominating committee charter
in place.
The board of directors
will also consider director candidates recommended for nomination by our shareholders during such times as they are seeking proposed
nominees to stand for election at the next annual meeting of shareholders (or, if applicable, a special meeting of shareholders).
Our shareholders that wish to nominate a director for election to our board of directors should follow the procedures set forth
in our bylaws.
We have not formally
established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general,
in identifying and evaluating nominees for director, our board of directors considers educational background, diversity of professional
experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the
best interests of our shareholders.
Compensation Committee Interlocks and
Insider Participation
None of our officers
currently serves, and in the past year have not served, as a member of the compensation committee of any entity that has one or
more officers serving on our board of directors.
Code of Ethics
Prior to the consummation
of this offering, we will have adopted a Code of Ethics applicable to our directors, officers and employees. We will file a copy
of our Code of Ethics and our audit and compensation committee charters as exhibits to the registration statement of which this
prospectus is a part. You will be able to review these documents by accessing our public filings at the SEC's web site at
www.sec.gov
. In addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to
disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K. See
the section of this prospectus entitled "Where You Can Find Additional Information."
Conflicts of Interest
One of our founders,
Xuedong (Tony) Tian, our CFO, is the Managing Director and Head of Capital Markets of US Tiger, a representative of the underwriters
in this offering. As a result, US Tiger, as a representative to the underwriters of this offering and a member of the Financial
Industry Regulatory Authority, or FINRA, is an affiliate of us. Therefore, US Tiger have a "conflict of interest" within
the meaning of Rule 5121 of the Conduct Rules of FINRA. Accordingly, our initial public offering will be made in compliance with
Rule 5121 of FINRA's Conduct Rules, which prohibits US Tiger from making sales to discretionary accounts without the prior
written approval of the account holder and requires that a "qualified independent underwriter," as defined by FINRA
participate in the preparation of the registration statement and exercise the usual standard of due diligence with respect to such
document. We have engaged [ ] to be the qualified independent underwriter and participate in the preparation of the registration
statement and exercise the usual standards of "due diligence" in respect thereto. We agreed to indemnify [ ] against
certain liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the
Securities Act. [ ] will receive $[ ] as compensation for serving as qualified independent underwriter in connection with this
offering. In addition, no underwriter with a conflict of interest will confirm sales to any account over which it exercises discretionary
authority without the specific prior written approval of the account holder.
Because of Mr. Tian's positions
as Managing Director and Head of Capital Markets of US Tiger, all 60,000 founder shares have been deemed to be compensation for US Tiger
under FINRA Rule 5110 and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1), commencing on the effective date
of the registration statement of which this prospectus forms a part. Pursuant to FINRA Rule 5110(e)(1) these securities will not be sold
during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the effective date of the registration statement of which this prospectus forms a part or commencement of sales of the public
offering, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided
that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period.
Additionally, some of our officers and directors have fiduciary and contractual
duties to Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition. Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition
may compete with us for business combination opportunities. If Denali Capital, Feutune Light, Fortune Joy and TradeUP Acquisition decide
to pursue any such opportunity, we may be precluded from pursuing such opportunities. Subject to his or her fiduciary duties under Delaware
law, none of the members of our management team who are also employed by, or directors of, our sponsor or its affiliates have any obligation
to present us with any opportunity for a potential business combination of which they become aware. Our sponsor and directors and officers
are also not prohibited from sponsoring, investing or otherwise becoming involved with, any other blank check companies, including in
connection with their initial business combinations, prior to us completing our initial business combination. Our management team, in
their capacities as directors, officers or employees of our sponsor or its affiliates or in their other endeavors, may choose to present
potential business combinations to the related entities described above, current or future entities affiliated with or managed by our
sponsor, or third parties, before they present such opportunities to us, subject to his or her fiduciary duties under Delaware law and
any other applicable fiduciary duties. Our certificate of incorporation provides that we renounce our interest in any corporate opportunity
offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director
or officer of the company and it is an opportunity that we are able to complete on a reasonable basis.
Although we do not believe
any conflict currently exists between us and our founders, affiliates of our founders or an officer or director may compete with
us for acquisition opportunities. If such entities decide to pursue an opportunity, we may be precluded from procuring such opportunity.
In addition, investment ideas generated within our founders may be suitable for both us and for an affiliate of founders and may
be directed to such entity rather than to us. Neither our founders nor members of our management team who are also employed by
or affiliated with our founders will have any obligation to present us with any opportunity for a potential business combination
of which they become aware, unless presented to such member specifically in his or her capacity as an officer or director of the
company. Our founders and/or our management team, in their capacities as employees or affiliates of our founders or in their other
endeavors, may be required to present potential business combinations to future founders' affiliates or third parties, before
they present such opportunities to us.
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Each of our officers
and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present business combination opportunities to such entity.
Accordingly, in the future, if any of our officers or directors becomes aware of a business combination opportunity which is suitable
for an entity to which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary
or contractual obligations to present such opportunity to such entity. We do not believe, however, that any fiduciary duties or
contractual obligations of our officers arising in the future would materially undermine our ability to complete our business combination.
Our officers or directors
may become an officer or director of any other special purpose acquisition company with a class of securities registered under
the Securities Exchange Act of 1934, as amended, or the Exchange Act, even before we enter into a definitive
agreement regarding our initial business combination or we have failed to complete our initial business combination within 12 months
after the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in
this prospectus).
Our founders, officers
or directors may also purchase public units or shares during or after this offering, including in the open market or through privately
negotiated transactions.
Potential investors
should also be aware of the following other potential conflicts of interest:
•
None of our officers or directors is required to commit his or her full time to our affairs and,
accordingly, may have conflicts of interest in allocating his or her time among various business activities.
•
Our officers may become an officer or director of any other SPACs even
before we enter into a definitive agreement regarding our initial business combination or we have failed to complete our initial business
combination within 12 months after the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus); as a matter of fact, certain of our officers and directors are officers and directors of other SPACs
listed or to listed on Nasdaq; as a result, our officers or directors may present a potential target to our competitor that would had
been presented to us or devote time to our affairs which may have a negative impact on our ability to complete our initial business combination.
•
In the course of their other business activities, our officers and directors may become aware of
investment and business opportunities which may be appropriate for presentation to us as well as the other entities with which
they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity
should be presented.
•
Our founders, officers and directors have agreed to waive their redemption rights with respect
to any founder shares, private shares and any public shares held by them in connection with the consummation of our initial business
combination. Additionally, our founders, officers and directors have agreed to waive their redemption rights with respect to any
founder shares and private shares held by them if we fail to consummate our initial business combination within 12 months after
the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this
prospectus). If we do not complete our initial business combination within such applicable time period, the proceeds of the sale
of the private units held in the trust account will be used to fund the redemption of our public shares, and the private units
will be worthless. With certain limited exceptions, 50% of founder shares will not be transferable, assignable by our founders
until the earlier to occur of: (A) six months after the date of the consummation of our initial business combination,
or (B) the date on which the closing price of our Class A common stock equals or exceeds $12.50 per share (as adjusted
for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day
period commencing after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned
or sold until six months after the date of the consummation of our initial business combination, or earlier, in either case,
if, subsequent to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar
transaction which results in all of our shareholders having the right to exchange their shares for cash, securities or other property.
With certain limited exceptions, the private units and the underlying securities, the working capital units that may be issued
upon conversion of working capital loans (including extension notes) and the underlying securities, will not be transferable, assignable
or salable by our sponsor or its permitted transferees until 30 days after the completion of our initial business combination.
Since our initial shareholders may directly or indirectly own founder shares and private units following this offering, our initial
shareholders may have a conflict of interest in determining whether a particular target business is an appropriate business with
which to complete our initial business combination.
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•
Our officers and directors may have a conflict of interest with respect to evaluating a particular
business combination if the retention or resignation of any such officers and directors was included by a target business as a
condition to any agreement with respect to our initial business combination.
•
Our initial shareholders may have a conflict of interest with respect to evaluating a business
combination and financing arrangements as we may obtain loans from our founders or an affiliate of our founders or any of our officers
and directors to finance transaction costs in connection with an intended initial business combination. Up to $3,000,000 of such
loans may be convertible into working capital units at a price of $10.00 per unit at the option of the lender. Such working capital
units would be identical to the private units sold in the private placement.
The conflicts described
above may not be resolved in our favor.
In general, officers
and directors of a corporation incorporated under the laws of the State of Delaware are required to present business opportunities
to a corporation if:
•
the corporation could financially undertake the opportunity;
•
the opportunity is within the corporation's line of business; and
•
it would not be fair to our company and its shareholders for the opportunity not to be brought
to the attention of the corporation.
Accordingly, as a result
of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting business
opportunities meeting the above-listed criteria to multiple entities. Furthermore, our amended and restated certificate of incorporation
will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity
is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity
is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent
the director or officer is permitted to refer that opportunity to us without violating another legal obligation.
Below is a table summarizing
the entities to which our executive officers, directors and director nominees currently have fiduciary duties or contractual obligations:
Individual
Entity
Entity's Business
Affiliation
I-Fa Chang
Inkstone Feibo Sponsor LLC
Holding Company
Manager
Inkstone Capital Limited
Investment Consulting
CEO
Inkstone Securities Co., Ltd.
Broker/Dealer
CEO
Sichuan Tianfu Bank Co., Ltd.
Bank
Director
Inkstone States Regional Center LLC
Investment
Manager
Lunar Fund
Investment
Limited Partner
Xuedong (Tony) Tian
US Tiger Securities, Inc.
Broker/Dealer
Managing Director, Head of Capital Markets
Feutune Light Acquisition Corporation
SPAC
Chief Executive Officer
Hanzhong (Han) Li
Eureka
                                   Therapeutics, Inc.
Biotech
Senior
                                   Vice President
Teng-Wei Chen
Sunshine Dental Clinic
Medical
Manager/Dentist
New-shine Biomedical Co., Ltd.
Biotech
Director
iDentist Business Space Co., Ltd.
Real Estate
Founder and Director
You-Cheng Internet Information Co., Ltd.
IT
Founder and Director
You-Ci Management Consulting Co., Ltd.
Investment
Owner
Aikang Industry Co., Ltd.
Investment
Owner
Kevin Vassily
iPower Inc.
Manufacturing
Chief Financial Officer
Zhongchao Inc.
Healthcare
Director
Prometheus Fund
Investment Fund
Advisor
Denali Capital Acquisition Corp.
SPAC
Director
Fortune Joy International Acquisition Corp.
SPAC
Director Nominee
Feutune Light Acquisition Corporation
SPAC
Director Nominee
We are not prohibited
from pursuing an initial business combination with a company that is affiliated with our initial shareholders or any affiliate
of them, subject to certain approvals and consents. In the event we seek to complete our initial business combination with such
a company, we, or a committee of independent directors, would obtain an opinion from an independent investment banking firm which
is a member of FINRA, or from an independent accounting firm, that such an initial business combination is fair to our company
from a financial point of view.
US
Tiger is an investment banking and advisory firm which provides advice on mergers and acquisitions, financial restructurings, valuation
and capital structure to companies, institutions and governments. US Tiger is continuously made aware of potential business opportunities,
one or more of which we may desire to pursue for an initial business combination. While US Tiger may become aware of a potential
transaction that is an attractive opportunity for us, US Tiger will not have any duty or other obligation to offer acquisition
opportunities to us.
In addition, our officers and directors may have a duty to offer acquisition opportunities to clients
of US Tiger,  TradeUP Acquisition, or our other affiliates or other entities to which they owe duties.
As a result, our affiliates and their respective clients may compete with
us for business combination opportunities in the same industries and sectors as we may target for our initial business combination.
If any of them decide to pursue any such opportunity, we may be precluded from procuring such opportunities.
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Conflicts may arise
from US Tiger' affiliation with us, its provision of services both to us,  TradeUP Acquisition, and to third-party clients, as well as from actions undertaken by US Tiger for its own account.
US
Tiger is often engaged as a financial advisor, or placement agent, to corporations and other entities and their directors and managers
in connection with the sale of those entities, their assets or their subsidiaries. Clients generally require US Tiger to act exclusively
on their behalf and as a result and/or for other reasons, we may be precluded from attempting to acquire securities of the business
being sold or otherwise participating as a buyer in the transaction. Alternatively, US Tiger, or another affiliate of our sponsor,
may be a financial advisor to a target business that we pursue a business combination with and US Tiger, or another affiliate of
our sponsor, may receive fees from the target business in connection with a business combination. US Tiger also represents potential
buyer's businesses and may be incentivized or obligated to direct an opportunity to one of these buyers in lieu of us, thereby
eliminating or reducing the investment opportunity available to us.
In the event that we
submit our initial business combination to our shareholders for a vote, our initial shareholders have agreed to vote any founder
shares and private shares units held by them and any public shares purchased during or after the offering in favor of our initial
business combination and our officers and directors have also agreed to vote any public shares purchased during or after the offering
in favor of our initial business combination.
Limitation on Liability and Indemnification
of Officers and Directors
Our amended and restated
certificate of incorporation will provide that our officers and directors will be indemnified by us to the fullest extent authorized
by Delaware law, as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation
will provide that our directors will not be personally liable for monetary damages to us or our shareholders for breaches of their
fiduciary duty as directors, unless they violated their duty of loyalty to us or our shareholders, acted in bad faith, knowingly
or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions,
or derived an improper personal benefit from their actions as directors.
We will enter into agreements
with our officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended
and restated certificate of incorporation. Our bylaws also will permit us to secure insurance on behalf of any officer, director
or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification.
We will purchase a policy of directors' and officers' liability insurance that insures our officers and directors against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify
our officers and directors.
These provisions may
discourage shareholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also
may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder's investment may be adversely
affected to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification
provisions.
We believe that these
provisions, the directors' and officers' liability insurance and the indemnity agreements are necessary to attract
and retain talented and experienced officers and directors.
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PRINCIPAL
Shareholders
The following table
sets forth information regarding the beneficial ownership of our common stock as of the date of this prospectus, and as adjusted
to reflect the sale of our common stock included in the units offered by this prospectus, and assuming no purchase of units in
this offering, by:
•
each person known by us to be the beneficial owner of more than 5% of our outstanding shares of
common stock;
•
each of our executive officers and directors upon completion of this offering that beneficially
owns shares of our common stock; and
•
all our executive officers and directors upon completion of this offering as a group.
Unless otherwise indicated,
we believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock
beneficially owned by them.
On May 13, 2022, our CFO and
sponsor acquired an aggregate of 1,725,000 shares of common stock for an aggregate purchase price of $25,000. Our sponsor has committed
to transfer the aggregated amount of 60,000 founder shares to certain of our directors, officers, and their designees prior to the closing
of this offering at the original purchase price. The following table presents the number of shares and percentage of our common stock
owned by our initial shareholders before and after this offering. The post-offering numbers and percentages presented assume that the
underwriters do not exercise their over-allotment option, that our sponsor and CFO forfeit 225,000 founder shares together but our sponsor
purchased 414,000 private units, and that there are 7,914,000  shares of our common stock (including Class A common stock and
Class B common stock) issued and outstanding after this offering .
Before  Offering
After Offering
Name and Address of Beneficial Owner
(1)
Number of
Shares
Beneficially
Owned
Approximate
Percentage
of
Outstanding
Common Stock
Number of
Shares
Beneficially
Owned
Approximate
Percentage
of
Outstanding
Common Stock
Inkstone Feibo Sponsor LLC
(2)
1,605,000
93.04
%
1,801,826
(3)
22.77
%
I-Fa Chang
(2)
1,605,000
93.04
%
1,801,826
22.77
%
Xuedong (Tony) Tian
60,000
3.48
%
52,174
*
Hanzhong (Han) Li
20,000
*
20,000
*
Teng-Wei Chen
(5)
20,000
*
20,000
*
Kevin Vassily
(5)
20,000
*
20,000
*
All sponsor, executive officers and directors as a group
(6)
1,725,000
100
%
1,914,000
24.18
%
*
less than 1%.
(1)
Unless otherwise noted, the business address of each of the
following entities or individuals is c/o Inkstone Feibo Acquisition Corporation, 221 W 9th St, PMB 235, Wilmington, DE 19801.
(2)
Our sponsor is the record holder of founder shares reported
herein. Mr. I-Fa Chang is the sole manager of our sponsor, and as such may be deemed to have sole voting and investment discretion with
respect to the common stock held by our sponsor.
(3)
Includes 1,387,826 founder shares and 414,000 private shares.
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Immediately after this
offering, our initial shareholders will beneficially own approximately 24.18% of the then-issued and outstanding shares of our
common stock (assuming they do not purchase any units in this offering). If we increase or decrease the size of the offering, we
will effect a stock dividend or a share contribution back to capital, or other appropriate mechanism, as applicable, with respect
to our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership
of our founders at 20% of our issued and outstanding shares of common stock upon the consummation of this offering (excluding the
sale of the private units and assuming our founders do not purchase public shares in this offering). Because of this ownership
block, our founders may be able to effectively influence the outcome of all matters requiring approval by our shareholders, including
the election of directors, amendments to our then existing amended and restated certificate of incorporation and approval of significant
corporate transactions, including approval of our initial business combination.
Our initial shareholders
have agreed (A) to vote any shares owned by them in favor of any proposed business combination and (B) not to redeem
any founder shares or private units in connection with a shareholder vote to approve a proposed initial business combination.
Our officers and founders
are deemed to be our "promoters" as such term is defined under the federal securities laws.
Restrictions on Transfers of Founder
Shares and Private Units
The founder shares and
private units and working capital units are each subject to transfer restrictions pursuant to lock-up provisions in a letter agreement
with us to be entered into by our initial shareholders. Those lock-up provisions provide that such securities are not transferable
or salable (i) in the case of the founder shares, 50% of founder shares may not be transferred, assigned or sold until the
earlier to occur of: (a) six months after the date of the consummation of our initial business combination, or (b) the
date on which the closing price of our Class A common stock equals or exceeds $12.50 per share (as adjusted for share splits,
share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned or sold until
six months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent
to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction
which results in all of our shareholders having the right to exchange their shares for cash, securities or other property, and
(ii) in the case of the private units and working capital units (including underlying securities), until 30 days after
the completion of our initial business combination, except in each case (a) to our officers or directors, any affiliates or
family members of any of our officers or directors, any affiliate of our founders, any members of our founders, or any of their
affiliates, officers, directors, direct and indirect equity holders, (b) in the case of an individual, by gift to a member
of the individual's immediate family, to a trust, the beneficiary of which is a member of the individual's immediate
family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue of laws
of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic
relations order; (e) by private sales or transfers made in connection with the consummation of a business combination at prices
no greater than the price at which the securities were originally purchased; (f) in the event of our liquidation prior to
the completion of our initial business combination; or (g) by virtue of the laws of Delaware or our founders' limited
liability company agreement upon dissolution of our founders, provided, however, that in the case of clauses (a) through (e),
or (g) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.
Registration Rights
The holders of the founder
shares, private units and the working capital units will be entitled to registration rights pursuant to a registration rights agreement
to be signed prior to or on the effective date of this offering requiring us to register such securities and the underlying securities
for resale. 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 and rights to require us to register for resale
such securities pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred in connection with the filing
of any such registration statements.
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CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS
On May 13, 2022, our Chief Financial Officer and sponsor acquired an aggregate
of 1,725,000 shares of Class B common stock for an aggregate purchase price of $25,000, or the "founder shares," from us,
of which: (i) Xuedong (Tony) Tian, our Chief Financial Officer and Director, acquired 60,000 shares of Class B common stock, for a purchase
price of $869.57; and (iii) our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares of Class B common stock, for a purchase
price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares that are subject to forfeiture, including
up to: (i)7,826 shares of Class B common stock under Mr. Tian's ownership, and (iii) 217,174 shares of Class B common stock under
the sponsor's ownership, to the extent that the underwriters' over-allotment option is not exercised in full or in part, so
that founder shares will represent 20% of our issued and outstanding shares after this offering (excluding the sale of the private unites
and assuming our founders do not purchase public shares in this offering). None of our founders has indicated any intention to purchase
public shares in this offering. Our sponsor has committed to transfer an aggregated amount of 60,00 founder shares to certain of our directors,
officers, and/or their designees prior to the closing of this offering at the original purchase price. Prior to the initial investment
in the company of $25,000 by our founders, the company had no assets, tangible or intangible. The number of founder shares issued was
determined based on the expectation that such founder shares would represent approximately 20% of the outstanding shares upon completion
of this offering (excluding the sale of the private units and assuming our founders do not purchase public shares in this offering). If
we increase or decrease the size of the offering, we will effect a stock dividend or a share contribution back to capital or other appropriate
mechanism, as applicable, with respect to our Class B common stock immediately prior to the consummation of the offering in such
amount as to maintain the ownership of our founders at 20% of the issued and outstanding shares of our common stock upon the consummation
of this offering (excluding the sale of the private units and assuming our founders do not purchase public shares in this offering). Up
to 225,000 founder shares are subject to forfeiture by our sponsor depending on the extent to which the underwriters' over-allotment
option is exercised.
Our sponsor has committed,
pursuant to a written agreement, to purchase an aggregate of 414,000 private units (or 450,000 private units if the over-allotment
option is exercised in full) for a purchase price of $10.00 per share in a private placement that will occur simultaneously with
the closing of this offering. As such, our founders' interest in this transaction is valued at between $4,140,000 and $4,500,000,
depending on the number of private units purchased. The private units sold in the private placement and the working capital units
that may be issued upon conversion of working capital loans (including extension notes) may not, subject to certain limited exceptions,
be transferred, assigned or sold by the holder until 30 days following the closing of the business combination.
As more fully discussed
in the section of this prospectus entitled "Management — Conflicts of Interest," if any of our officers
or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which
he or she has then-current fiduciary or contractual obligations, including our founders, he or she will honor his or her fiduciary
or contractual obligations to present such opportunity to such entity. Our officers and directors currently have certain relevant
fiduciary duties or contractual obligations to other entities that may take priority over their duties to us. Other than as set
forth elsewhere in this prospectus, no compensation of any kind, including finder's and consulting fees, will be paid to
our founders, existing officers, directors and advisors, or any of their respective affiliates, for services rendered prior to
or in connection with the completion of an initial business combination although we may consider cash or other compensation to
officers or advisors we may hire subsequent to this offering to be paid either prior to or in connection with our initial business
combination. In addition, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our founders, officers, directors, advisors or
their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling
on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.
Our sponsor
and/or its affiliates have agreed to loan us up to $500,000 to be used for a portion of the expenses of this offering. This
loan is non-interest bearing, unsecured and is due at the earlier of May 12, 2023 or the closing of this offering. The loan
will be repaid upon the closing of this offering out of the offering proceeds not held in the trust account. The value of our
sponsor and/or its affiliates' interest in this transaction corresponds to the principal amount outstanding under any
such loan.
In addition, in order
to finance transaction costs in connection with an intended initial business combination, our founders or an affiliate of our founders
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial
business combination, we would repay such loaned amounts. In the event that the initial business combination does not close, we
may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust
account would be used for such repayment. Up to $3,000,000 of such loans may be convertible into working capital units at $10.00
per unit at the option of the lender. The working capital units would be identical to the private units sold in the private placement.
The terms of such loans by our sponsor or their affiliates, if any, have not been determined and no written agreements exist with
respect to such loans. We do not expect to seek loans from parties other than our founders or an affiliate of our founders as we
do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access
to funds in our trust account, but if we do, we will request such lender to provide a waiver against any and all rights to seek
access to funds in our trust account.
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After our initial business
combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined
company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender offer or proxy
solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation will be known
at the time of distribution of such tender offer materials or at the time of a shareholder meeting held to consider our initial
business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive
and director compensation.
We will enter into a
registration rights agreement with respect to the private units, the working capital units (if any) and the founder shares, which
is described under the section of this prospectus entitled "Description of Securities — Registration Rights."
Related Party Policy
We have not yet adopted
a formal policy for the review, approval or ratification of related party transactions. Accordingly, the transactions discussed
above were not reviewed, approved or ratified in accordance with any such policy.
Prior to the consummation
of this offering, we will adopt a code of ethics requiring us to avoid, wherever possible, all conflicts of interests, except under
guidelines or resolutions approved by our board of directors (or the appropriate committee of our board) or as disclosed in our
public filings with the SEC. Under our code of ethics, conflict of interest situations will include any financial transaction,
arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the company. A form of the code
of ethics that we plan to adopt prior to the consummation of this offering is filed as an exhibit to the registration statement
of which this prospectus is a part.
In addition, our audit
committee, pursuant to a written charter that we will adopt prior to the consummation of this offering, will be responsible for
reviewing and approving related party transactions to the extent that we enter into such transactions. An affirmative vote of a
majority of the members of the audit committee present at a meeting at which a quorum is present will be required in order to approve
a related party transaction. A majority of the members of the entire audit committee will constitute a quorum. Without a meeting,
the unanimous written consent of all of the members of the audit committee will be required to approve a related party transaction.
A form of the audit committee charter that we plan to adopt prior to the consummation of this offering is filed as an exhibit to
the registration statement of which this prospectus is a part. We also require each of our directors and executive officers to
complete a directors' and officers' questionnaire that elicits information about related party transactions.
These procedures are
intended to determine whether any such related party transaction impairs the independence of a director or presents a conflict
of interest on the part of a director, employee or officer.
To further minimize conflicts of interest,
we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our founders, officers
or directors unless we, or a committee of independent directors, have obtained an opinion from an independent investment banking
firm which is a member of FINRA or an independent accounting firm that our initial business combination is fair to our company
from a financial point of view. Furthermore, other than as set forth elsewhere in this prospectus, no finder's fees, reimbursements
or cash payments will be made to our founders, existing officers, directors or advisors, or our or their affiliates, for services
rendered to us prior to or in connection with the completion of our initial business combination although we may consider cash
or other compensation to officers or advisors we may hire subsequent to this offering to be paid either prior to or in connection
with our initial business combination. In addition, the following payments will be made to our founders or their affiliates, none
of which will be made from the proceeds of this offering held in the trust account prior to the completion of our initial business
combination:
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•
Repayment to an aggregate of up to $500,000 in loans made to us by our sponsor;
•
Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing
an initial business combination; and
•
Repayment of loans which may be made by our founders or an affiliate of our founders to finance
transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor
have any written agreements been executed with respect thereto. Up to $3,000,000 of such loans may be convertible into working
capital units, at a price of $10.00 per unit at the option of the lender. Such working capital units are identical to the private
units sold in the private placement.
Our audit committee
will review on a quarterly basis all payments that were made to our founders or their affiliates.
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DESCRIPTION OF SECURITIES
Pursuant to our amended
and restated certificate of incorporation, our authorized capital stock will consist of 21,000,000 shares of Class A
common stock, $0.0001 par value, 3,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of
undesignated preferred stock, $0.0001 par value. The following description summarizes the material terms of our capital stock.
Because it is only a summary, it may not contain all the information that is important to you.
Units Sold in this Offering
Each unit has an offering
price of $10.00 and consists of one whole share of Class A common stock and one-half of one redeemable warrant. Each whole
warrant entitles the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share, subject
to adjustment as described in this prospectus. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only
for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time
by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly,
unless you purchase at least two units, you will not be able to receive or trade a whole warrant.
The Class A common
stock and warrants comprising the units will begin separate trading on the 52
nd
day following the date of this
prospectus unless the representatives inform us of their decision (based upon, among other things, their assessment of the relative
strengths of the securities markets, of comparably capitalized companies and of blank check companies in general, and the trading
pattern of, and demand for, our securities in particular) to allow earlier separate trading, subject to our having filed the Current
Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. Once
the shares of Class A common stock and warrants commence separate trading, holders will 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 shares of Class A common stock and warrants.
In no event will the
Class A common stock and warrants be traded separately until we have filed with the SEC a Current Report on Form 8-K
which includes an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file a
Current Report on Form 8-K which includes this audited balance sheet upon the completion of this offering, which is anticipated
to take place three business days after the date of this prospectus. If the underwriters' over-allotment option is exercised
following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will
be filed to provide updated financial information to reflect the exercise of the underwriters' over-allotment option.
Private Units Sold in the Private
Placement
The private units are
identical to public unit sold in this offering. With certain limited exceptions, the private units and the underlying securities
are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with
or related to our founders, each of whom will be subject to the same transfer restrictions) until 30 days after the completion
of our initial business combination.
Common Stock
Upon the closing of
this offering, 7,914,000 shares of our common stock will be outstanding (assuming no exercise of the underwriters' over-allotment
option and the corresponding forfeiture of 225,000 founder shares by our founders), consisting of:
•
6,000,000 shares of our Class A common stock included in the units being offered in this offering;
•
414,000 shares of our Class A common stock included in the private units sold in the private
placement; and
•
1,500,000 shares of Class B common stock held by our founders
Common shareholders of record are entitled
to one vote for each share held on all matters to be voted on by shareholders. Holders of the Class A common stock and holders
of the Class B common stock will vote together as a single class on all matters submitted to a vote of our shareholders, except
as required by law and the amended and restated certificate of incorporation. Unless specified in our amended and restated certificate
of incorporation or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative
vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on by our shareholders.
Our board of directors will be divided into three classes, each of which will generally serve for a term of three years with
only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors
provided that prior to the consummation of our business combination, holders of Class B common stock are entitled to elect
or remove all directors of the board. Our shareholders are entitled to receive ratable dividends when, as and if declared by the
board of directors out of funds legally available therefor. The holders of Class B common stock, have the right to elect all
of our directors prior to our initial business combination and shares of the Class B common stock will automatically convert
into shares of Class A common stock at the closing of our initial business combination on a one-for-one basis, subject
to adjustment as provided herein.
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Because our amended
and restated certificate of incorporation will authorize the issuance of up to 100,000,000 shares of Class A common stock,
if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to
increase the number of shares of Class A common stock which we are authorized to issue at the same time as our shareholders
vote on the business combination to the extent we seek shareholder approval in connection with our business combination.
In accordance with Nasdaq
corporate governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal
year end following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual
meeting of shareholders for the purposes of electing directors in accordance with our bylaws, unless such election is made by written
consent in lieu of such a meeting. We may not hold an annual meeting of shareholders to elect and remove, with or without cause,
new directors prior to the consummation of our initial business combination, and thus we may not be in compliance with Section 211(b) of
the DGCL, which requires an annual meeting. Therefore, if our shareholders want us to hold an annual meeting prior to the consummation
of our initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court
of Chancery in accordance with Section 211(c) of the DGCL.
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 as of two business
days prior to the consummation of our initial business combination including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be approximately $10.0 per public share. The per-share
amount we will distribute to investors who properly redeem their shares will not be reduced by deferred underwriting commissions
we will pay to the underwriters. Our founders, officers and directors will enter into a letter agreement with us, pursuant to which
they will agree to waive their redemption rights with respect to any founder shares and any private shares held by them in connection
with the completion of our business combination. Unlike many blank check 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 certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file
tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated certificate
of incorporation will require these tender offer documents to contain substantially the same financial and other information about
the initial business combination and the redemption rights as is required under the SEC's proxy rules. If, however, shareholder
approval of the transaction is required by law, or we decide to obtain shareholder approval for business or other legal reasons,
we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy
rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination
only if a majority of the then outstanding shares of common stock present and entitled to vote at the meeting to approve the initial
business combination are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders
present in person or by proxy of shares of outstanding capital stock of the company representing a majority (more than 50%) of
the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting. However, the participation
of our founders, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this prospectus),
if any, could result in the approval of our business combination even if a majority of our public shareholders vote, or indicate
their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding
shares of common stock voted, non-votes will have no effect on the approval of our business combination once a quorum is obtained.
We intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of
any such meeting, if required, at which a vote shall be taken to approve our business combination. These quorums and voting thresholds,
and the voting agreements of our initial shareholders, may make it more likely that we will consummate our initial business combination.
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If we seek shareholder
approval of our initial business combination and we do not conduct redemptions in connection with our business combination pursuant
to the tender offer rules, our amended and restated certificate of incorporation will provide that a public 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 more
than an aggregate of 15% of the shares of common stock sold in this offering, which we refer to as the Excess Shares. However,
we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares) for or against
our business combination. Our shareholders' inability to redeem the Excess Shares will reduce their influence over our ability
to complete our 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 the business combination. And, 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 stock in open market transactions, potentially
at a loss.
If we seek shareholder
approval in connection with our business combination, our initial shareholders have agreed to vote their founder shares and private
shares and public shares purchased during or after this offering in favor of our initial business combination. A quorum for such
a vote will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing
a majority (more than 50%) of the voting power of all outstanding shares of capital stock of the company entitled to vote at such
meeting. As a result, in the event that only the minimum number of shares representing a quorum is present at a shareholders'
meeting held to vote on our initial business combination, in addition to our initial shareholders' founder shares and private
shares, we would need only 64,501 or 1.08%, of the 6,000,000 public shares sold in this offering to be voted in favor of an initial
business combination in order to have our initial business combination approved (assuming the over-allotment option is not exercised,
and the initial shareholders do not purchase any units in this offering or units or shares in the after-market). In the event that
all shares of our outstanding common stock are voted, we would need 2,043,001 or 34.05%, of the 6,000,000 public shares sold in
this offering to be voted in favor of an initial business combination in order to have our initial business combination approved
(assuming the over-allotment option is not exercised, and the initial shareholders do not purchase any units in this offering or
units or shares in the after-market). Additionally, each public shareholder may elect to redeem its public shares irrespective
of whether they vote, do not vote or abstain, and if they do vote, irrespective of whether they vote for or against the proposed
transaction, and irrespective of whether they were a public shareholder on the record date for the general meeting held to approve
the proposed transaction (subject to the limitation described in the preceding paragraph).
Pursuant to our amended
and restated certificate of incorporation, if we are unable to complete our business combination within 12 months from the closing
of this offering (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus),
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 subject to lawfully available funds therefor, 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 and not previously released to us to pay our taxes or for working capital purposes (less up to $75,000
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, dissolve and liquidate, subject in each case to our obligations
under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our founders, officers and
directors have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares
and private shares held by them if we fail to complete our business combination within 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus). However, if our
founders acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account
with respect to such public shares if we fail to complete our 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 stock, if any, having
preference over the common stock. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions
applicable to the common stock, except that we will provide our public shareholders with the opportunity to redeem their public
shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion
of our initial business combination, subject to the limitations described herein.
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Founder Shares and Private Shares
The founder shares are
designated as Class B common stock. Except as described below, the founder shares and private shares are identical to the
shares of Class A common stock included in the units being sold in this offering, and holders of founder shares have the same
shareholder rights as public shareholders, except that (i) the founder shares and private shares are subject to certain transfer
restrictions, as described in more detail below, (ii) our initial shareholders will enter a letter agreement with us, pursuant
to which they will agree (A) to waive their redemption rights with respect to any founder shares and private shares, and any
public shares held by them in connection with the completion of our initial business combination, (B) to waive their redemption
rights with respect to their founder shares and private shares and public shares in connection with a shareholder vote to approve
an amendment to our then existing amended and restated certificate of incorporation to (a) modify the substance or timing
of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus) or (b) with
respect to any other material provisions relating to shareholders' rights or pre-initial business combination activity, and
(C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares and private
shares held by them if we fail to complete our initial business combination within 12 months from the closing of this offering
(or up to 18 months, if we extend the time to complete a business combination as described in this prospectus), 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, (iii) the founder shares are shares of our Class B common stock
that will automatically convert into shares of our Class A common stock at the time of our initial business combination on
a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights as described herein, (iv) holders of our
Class B common stock have the right to elect all of our directors prior to our initial business combination, and (v) are
entitled to registration rights. If we submit our initial business combination to our public shareholders for a vote, our initial
shareholders have agreed (and their permitted transferees will agree) pursuant to the letter agreement to vote any founder shares
and private shares held by them and any public shares purchased during or after this offering (including in open market and privately-negotiated
transactions) in favor of our initial business combination.
With certain limited
exceptions, our initial shareholders have agreed not to transfer, assign or sell 50% of its founder shares until the earlier to
occur of: (A) six months after the date of the consummation of our initial business combination, or (B) the date
on which the closing price of our Class A common stock equals or exceeds $12.50 per share (as adjusted for share splits, share
dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned or sold until
six months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent
to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction
which results in all of our shareholders having the right to exchange their shares for cash, securities or other property.
With certain limited
exceptions, the private shares are not transferable, assignable or salable (except to our officers and directors and other persons
or entities affiliated with or related to our founders, each of whom will be subject to the same transfer restrictions) until 30 days
after the completion of our initial business combination.
Preferred Stock
Our amended and restated certificate of
incorporation will provide that shares of preferred stock 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 preferred stock with voting and other rights that could
adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The
ability of our board of directors to issue preferred stock without 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 preferred stock outstanding at the date
hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so
in the future. No shares of preferred stock are being issued or registered in this offering.
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Warrants
Public Shareholders'
Warrants
Each whole warrant entitles
the registered holder to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment
as discussed below, at any time commencing on the later of 12 months from the closing of this offering or 30 days after
the completion of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants
only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given
time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants will
expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or
earlier upon redemption or liquidation.
We will not be obligated
to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle
such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common
stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A
common stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event
will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised
warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share
of Class A common stock underlying such unit.
We have agreed that
as soon as practicable, but in no event later than 30 business days, after the closing of our initial business combination,
we will use our reasonable best efforts to file, and within 60 business days following our initial business combination
to have declared effective, a registration statement for the registration, under the Securities Act, of the shares of Class A
common stock issuable upon exercise of the warrants. We will use our reasonable best efforts to maintain the effectiveness of such
registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the
provisions of the warrant agreement. Notwithstanding the above, if our Class A common stock is at the time of any exercise
of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security"
under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise
their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and,
in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required
to use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption of
Warrants.
Once the warrants become exercisable, we may call the warrants for redemption:
•
in whole and not in part;
•
at a price of $0.01 per warrant;
•
upon not less than 30 days' prior written notice of redemption (the "30-day redemption
period") to each warrant holder; and
•
if, and only if, the reported last sale price of the Class A common stock equals or exceeds
$16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days
within a 30-trading day period ending three trading  days before we send the notice of redemption to the warrant
holders.
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If and when the warrants
become redeemable by us, we may exercise our redemption right on a cashless basis even if we are unable to register or qualify
the underlying securities for sale under all applicable state securities laws. We will use our best efforts to register or qualify
such shares of Class A common stock under the blue sky laws of the state of residence in those states in which the warrants
were offered by us in this offering.
We have established
the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant
premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants,
each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the
Class A common stock may fall below the $16.50 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is
issued.
Redemption Procedures
and Cashless Exercise.
If we call the warrants for redemption as described above, our management
will have the option to require any holder that wishes to exercise its warrant to do so on a "cashless basis." In determining
whether to require all holders to exercise their warrants on a "cashless basis," our management will consider, among
other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our shareholders of issuing
the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage
of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of
Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A
common stock underlying the warrants, multiplied by the excess of the "fair market value" (defined below) over the
exercise price of the warrants by (y) the fair market value. The "fair market value" shall mean the average last
reported sale price of the Class A common stock for the 10 trading days ending on the third trading day
prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this
option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common
stock to be received upon exercise of the warrants, including the "fair market value" in such case. Requiring a cashless
exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption.
We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial
business combination. If we call our warrants for redemption and our management does not take advantage of this option, our founders
and their permitted transferees would still be entitled to exercise their private warrants for cash or on a cashless basis using
the same formula described above that other warrant holders would have been required to use had all warrant holders been required
to exercise their warrants on a cashless basis, as described in more detail below.
A holder of a warrant
may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise
such warrant, to the extent that after giving effect to such exercise, such person (together with such person's affiliates),
to the warrant agent's actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify)
of the shares of Class A common stock outstanding immediately after giving effect to such exercise.
If the number of outstanding
shares of Class A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up
of shares of Class A common stock or other similar event, then, on the effective date of such stock dividend, split-up or
similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion
to such increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock
entitling holders to purchase shares of Class A common stock at a price less than the fair market value will be deemed a stock
dividend of a number of shares of Class A common stock equal to the product of (i) the number of shares of Class A
common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for Class A common stock) multiplied by (ii) one (1) minus the quotient
of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the fair market value.
For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A common stock,
in determining the price payable for Class A common stock, there will be taken into account any consideration received for
such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume
weighted average price of Class A common stock as reported during the ten (10) trading day period ending on the trading day
prior to the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.
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In addition, if we,
at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other
assets to the holders of Class A common stock on account of such shares of Class A common stock (or other shares of our
capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash
dividends, (c) to satisfy the redemption rights of the holders of Class A common stock in connection with a proposed
initial business combination, (d) to satisfy the redemption rights of the holders of Class A common stock in connection
with a shareholder vote to amend our then existing amended and restated certificate of incorporation (i) 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 12 months (or up to 18 months if extended) from the closing
of this offering or (ii) with respect to any other provision relating to shareholders' rights or pre-initial business
combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial
business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such
event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A
common stock in respect of such event.
If the number of outstanding
shares of our Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of
shares of Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse
stock split, reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each
warrant will be decreased in proportion to such decrease in outstanding shares of Class A common stock.
Whenever the number
of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant
exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the
numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately
prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable
immediately thereafter.
In case of any reclassification
or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely affects
the par value of such shares of Class A common stock), or in the case of any merger or consolidation of us with or into another
corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification
or reorganization of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which
we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the warrants and in lieu of the shares of our Class A common stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised
their warrants immediately prior to such event. The warrants will be issued in registered form under a warrant agreement between
Continental Stock Transfer & Trust Company as warrant agent, and us. You should review a copy of the warrant agreement, which will be filed as an exhibit to the registration
statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants.
The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants
to make any change that adversely affects the interests of the registered holders of public warrants.
In addition, if (x) we
issue additional shares of Class A common stock or equity-linked securities at a Newly Issued Price of less than $9.20 per
share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board
of directors and, in the case of any such issuance to our founders or their affiliates, without taking into account any founder
shares held by our founders or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from
such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial
business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the
Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal
to 115% of the greater of the Market Value and the Newly Issued Price, and the $16.50 per share redemption trigger price described
above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
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The warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with
the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A common stock or
any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares
of Class A common stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held
of record on all matters to be voted on by shareholders.
No fractional shares
will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A common stock to be
issued to the warrant holder.
Private Warrants
The private warrants
have terms and provisions that are identical to those of the warrants being sold as part of the units in this offering.
The private warrants
(including the ordinary shares issuable upon exercise of the private warrants) will not be transferable, assignable or saleable
until 30 days after the completion of our initial business combination (except as described herein).
Dividends
We have not paid any
cash dividends on our common stock 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 conditions 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. If we increase the size of the offering,
in which case we will effect a stock dividend immediately prior to the consummation of the offering in such amount as to maintain
the ownership of founder shares by our initial shareholders prior to this offering at 20% of the issued and outstanding shares
of our common stock upon the consummation of this offering. 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 common stock 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, willful misconduct or bad faith of the indemnified person or entity.
Our Amended and Restated Certificate
of Incorporation
Our amended and restated
certificate of incorporation will contain certain requirements and restrictions relating to this offering that will apply to us
until the completion of our initial business combination. These provisions cannot be amended without the approval of the holders
of 65% of our common stock. Our initial shareholders, who will collectively beneficially own approximately 24.18% of our common
stock upon the closing of this offering (assuming they do not purchase any units in this offering), will participate in any vote
to amend our amended and restated certificate of incorporation and will have the discretion to vote in any manner they choose.
Specifically, our amended and restated certificate of incorporation will provide, among other things, that:
•
If we are unable to complete our initial business combination
within 12 months from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination
as described in this prospectus), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem
100% of 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 and not previously released to us to pay our taxes or for working
capital purposes (less up to $75,000 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, dissolve and liquidate,
subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law;
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•
Prior to our initial business combination, we may not issue additional shares of capital stock
that would entitle the holders thereof to: (i) receive funds from the trust account; (ii) vote on any initial business
combination; or (iii) vote on matters related to our pre-initial business combination activity;
•
Although we do not intend to enter into a business combination with a target business that is affiliated
with our founders, 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 that is a member
of FINRA or an independent accounting 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 under 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 under the Exchange Act;
•
Our initial business combination must occur with one or more target businesses that together have
an aggregate fair market value of at least 80% of our assets held in the trust account (excluding deferred underwriting commissions
and interest income earned on the trust account that is released to us to pay taxes or for working capital purposes) at the time
of the agreement to enter into the initial business combination;
•
If our shareholders approve an amendment to our then existing amended and restated certificate
of incorporation (i) 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 12 months
from the closing of this offering (or up to 18 months, if we extend the time to complete a business combination as described in
this prospectus) or (ii) with respect to any other provision 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 shares of
common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided
by the number of then outstanding public shares; and
•
We will not complete our initial business combination with another blank check company or a similar
company with nominal operations.
In addition, our amended
and restated certificate of incorporation will provide that we will only redeem our public shares so long as (after such redemption)
our net tangible assets will be at least $5,000,001 upon consummation of our initial business combination and after payment of
underwriters' fees and commissions.
Certain Anti-Takeover Provisions of
Delaware Law and our Amended and Restated Certificate of Incorporation and Bylaws
We will be subject to
the provisions of Section 203 of the DGCL regulating corporate takeovers upon completion of this offering. This statute prevents
certain Delaware corporations, under certain circumstances, from engaging in a "business combination" with:
•
a shareholder who owns 15% or more of our outstanding voting stock (otherwise known as an "interested
shareholder");
•
an affiliate of an interested shareholder; or
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•
an associate of an interested shareholder, for three years following the date that the shareholder
became an interested shareholder.
A "business combination"
includes a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:
•
our board of directors approves the transaction that made the shareholder an "interested
shareholder," prior to the date of the transaction;
•
after the completion of the transaction that resulted in the shareholder becoming an interested
shareholder, that shareholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than
statutorily excluded shares of common stock; or
•
on or subsequent to the date of the transaction, the business combination is approved by our board
of directors and authorized at a meeting of our shareholders, and not by written consent, by an affirmative vote of at least two-thirds
of the outstanding voting stock not owned by the interested shareholder.
Our amended and restated
certificate of incorporation will provide that our board of directors will be 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 meetings.
Our authorized but unissued
common stock and preferred stock 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 common stock and preferred stock could render more difficult or discourage an attempt
to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
Exclusive forum for certain
lawsuits
Our amended and restated
certificate of incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name,
actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in
the Court of Chancery in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware
determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable
party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination),
(B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which
the Court of Chancery does not have subject matter jurisdiction, or (D) any action arising under the Securities Act, as to
which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction. If
an action is brought outside of Delaware, the shareholder bringing the suit will be deemed to have consented to service of process
on such shareholder's counsel. Although we believe this provision benefits us by providing increased consistency in the application
of Delaware law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to
the extent it is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although
our shareholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.
Our amended and restated
certificate of incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted
by applicable law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce
any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum
provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim
for which the federal courts have exclusive jurisdiction.
Special meeting of shareholders
Our bylaws provide that
special meetings of our shareholders may be called only by a majority vote of our board of directors, by our Chief Executive Officer
or by our Chairman.
Advance notice requirements
for shareholder proposals and director nominations
Our bylaws provide that
shareholders seeking to bring business before our annual meeting of shareholders, or to nominate candidates for election as directors
at our annual meeting of shareholders, must provide timely notice of their intent in writing. To be timely, a shareholder's
notice will need to be received by the company secretary at our principal executive offices not later than the close of business
on the 90
th
day nor earlier than the close of business on the 120
th
day prior to the anniversary
date of the immediately preceding annual meeting of shareholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals
seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our bylaws also specify
certain requirements as to the form and content of a shareholders' meeting. These provisions may preclude our shareholders
from bringing matters before our annual meeting of shareholders or from making nominations for directors at our annual meeting
of shareholders.
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Action by written consent
Subsequent to the consummation
of the offering, any action required or permitted to be taken by our common shareholders must be effected by a duly called annual
or special meeting of such shareholders and may not be effected by written consent of the shareholders other than with respect
to our Class B common stock.
Classified Board of Directors
Our board of directors
will initially be divided into three classes, Class I, Class II and Class III, with members of each class serving
staggered three-year terms. Our amended and restated certificate of incorporation will provide that the authorized number of directors
may be changed only by resolution of the board of directors. Subject to the terms of any preferred stock, any or all of the directors
may be removed from office at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting
power of all then outstanding shares of our capital stock entitled to vote generally in the election of directors, voting together
as a single class, provided that prior to the consummation of our business combination, holders of Class B common stock are
entitled to elect or remove all directors of the board. Any vacancy on our board of directors, including a vacancy resulting from
an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.
Class B Common Stock
Consent Right
For so long as any shares
of Class B common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority
of the shares of Class B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision
our amended and restated certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration
or repeal would alter or change the powers, preferences or relative, participating, optional or other or special rights of the
Class B common stock. Any action required or permitted to be taken at any meeting of the holders of Class B common stock
may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the
action so taken, shall be signed by the holders of the outstanding Class B common stock having not less than the minimum number
of votes that would be necessary to authorize or take such action at a meeting at which all shares of Class B common stock
were present and voted.
Securities Eligible for Future Sale
Immediately after the
consummation of this offering (assuming no exercise of the underwriters' over-allotment option) we will have 7,914,000 (or
9,075,000 if the underwriters' over-allotment option is exercised in full) shares of common stock outstanding. Of these shares,
the 6,000,000 shares (or 6,900,000 shares if the underwriters' over-allotment option is exercised in full) sold in this offering
will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by
one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the 1,500,000 (or 1,725,000 if the underwriters'
over-allotment option is exercised in full) founder shares, and all 414,000 (or up to 450,000 if the underwriters' over-allotment
option is exercised in full) private units are restricted securities under Rule 144, in that they were issued in private transactions
not involving a public offering. The founder shares and private units are subject to transfer restrictions as set forth elsewhere
in this prospectus. The founder shares and private units (including underlying securities) and working capital units (including
underlying securities) will be subject to registration rights as more fully described below under "— Registration
Rights."
Rule 144
Pursuant to Rule 144,
a person who has beneficially owned restricted shares of our common stock 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.
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Persons who have beneficially
owned restricted shares of our common stock 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 shares of Class A and Class B common
stock then outstanding, which will equal 79,140 shares immediately after this offering (or 90,750 if the underwriters exercise
their over-allotment option in full); or
•
the average weekly reported trading volume of Class A common stock 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 materials 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 units including underlying securities as applicable, pursuant
to Rule 144 without registration one year after we have completed our initial business combination.
Registration Rights
The holders of the founder
shares, private units and the working capital units including any underlying securities will be entitled to registration rights
pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering, requiring us to register
such securities for resale (in the case of the founder shares, only after conversion to our Class A common stock). The holders
of the majority 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 the completion of our initial business combination and rights to require us to register for resale such securities
pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred in connection with the filing of any such
registration statements.
Listing of Securities
We have applied to have
our units listed on Nasdaq under the symbol "[ ]". We expect that our units will be listed on Nasdaq on or promptly
after the date of this prospectus. Following the date the shares of our Class A common stock and warrants are eligible to
trade separately, we anticipate that our Class A common stock and warrants will be separately listed in the Nasdaq under the
symbols "[ ]" and "[ ]", respectively. We cannot guarantee that our securities will be approved for listing
on Nasdaq.
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UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The following is a discussion
of certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of our units, shares
of Class A common stock and warrants, which we refer to collectively as our securities. Because the components of a unit are
separable at the option of the holder, the holder of a unit generally should be treated, for U.S. federal income tax purposes,
as the owner of the underlying Class A common stock and one redeemable warrant components of the unit, as the case may be.
As a result, the discussion below with respect to actual holders of Class A common stock and warrants should also apply to
holders of units (as the deemed owners of the underlying Class A common stock and warrants that comprise the units).
This discussion applies only to securities that are held as capital assets for U.S. federal income tax purposes and is applicable
only to holders who purchased units in this offering.
This discussion is a
summary only and does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances,
including but not limited to the alternative minimum tax, the Medicare tax on certain investment income and the different consequences
that may apply if you are subject to special rules that apply to certain types of investors, including but not limited to:
•
financial institutions or financial services entities;
•
broker-dealers;
•
governments or agencies or instrumentalities thereof;
•
regulated investment companies;
•
real estate investment trusts;
•
expatriates or former long-term residents of the United States;
•
persons that actually or constructively own five percent or more of our voting shares;
•
insurance companies;
•
dealers or traders subject to a mark-to-market method of accounting with respect to the securities;
•
persons holding the securities as part of a "straddle," hedge, integrated transaction
or similar transaction;
•
U.S. holders (as defined below) whose functional currency is not the U.S. dollar;
•
partnerships or other pass-through entities for U.S. federal income tax purposes and any beneficial
owners of such entities; and
•
tax-exempt entities.
If you are a partnership
for U.S. federal income tax purposes, the U.S. federal income tax treatment of your partners will generally depend on
the status of the partners and your activities.
This discussion is based
on the Internal Revenue Code of 1986, as amended (the "Code"), and administrative pronouncements, judicial decisions
and final, temporary and proposed Treasury regulations as of the date hereof, which are subject to change, possibly on a retroactive
basis, and changes to any of which subsequent to the date of this prospectus may affect the tax consequences described herein.
This discussion does not address any aspect of state, local or non-U.S. taxation, or any U.S. federal taxes other than
income taxes (such as gift and estate taxes).
We have not sought,
and will not seek, a ruling from the IRS as to any U.S. federal income tax consequence described herein. The IRS may disagree
with the discussion herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation,
regulations, administrative rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.
You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation,
as well as any tax consequences arising under the laws of any state, local or foreign jurisdiction.
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Personal Holding Company Status
We could be subject
to a second level of U.S. federal income tax on a portion of our income if we are determined to be a personal holding company,
or PHC, for U.S. federal income tax purposes. A U.S. corporation generally will be classified as a PHC for U.S. federal
income tax purposes in a given taxable year if (i) at any time during the last half of such taxable year, five or fewer individuals
(without regard to their citizenship or residency and including as individuals for this purpose certain entities such as certain
tax-exempt organizations, pension funds and charitable trusts) own or are deemed to own (pursuant to certain constructive ownership
rules) more than 50% of the stock of the corporation by value and (ii) at least 60% of the corporation's adjusted ordinary
gross income, as determined for U.S. federal income tax purposes, for such taxable year consists of PHC income (which includes,
among other things, dividends, interest, certain royalties, annuities and, under certain circumstances, rents).
Depending on the date
and size of our initial business combination, it is possible that at least 60% of our adjusted ordinary gross income may consist
of PHC income. In addition, depending on the concentration of our stock in the hands of individuals, including the members of our
founders and certain tax-exempt organizations, pension funds and charitable trusts, it is possible that more than 50% of our stock
may be owned or deemed owned (pursuant to the constructive ownership rules) by such persons during the last half of a taxable year.
Thus, no assurance can be given that we will not be a PHC following this offering or in the future. If we are or were to become
a PHC in a given taxable year, we would be subject to an additional PHC tax, currently 20%, on our undistributed PHC income, which
generally includes our taxable income, subject to certain adjustments.
Allocation of Purchase Price and Characterization
of a Unit
No statutory, administrative
or judicial authority directly addresses the treatment of a unit or instruments similar to a unit for U.S. federal income
tax purposes and, therefore, that treatment is not entirely clear. The acquisition of a unit should be treated for U.S. federal
income tax purposes as the acquisition of one share of our Class A common stock and one-half of one warrant to acquire one
share of our Class A common stock. For U.S. federal income tax purposes, each holder of a unit must allocate the purchase
price paid by such holder for such unit between the one share of Class A common stock and the one-half of one warrant based
on the relative fair market value of each at the time of issuance. Under U.S. federal income tax law, each investor must make
his or her own determination of such value based on all the relevant facts and circumstances. Therefore, we strongly urge each
investor to consult his or her tax adviser regarding the determination of value for these purposes. The price allocated to each
share of Class A common stock and the one-half of one warrant should be the shareholder's tax basis in such share or
warrant, as the case may be. Any disposition of a unit should be treated for U.S. federal income tax purposes as a disposition
of the share of Class A common stock and one-half of one warrant comprising the unit, and the amount realized on the disposition
should be allocated between the Class A common stock and the one-half of one warrant based on their respective relative fair
market values (as determined by each such unit holder on all the relevant facts and circumstances) at the time of disposition.
The separation of shares of Class A common stock and warrants comprising units should not be a taxable event for U.S. federal
income tax purposes.
The foregoing treatment
of the shares of Class A common stock and warrants and a holder's purchase price allocation are not binding on the Internal
Revenue Service ("IRS") or the courts. Because there are no authorities that directly address instruments that are
similar to the units, no assurance can be given that the IRS or the courts will agree with the characterization described above
or the discussion below. Accordingly, each prospective investor is urged to consult its own tax advisors regarding the tax consequences
of an investment in a unit (including alternative characterizations of a unit). The balance of this discussion assumes that the
characterization of the units described above is respected for U.S. federal income tax purposes.
U.S. Holders
This section applies
to you if you are a "U.S. holder." A U.S. holder is a beneficial owner of our units, shares of Class A
common stock or warrants who or that is, for U.S. federal income tax purposes:
•
an individual who is a citizen or resident of the United States;
•
a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes)
organized in or under the laws of the United States, any state thereof or the District of Columbia;
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•
an estate the income of which is includible in gross income for U.S. federal income tax purposes
regardless of its source; or
•
a trust, if (i) a court within the United States is able to exercise primary supervision
over the administration of the trust and one or more United States persons (as defined in the Code) have authority to control
all substantial decisions of the trust or (ii) it has a valid election in effect under Treasury Regulations to be treated
as a United States person.
Taxation of Distributions.
If
we pay distributions in cash or other property (other than certain distributions of our stock or rights to acquire our stock) to
U.S. Holders of shares of our Class A common stock, such distributions generally will constitute dividends for U.S. federal
income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal
income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital
that will be applied against and reduce (but not below zero) the U.S. holder's adjusted tax basis in our Class A
common stock. Any remaining excess will be treated as gain realized on the sale or other disposition of the Class A common
stock and will be treated as described above "U.S. Holders — Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Class A Common Stock and Warrants" below.
Dividends we pay to
a U.S. holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding
period is satisfied. With certain exceptions (including, but not limited to, dividends treated as investment income for purposes
of investment interest deduction limitations), and provided certain holding period requirements are met, dividends we pay to a
non-corporate U.S. holder generally will constitute "qualified dividends" that will be subject to tax at preferential
long-term capital gains rates. It is unclear whether the redemption rights with respect to the Class A common stock described
in this prospectus may prevent a U.S. holder from satisfying the applicable holding period requirements with respect to the
dividends received deduction or the preferential tax rate on qualified dividend income, as the case may be. If the holding period
requirements are not satisfied, then a corporation may not be able to qualify for the dividends received deduction and would have
taxable income equal to the entire dividend amount, and non-corporate holders may be subject to tax on such dividend at regular
ordinary income tax rates instead of the preferential rate that applies to qualified dividend income.
Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants.
Upon a sale
or other taxable disposition of our Class A common stock or warrants which, in general, would include a redemption of Class A
common stock or warrants that is treated as a sale of such securities as described below, and including as a result of a dissolution
and liquidation in the event we do not consummate an initial business combination within the required time period, a U.S. holder
generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. holder's
adjusted tax basis in the Class A common stock or warrants. Any such capital gain or loss generally will be long-term capital
gain or loss if the U.S. holder's holding period for the Class A common stock or warrants so disposed of exceeds
one year. It is unclear, however, whether the redemption rights with respect to the Class A common stock described in this
prospectus may suspend the running of the applicable holding period for this purpose. If the running of the holding period for
the Class A common stock is suspended, then non-corporate U.S. holders may not be able to satisfy the one-year holding
period requirement for long-term capital gain treatment, in which case any gain on a sale or taxable disposition of the shares
or warrants would be subject to short-term capital gain treatment and would be taxed at regular ordinary income tax rates. Long-term
capital gains recognized by non-corporate U.S. holders will be eligible to be taxed at reduced rates. The deductibility of
capital losses is subject to limitations.
Generally, the amount
of gain or loss recognized by a U.S. holder is an amount equal to the difference between (i) the sum of the amount of
cash and the fair market value of any property received in such disposition (or, if the Class A common stock or warrants are
held as part of units at the time of the disposition, the portion of the amount realized on such disposition that is allocated
to the Class A common stock or the warrants based upon the then fair market values of the Class A common stock and the
warrants included in the units) and (ii) the U.S. holder's adjusted tax basis in its Class A common stock
or warrants so disposed of. A U.S. holder's adjusted tax basis in its Class A common stock or warrants generally
will equal the U.S. holder's acquisition cost (that is, as discussed above, the portion of the purchase price of a unit
allocated to a share of Class A common stock or one-half of one warrant or, as discussed below, the U.S. holder's
initial basis for Class A common stock received upon exercise of warrants) less, in the case of a share of Class A common
stock, any prior distributions treated as a return of capital.
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Redemption of Class A
Common Stock.
In the event that a U.S. holder's Class A common stock is redeemed pursuant
to the redemption provisions described in this prospectus under the section of this prospectus entitled "Description of Securities — Common
Stock" or if we purchase a U.S. holder's Class A common stock in an open market transaction (each of which
we refer to as a "redemption"), the treatment of the transaction for U.S. federal income tax purposes will depend
on whether the redemption qualifies as a sale of the Class A common stock under Section 302 of the Code. If the redemption
qualifies as a sale of common stock, the U.S. holder will be treated as described under "U.S. Holders — Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants" above. If the redemption
does not qualify as a sale of common stock, the U.S. holder will be treated as receiving a corporate distribution with the
tax consequences described above under "U.S. Holders — Taxation of Distributions". Whether a redemption
qualifies for sale treatment will depend largely on the total number of shares of our stock treated as held by the U.S. holder
(including any stock constructively owned by the U.S. holder as a result of owning warrants) relative to all of our shares
outstanding both before and after the redemption. The redemption of Class A common stock generally will be treated as a sale
of the Class A common stock (rather than as a corporate distribution) if the redemption (i) is "substantially disproportionate"
with respect to the U.S. holder, (ii) results in a "complete termination" of the U.S. holder's
interest in us or (iii) is "not essentially equivalent to a dividend" with respect to the U.S. holder. These
tests are explained more fully below.
In determining whether
any of the foregoing tests are satisfied, a U.S. holder takes into account not only stock actually owned by the U.S. holder,
but also shares of our stock that are constructively owned by it. A U.S. holder may constructively own, in addition to stock
owned directly, stock owned by certain related individuals and entities in which the U.S. holder has an interest or that have
an interest in such U.S. holder, as well as any stock the U.S. holder has a right to acquire by exercise of an option,
which would generally include Class A common stock which could be acquired pursuant to the exercise of the warrants. In order
to meet the substantially disproportionate test, the percentage of our outstanding voting stock actually and constructively owned
by the U.S. holder immediately following the redemption of Class A common stock must, among other requirements, be less
than 80% of the percentage of our outstanding voting stock actually and constructively owned by the U.S. holder immediately
before the redemption. There will be a complete termination of a U.S. holder's interest if either (i) all of the
shares of our stock actually and constructively owned by the U.S. holder are redeemed or (ii) all of the shares of our
stock actually owned by the U.S. holder are redeemed and the U.S. holder is eligible to waive, and effectively waives
in accordance with specific rules, the attribution of stock owned by certain family members and the U.S. holder does not constructively
own any other shares of our stock. The redemption of the Class A common stock will not be essentially equivalent to a dividend
if the redemption results in a "meaningful reduction" of the U.S. holder's proportionate interest in us.
Whether the redemption will result in a meaningful reduction in a U.S. holder's proportionate interest in us will depend
on the particular facts and circumstances.
However, the IRS has
indicated in a published ruling that even a small reduction in the proportionate interest of a small minority shareholder in a
publicly held corporation who exercises no control over corporate affairs may constitute such a "meaningful reduction."
A U.S. holder should consult with its own tax advisors as to the tax consequences of a redemption.
If none of the foregoing
tests is satisfied, then the redemption will be treated as a corporate distribution and the tax effects will be as described under
"U.S. Holders — Taxation of Distributions," above. After the application of those rules, any remaining
tax basis of the U.S. holder in the redeemed Class A common stock will be added to the U.S. holder's adjusted
tax basis in its remaining stock, or, if it has none, to the U.S. holder's adjusted tax basis in its warrants or possibly
in other stock constructively owned by it.
Exercise, Lapse or
Redemption of a Warrant.
Except as discussed below with respect to the cashless exercise of a warrant,
a U.S. holder generally will not recognize taxable gain or loss on the acquisition of common stock upon exercise of a warrant
for cash. The U.S. holder's tax basis in the share of our Class A common stock received upon exercise of the warrant
generally will be an amount equal to the sum of the U.S. holder's initial investment in the warrant (i.e., the
portion of the U.S. holder's purchase price for a unit that is allocated to the warrant, as described above under "— Allocation
of Purchase Price and Characterization of a Unit") and the exercise price. It is unclear whether the U.S. holder's
holding period for the Class A common stock received upon exercise of the warrants will begin on the date following the date
of exercise or on the date of exercise of the warrants; in either case, the holding period will not include the period during which
the U.S. holder held the warrants. If a warrant is allowed to lapse unexercised, a U.S. holder generally will recognize
a capital loss equal to such holder's tax basis in the warrant.
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The tax consequences
of a cashless exercise of a warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the
exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes.
In either tax-free situation, a U.S. holder's basis in the Class A common stock received would equal the holder's
basis in the warrants exercised therefor. If the cashless exercise were treated as not being a realization event, it is unclear
when a U.S. holder's holding period in the Class A common stock would be treated as commencing. If the cashless
exercise were treated as a recapitalization, the holding period of the Class A common stock would include the holding period
of the warrants exercised therefor.
It is also possible
that a cashless exercise could be treated in whole or in part as a taxable exchange in which gain or loss would be recognized.
In such event, a U.S. holder could be deemed to have surrendered a number of warrants having an aggregate fair market value
equal to the exercise price for the total number of warrants to be exercised. The U.S. holder would recognize capital gain
or loss in an amount equal to the difference between the fair market value of the Class A common stock received in respect
of the warrants deemed surrendered and the U.S. holder's tax basis in such warrants. Such gain or loss would be long-term
or short-term, depending on the U.S. holder's holding period in the warrants deemed surrendered. In this case, a U.S. holder's
tax basis in the Class A common stock received would equal the sum of the U.S. holder's initial investment in the
warrants exercised (i.e., the portion of the U.S. holder's purchase price for a unit that is allocated to the warrant,
as described above under "— Allocation of Purchase Price and Characterization of a Unit") and the exercise
price of such warrants. It is unclear whether a U.S. holder's holding period for the Class A common stock would
commence on the date following the date of exercise or on the date of exercise of the warrant; in either case, the holding period
would not include the period during which the U.S. holder held the warrant. There may also be alternative characterizations
of any such taxable exchange that would result in similar tax consequences, except that a U.S. Holder's gain or loss
would be short-term.
Due to the absence of
authority on the U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder's holding
period would commence with respect to the Class A common stock received, there can be no assurance which, if any, of the alternative
tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders
should consult their tax advisors regarding the tax consequences of a cashless exercise.
If we redeem warrants
for cash pursuant to the redemption provisions described in the section of this prospectus entitled "Description of Securities — Redemption
of Warrants" or if we purchase warrants in an open market transaction, such redemption or purchase generally will be treated
as a taxable disposition to the U.S. holder, taxed as described above under "U.S. Holders — Gain or Loss
on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants."
Possible Constructive
Distributions.
The terms of each warrant provide for an adjustment to the number of shares of Class A
common stock for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in
the section of this prospectus entitled "Description of Securities — Redeemable Warrants — Public
Shareholders' Warrants." An adjustment which has the effect of preventing dilution generally is not taxable. The U.S. holders
of the warrants would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment to
the number of such shares or to such exercise price increases the warrant holders' proportionate interest in our assets or
earnings and profits (e.g., through an increase in the number of shares of Class A common stock that would be obtained
upon exercise or through a decrease in the exercise price of the warrant) as a result of a distribution of cash or other property,
such as other securities, to the holders of shares of our Class A common stock, or as a result of the issuance of a stock
dividend to holders of shares of our Class A common stock, in each case which is taxable to the U.S. holders of such
shares as a distribution. Such constructive distribution would be subject to tax in the same manner as if the U.S. holders
of the warrants received a cash distribution from us equal to the fair market value of such increased interest resulting from the
adjustment.
Information Reporting
and Backup Withholding.
In general, information reporting requirements may apply to dividends paid to
a U.S. holder and to the proceeds of the sale or other disposition of our units, shares of Class A common stock and warrants,
unless the U.S. holder is an exempt recipient. Backup withholding may apply to such payments if the U.S. holder fails
to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS that it is subject
to backup withholding (and such notification has not been withdrawn).
Backup withholding is
not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against
a U.S. holder's U.S. federal income tax liability provided the required information is timely furnished to the
IRS.
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All U.S. holders
should consult their tax advisors regarding the application of information reporting and backup withholding to them.
Non-U.S. Holders
This section applies
to you if you are a "Non-U.S. holder." As used herein, the term "Non-U.S. holder" means a beneficial
owner of our units, Class A common stock or warrants who or that is for U.S. federal income tax purposes:
•
a non-resident alien individual (other than certain former citizens and residents of the United States
subject to U.S. tax as expatriates);
•
a foreign corporation or
•
an estate or trust that is not a U.S. holder;
but generally does not include an individual
who is present in the United States for 183 days or more in the taxable year of disposition. If you are such an individual,
you should consult your tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership or sale
or other disposition of our securities.
Taxation of Distributions.
In
general, any distributions (including constructive distributions) we make to a Non-U.S. holder of shares of our Class A
common stock, to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal
income tax principles), will constitute dividends for U.S. federal income tax purposes and, provided such dividends are not
effectively connected with the Non-U.S. holder's conduct of a trade or business within the United States, we will
be required to withhold tax from the gross amount of the dividend at a rate of 30%, unless such Non-U.S. holder is eligible
for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility
for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). In the case of any constructive dividend, it is possible
that this tax would be withheld from any amount owed to a Non-U.S. holder by the applicable withholding agent, including cash
distributions on other property or sales proceeds from warrants or other property subsequently paid or credited to such holder.
Any distribution not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S. holder's
adjusted tax basis in its shares of our Class A common stock and, to the extent such distribution exceeds the Non-U.S. holder's
adjusted tax basis, as gain realized from the sale or other disposition of the Class A common stock, which will be treated
as described under "Non-U.S. Holders — Gain on Sale, Taxable Exchange or Other Taxable Disposition of
Class A Common Stock and Warrants" below. In addition, if we determine that we are classified as a "United States
real property holding corporation" (see "Non-U.S. Holders — Gain on Sale, Taxable Exchange or
Other Taxable Disposition of Class A Common Stock and Warrants" below), we will withhold 15% of any distribution that
exceeds our current and accumulated earnings and profits.
The withholding tax
does not apply to dividends paid to a Non-U.S. holder who provides a Form W-8ECI, certifying that the dividends are effectively
connected with the Non-U.S. holder's conduct of a trade or business within the United States. Instead, the effectively
connected dividends will be subject to regular U.S. federal income tax as if the Non-U.S. holder were a United States
resident, subject to an applicable income tax treaty providing otherwise. A Non-U.S. corporation receiving effectively
connected dividends may also be subject to an additional "branch profits tax" imposed at a rate of 30% (or a lower
applicable treaty rate).
Gain on Sale, Taxable
Exchange or Other Taxable Disposition of Class A Common Stock and Warrants.
A Non-U.S. holder
generally will not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable exchange
or other taxable disposition of our Class A common stock, which would include a dissolution and liquidation in the event we
do not complete an initial business combination within 12 months from the closing of this offering (or up to 18 months, if we extend
the time to complete a business combination as described in this prospectus), or warrants (including an expiration or redemption
of our warrants), in each case without regard to whether those securities were held as part of a unit, unless:
•
the gain is effectively connected with the conduct of a trade or business by the Non-U.S. holder
within the United States (and, under certain income tax treaties, is attributable to a United States permanent establishment
or fixed base maintained by the Non-U.S. holder); or
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•
we are or have been a "United States real property holding corporation" for U.S. federal
income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that
the Non-U.S. holder held our Class A common stock, and, in the case where shares of our Class A common stock are
regularly traded on an established securities market, the Non-U.S. holder has owned, directly or constructively, more than
5% of our Class A common stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S. holder's
holding period for the shares of our Class A common stock. There can be no assurance that our Class A common stock will
be treated as regularly traded on an established securities market for this purpose.
Unless an applicable
treaty provides otherwise, gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal
income tax rates as if the Non-U.S. holder were a United States resident. Any gains described in the first bullet point
above of a Non-U.S. holder that is a foreign corporation may also be subject to an additional "branch profits tax"
at a 30% rate (or lower treaty rate).
If the second bullet
point above applies to a Non-U.S. holder, gain recognized by such holder on the sale, exchange or other disposition of our
Class A common stock or warrants will be subject to tax at generally applicable U.S. federal income tax rates. In addition,
a buyer of our Class A common stock or warrants from such holder may be required to withhold U.S. federal income tax
at a rate of 15% of the amount realized upon such disposition. We cannot determine whether we will be a United States real
property holding corporation in the future until we complete an initial business combination. We will be classified as a United States
real property holding corporation if the fair market value of our "United States real property interests" equals
or exceeds 50 percent of the sum of the fair market value of our worldwide real property interests plus our other assets used
or held for use in a trade or business, as determined for U.S. federal income tax purposes.
Redemption of Class A
Common Stock.
The characterization for U.S. federal income tax purposes of the redemption of a
Non-U.S. holder's Class A common stock generally will correspond to the U.S. federal income tax characterization
of such a redemption of a U.S. holder's Class A common stock, as described under "U.S. Holders — Redemption
of Class A Common Stock" above, and the consequences of the redemption to the Non-U.S. holder will be as described
above under "Non-U.S. Holders — Taxation of Distributions" and "Non-U.S. Holders — Gain
on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants," as applicable.
Exercise or Lapse
of a Warrant.
The U.S. federal income tax treatment of a Non-U.S. holder's exercise
of a warrant, or the lapse of a warrant held by a Non-U.S. holder, generally will correspond to the U.S. federal income
tax treatment of the exercise or lapse of a warrant by a U.S. holder, as described under "U.S. holders — Exercise
or Lapse of a Warrant" above, although to the extent a cashless exercise results in a taxable exchange, the consequences
would be similar to those described below in "Non-U.S. Holders — Gain on Sale, Taxable Exchange or Other
Taxable Disposition of Class A Common Stock and Warrants."
Possible Constructive
Distributions.
The terms of each warrant provide for an adjustment to the number of shares of Class A
common stock for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in
the section of this prospectus entitled "Description of Securities — Redeemable Warrants — Public
Shareholders' Warrants." An adjustment which has the effect of preventing dilution generally is not taxable. The Non-U.S. holders
of the warrants would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment to
the number of such shares or to such exercise price increases the warrant holders' proportionate interest in our assets or
earnings and profits (e.g., through an increase in the number of shares of Class A common stock that would be obtained
upon exercise or through a decrease in the exercise price of the warrant) as a result of a distribution of cash or other property,
such as other securities, to the holders of shares of our Class A common stock, or as a result of the issuance of a stock
dividend to holders of shares of our Class A common stock, in each case which is taxable to the holders of such shares as
a distribution. Such constructive distribution would be subject to tax in the same manner as if the Non-U.S. holders of the
warrants received a cash distribution from us equal to the fair market value of such increased interest resulting from the adjustment.
Information Reporting
and Backup Withholding.
Information returns will be filed with the IRS in connection with payments of
dividends and the proceeds from a sale or other disposition of our units, shares of Class A common stock and warrants. A Non-U.S. holder
may have to comply with certification procedures to establish that it is not a United States person in order to avoid information
reporting and backup withholding requirements. The certification procedures required to claim a reduced rate of withholding under
a treaty generally will satisfy the certification requirements necessary to avoid the backup withholding as well.
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Backup withholding is
not an additional tax. The amount of any backup withholding from a payment to a Non-U.S. holder will be allowed as a credit
against such holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that the required
information is timely furnished to the IRS.
All Non-U.S. holders
should consult their tax advisors regarding the application of information reporting and backup withholding to them.
FATCA Withholding
Taxes.
Sections 1471 through 1474 of the Code and the Treasury Regulations and administrative guidance
promulgated thereunder (commonly referred as the "Foreign Account Tax Compliance Act" or "FATCA") generally
impose withholding at a rate of 30% in certain circumstances on dividends in respect of our securities which are held by or through
certain foreign financial institutions (including investment funds), unless any such institution (1) enters into, and complies
with, an agreement with the IRS to report, on an annual basis, information with respect to interests in, and accounts maintained
by, the institution that are owned by certain U.S. persons and by certain non-U.S. entities that are wholly or partially
owned by U.S. persons and to withhold on certain payments, or (2) if required under an intergovernmental agreement between
the United States and an applicable foreign country, reports such information to its local tax authority, which will exchange
such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable
foreign country may modify these requirements. Accordingly, the entity through which our securities are held will affect the determination
of whether such withholding is required. Similarly, dividends in respect of our securities held by an investor that is a non-financial
non-U.S. entity that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%,
unless such entity either (1) certifies to us or the applicable withholding agent that such entity does not have any "substantial
United States owners" or (2) provides certain information regarding the entity's "substantial United States
owners," which will in turn be provided to the U.S. Department of Treasury. All prospective investors should consult
their tax advisors regarding the possible implications of FATCA on their investment in our securities.
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UNDERWRITING (CONFLICT
OF INTEREST)
Subject to the terms
and conditions of the underwriting agreement dated the date of this prospectus, each underwriter named below has severally agreed
to purchase, and we have agreed to sell to that underwriter, the number of units set forth opposite the underwriter's name.
Underwriter
Number of
Units
US Tiger Securities, Inc.
[•]
Total
6,000,000
The underwriting agreement
provides that the obligations of the underwriters to purchase the units included in this offering are subject to approval of legal
matters by counsel and to other conditions. The underwriters are obligated to purchase all of the units (other than those covered
by the over-allotment option described below) if they purchase any of the units.
The offering of the
units by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order
in whole or in part.
Units sold by the
underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus.
Any units sold by the underwriters to securities dealers may be sold at a discount from the initial public offering price not to
exceed $0.20 per unit. If all of the units are not sold at the initial offering price, the underwriters may change the offering
price and the other selling terms. If the underwriters sell more units than the total number set forth in the table above, we have
granted to the underwriters an option, exercisable for 45 days from the date of this prospectus, to purchase up to 900,000
additional units at the public offering price less the underwriting discount. The underwriters may exercise this option solely
for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each
underwriter must purchase a number of additional units approximately proportionate to that underwriter's initial purchase
commitment. Any units issued or sold under the option will be issued and sold on the same terms and conditions as the other units
that are the subject of this offering.
Our initial shareholders
have agreed, subject to certain exception, (i) in the case of founder shares, not to transfer, assign or sell 50% of their founder
shares until the earlier to occur of: (A) six months after the date of the consummation of our initial business combination, or
(B) the date on which the closing price of our Class A common stock equals or exceeds $12.50 per share (as adjusted for share
splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after our initial business combination and the remaining 50% of the founder shares may not be transferred, assigned or sold until
six months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent to
our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction which
results in all of our shareholders having the right to exchange their shares for cash, securities or other property (except with
respect to permitted transferees as in the section of this prospectus entitled "Principal Shareholders — Restrictions
on Transfers of Founder Shares and Private Units"). The private units (including underlying securities) will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination (except with respect to permitted
transferees as described herein under the section of this prospectus entitled "Principal Shareholders — Restrictions
on Transfers of Founder Shares and Private Units").
Prior to this offering,
there has been no public market for our securities. Consequently, the initial public offering price for the units was determined
by negotiations between us and the underwriters. Among the factors considered in determining initial public offering price were
the history and prospects of companies whose principal business is the acquisition of other companies, prior offerings of those
companies, our management, our capital structure, and currently prevailing general conditions in equity securities markets, including
current market valuations of publicly traded companies considered comparable to our company. We cannot assure you, however, that
the price at which the units, Class A common stock or warrants will sell in the public market after this offering will not
be lower than the initial public offering price or that an active trading market in our units, Class A common stock or warrants
will develop and continue after this offering.
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Listing of our Securities
We have applied to list
our units on Nasdaq under the symbol "[ ]" We expect that our common stock and warrants will be listed under the symbols
"[ ]" and "[ ]," respectively, once the common stock and warrants begin separate trading.
Over-allotment Option
We have granted the
underwriters an option to buy up to 900,000 additional units. The underwriters may exercise this option solely for the purpose
of covering over-allotments, if any, made in connection with this offering. The underwriters have 45 days from the date of
this prospectus to exercise this option. If the underwriters exercise this option, they will each purchase additional shares approximately
in proportion to the amounts specified in the table above.
Commissions and Discounts
Units sold by the
underwriters to the public will initially be offered at the offering price set forth on the cover of this prospectus. Any shares
sold by the underwriters to securities dealers may be sold at a discount of up to $0.20 per share from the public offering price. If
all of the shares are not sold at the initial public offering price, the representative may change the offering price and the other
selling terms. Upon execution of the underwriting agreement, the underwriters will be obligated to purchase the shares at the prices
and upon the terms stated therein, and, as a result, will thereafter bear any risk associated with changing the offering price to
the public or other selling terms.
The Company will reimburse
the underwriters for all reasonable out-of-pocket expenses including, without limitation, any expenses and fees incurred by the
underwriters' counsel, expenses incurred for background checks on the Company's senior management and board of directors
by a background search firm acceptable to the underwriters, up to a maximum aggregate allowance of $120,000. The Company has paid
to the underwriters an advance against anticipated out-of-pocket expenses (including the cost of any background investigations
performed by the underwriters of the principals of the Company, including individuals for which international searches are required
(the "Investigative Searches")) in the amount of $50,000. The underwriters will return to the Company the balance of
any remaining portion of the advance to the extent such monies were not used for out-of-pocket expenses incurred in accordance with FINRA Rule 5110(g)(4)(A)
.
The following table
shows the underwriting discounts and commissions that we are to pay to the underwriters in connection with this offering. These
amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment option.
Payable by Inkstone Feibo Acquisition Corporation
No Exercise
Full Exercise
Per Unit
(1)
$
0.55
$
0.55
Total
(1)
$
3,300,000
$
3,795,000
(1)
Includes $0.35 per unit, or $2,100,000 (or $2,415,000 if the over-allotment option is exercised
in full) in the aggregate payable to the underwriters for deferred underwriting commissions to be placed in a trust account located
in the United States as described herein. The deferred commissions will be released to the underwriters only on completion
of an initial business combination, as described in this prospectus.
If we do not complete
our initial business combination and subsequently liquidate, the trustee and the underwriters have agreed that (i) they will
forfeit any rights or claims to their deferred underwriting discounts and commissions, including any accrued interest thereon,
then in the trust account upon liquidation, and (ii) that the deferred underwriting discounts and commissions will be distributed
on a pro rata basis, including interest earned on the funds held in the trust account, and not previously released to us to pay
our taxes, to the public shareholders.
On May 13, 2022,
our Chief Financial Officer, Xuedong (Tony) Tian, acquired 60,000 founder shares for a purchase price of $869.57, among which 7,826 shares
of Class B common stock are subject to forfeiture to the extent that the underwriters' over-allotment option is not exercised in
full or in part.
No discounts or commissions
will be paid on the sale of the private units.
Pricing of Securities
We have been advised
by the representative that the underwriters propose to offer the shares to the public at the offering price set forth on the cover
page of this prospectus.
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Prior to this offering
there has been no public market for any of our securities. The public offering price of the shares was negotiated between us and
the representative. Factors considered in determining the prices and terms of the shares include:
•
the history and prospects of companies whose principal business is the acquisition of other companies;
•
prior offerings of those companies;
•
our prospects for acquiring an operating business at attractive values;
•
our capital structure;
•
the per share amount of net proceeds being placed into the trust account;
•
an assessment of our management and their experience in identifying operating companies;
•
general conditions of the securities markets at the time of the offering; and
•
other factors as were deemed relevant.
However, although these
factors were considered, the determination of our offering price is more arbitrary than the pricing of securities for an operating
company in a particular industry since the underwriters are unable to compare our financial results and prospects with those of
public companies operating in the same industry.
Regulatory Restrictions on Purchase
of Securities
In connection with the
offering, the underwriters may purchase and sell units in the open market. The underwriters have advised us that, in accordance
with Regulation M under the Securities Exchange Act of 1934, as amended, they may engage in short sale transactions,
purchases to cover short positions, which may include purchases pursuant to the over-allotment option, stabilizing transactions,
syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the
effect of stabilizing or maintaining the market price of our units at a level above that which might otherwise prevail in the open
market.
•
Short sales involve secondary market sales by the underwriters of a greater number of units than
it is required to purchase in the offering.
•
"Covered" short sales are sales of units in an amount up to the number of units represented
by the underwriters' over-allotment option.
•
"Naked" short sales are sales of units in an amount in excess of the number of units
represented by the underwriters' over-allotment option.
•
Covering transactions involve purchases of units either pursuant to the over-allotment option or
in the open market after the distribution has been completed in order to cover short positions.
•
To close a naked short position, the underwriters must purchase units in the open market after
the distribution has been completed. A naked short position is more likely to be created if the underwriters are concerned that
there may be downward pressure on the price of the units in the open market after pricing that could adversely affect investors
who purchase in the offering.
•
To close a covered short position, the underwriters must purchase units in the open market after
the distribution has been completed or must exercise the over-allotment option. In determining the source of units to close the
covered short position, the underwriters will consider, among other things, the price of units available for purchase in the open
market as compared to the price at which they may purchase units through the over-allotment option.
•
Stabilizing transactions involve bids to purchase units so long as the stabilizing bids do not
exceed a specified maximum.
Purchases to cover short
positions and stabilizing purchases, as well as other purchases by the underwriters for their own account, may have the effect
of preventing or retarding a decline in the market price of the units. They may also cause the price of the units to be higher
than the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct
these transactions in the over-the-counter market or otherwise. Neither we, nor any of the underwriters make any representation
or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our
Class A common stock. The underwriters are not obligated to engage in these activities and, if commenced, any of the activities
may be discontinued at any time.
Conflicts of Interest
One of our founders, Xuedong (Tony)
Tian, our CFO, is the Managing Director and Head of Capital Markets of US Tiger, a representative of the underwriters in this offering.
As a result, US Tiger, as a representative to the underwriters of this offering and a member of the Financial Industry Regulatory Authority,
or FINRA, is an affiliate of us. Therefore, US Tiger has a "conflict of interest" within the meaning of Rule 5121 of the Conduct
Rules of FINRA. Accordingly, our initial public offering will be made in compliance with Rule 5121 of FINRA's Conduct Rules, which
prohibits US Tiger from making sales to discretionary accounts without the prior written approval of the account holder and requires that
a "qualified independent underwriter," as defined by FINRA participate in the preparation of the registration statement and
exercise the usual standard of due diligence with respect to such document. We have engaged [ ] to be the qualified independent underwriter
and participate in the preparation of the registration statement and exercise the usual standards of "due diligence" in respect
thereto. We agreed to indemnify [ ] against certain liabilities incurred in connection with acting as a qualified independent underwriter,
including liabilities under the Securities Act. [ ] will receive $[ ] as compensation for serving as qualified independent underwriter
in connection with this offering. In addition, no underwriter with a conflict of interest will confirm sales to any account over which
it exercises discretionary authority without the specific prior written approval of the account holder.
Because Mr. Tian is also the Managing
Director and Head of Capital Markets of US Tiger, all 60,000 founder shares he purchased on May 13, 2022 (among which 7,826 shares of
Class B common stock that are subject to forfeiture to the extent that the underwriters' over-allotment option is not exercised
in full or in part
)
have been deemed to be compensation for US Tiger under
FINRA Rule 5110 and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1), commencing on the effective date of
the registration statement of which this prospectus forms a part. Pursuant to FINRA Rule 5110(e)(1) these securities will not be sold
during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the effective date of the registration statement of which this prospectus forms a part or commencement of sales of the public
offering, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided
that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period.
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Other Terms
Except as set forth
above, we are not under any contractual obligation to engage any of the underwriters to provide any services for us after this
offering, and have no present intent to do so. However, any of the underwriters may, among other things, introduce us to potential
target businesses or assist us in raising additional capital, as needs may arise in the future. If any underwriter provides services
to us after this offering, we may pay the underwriter fair and reasonable fees that would be determined at that time in an arm's
length negotiation; provided that no agreement will be entered into with the underwriter and no fees for such services will be
paid to the underwriter prior to the date which is 60 days after the date of this prospectus, unless FINRA determines that
such payment would not be deemed underwriter's compensation in connection with this offering.
Indemnification
We have agreed to indemnify
the underwriters against some liabilities, including civil liabilities under the Securities Act, or to contribute to payments the
underwriters may be required to make in this respect.
Electronic Distribution
A prospectus in electronic
format may be made available by e-mail or on the web sites or through online services maintained by one or more of the underwriters
or their affiliates. In those cases, prospective investors may view offering terms online and may be allowed to place orders online.
The underwriters may agree with us to allocate a specific number of common shares for sale to online brokerage account holders.
Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than
the prospectus in electronic format, the information on the underwriters' web sites and any information contained in any
other web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us
or the underwriters and should not be relied upon by investors.
Other Activities and Relationships
The underwriters and
their respective affiliates are full service financial institutions engaged in various activities, which may include securities
trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment,
hedging, financing and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time,
performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received
or will receive customary fees and expenses.
In addition, in the
ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad
array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments
(including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions
in such securities and instruments. Such investments and securities activities may involve securities and/or instruments of ours
or our affiliates. The underwriters and their respective affiliates may also make investment recommendations and/or publish or
express independent research views in respect of such securities or financial instruments and may at any time hold, or recommend
to clients that they acquire, long and/or short positions in such securities and instruments.
Selling Restrictions
Other than in the United States,
no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus
in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or
sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer
and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in
compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes
are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus
in any jurisdiction in which such an offer or a solicitation is unlawful.
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Notice to Prospective Investors in the
European Economic Area
In relation to each
member state of the European Economic Area the Prospectus Regulation lays down requirements for the drawing up, approval and distribution
of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market situated
or operating within a member state. An offer of units described in this prospectus may not be made to the public in that member
state prior to the publication of a prospectus in relation to the units that has been approved by the competent authority in that
relevant member state or, where appropriate, approved in another relevant member state and notified to the competent authority
in that relevant member state, all in accordance with the Prospectus Regulation, except that, an offer of our units may be made
to the public in that relevant member state at any time:
•
to any legal entity which is a qualified investor as defined in the Prospectus Regulation;
•
to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus
Regulation), as permitted under the Prospectus Regulation, subject to obtaining the prior consent of the relevant Dealer or Dealers
nominated by the issuer for any such offer; or
•
in any other circumstances that do not require the publication by us of a prospectus pursuant to
Article 1(4) of the Prospectus Regulation.
provided that no such offer of units referred
to in the bullet points above shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.
Each purchaser of units
described in this prospectus located within a relevant member state will be deemed to have represented, acknowledged and agreed
that it is a "qualified investor" within the meaning of Article 2(e) of the Prospectus Regulation.
For the purpose of this
provision, the expression an "offer of units to the public" in any member state means the communication in any form
and by any means of sufficient information on the terms of the offer and the units to be offered so as to enable an investor to
decide to purchase or subscribe for the units and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.
We have not authorized
and do not authorize the making of any offer of units through any financial intermediary on their behalf, other than offers made
by the underwriters with a view to the final placement of the units as contemplated in this prospectus. Accordingly, no purchaser
of the units, other than the underwriters, is authorized to make any further offer of the units on behalf of us or the underwriters.
Notice to Prospective Investors in the
United Kingdom
This prospectus is only
being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of
Article 2(e) of the Prospectus Regulation that are also (i) investment professionals falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net
worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of
the Order (each such person being referred to as a "relevant person"). The units are only available to, and any invitation,
offer or agreement to purchase or otherwise acquire such units will be engaged in only with, relevant persons. This prospectus
and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by
recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not
act or rely on this document or any of its contents.
Notice to Prospective Investors in Canada
The units may be sold
in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in
National Instrument 45-106
Prospectus Exemptions
or subsection 73.3(1) of the
Securities Act
(Ontario),
and are permitted clients, as defined in National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant
Obligations
. Any resale of the units must be made in accordance with an exemption from, or in a transaction not subject to,
the prospectus requirements of applicable securities laws.
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Securities legislation
in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised
by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory.
The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory
for particulars of these rights or consult with a legal advisor.
Notice to Prospective Investors in Australia
No placement document,
prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments
Commission ("ASIC"), in relation to the offering. This prospectus does not constitute a prospectus, product disclosure
statement or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does not
purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the
Corporations Act.
Any offer in Australia
of the securities may only be made to persons (the "Exempt Investors") who are "sophisticated investors"
(within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of
section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations
Act so that it is lawful to offer the securities without disclosure to investors under Chapter 6D of the Corporations Act.
The securities applied
for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of
allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act
would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant
to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring securities must observe
such Australian on-sale restrictions.
This prospectus contains
general information only and does not take account of the investment objectives, financial situation or particular needs of any
particular person. It does not contain any securities recommendations or financial product advice. Before making an investment
decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances,
and, if necessary, seek expert advice on those matters.
Notice to Prospective Investors in New
Zealand
This document has not
been registered, filed with, or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013
(New Zealand) ("FMCA"). This document is not a product disclosure statement under New Zealand law and is not required
to, and may not, contain all the information that a product disclosure statement under New Zealand law is required to contain.
The Securities are not being offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand)
other than to a person who is a "wholesale investor" within the meaning of clause 3(2) of Schedule 1 of the
FMCA — that is, a person who:
•
is an "investment business" within the meaning of clause 37 of Schedule 1 of the
FMCA;
•
meets the "investment activity criteria" specified in clause 38 of Schedule 1
of the FMCA;
•
is "large" within the meaning of clause 39 of Schedule 1 of the FMCA; or
•
is a "government agency" within the meaning of clause 40 of Schedule 1 of the
FMCA.
The Securities are not
being offered or sold to retail investors in New Zealand.
Notice to Prospective Investors in Singapore
This prospectus has
not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document
or material in connection with the offer or sale, or invitation for subscription or purchase, of the units may not be circulated
or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether
directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the
Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1),
or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA
or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each
case subject to compliance with conditions set forth in the SFA.
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Table of Contents
Notice to Prospective Investors in the
People's Republic of China
This prospectus may
not be circulated or distributed in China and the units may not be offered or sold, and will not offer or sell to any person for
re-offering or resale directly or indirectly to any resident of China except pursuant to applicable laws, rules and regulations
of China. For the purpose of this paragraph only, China does not include Taiwan and the special administrative regions of Hong Kong
and Macau.
Notice to Prospective Investors in Hong Kong
The units may not be
offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer
to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), (ii) to "professional
investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made
thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the
meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to our
units be issued or may be in possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere),
which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted
to do so under the laws of Hong Kong) other than with respect to our units which are or are intended to be disposed of only
to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures
Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.
Notice to Prospective Investors in Taiwan
The units have not been
and will not be registered with the Financial Supervisory Commission of ("Taiwan"), pursuant to relevant securities
laws and regulations and may not be offered or sold in Taiwan through a public offering or in any manner which would constitute
an offer within the meaning of the Securities and Exchange Act of Taiwan or would otherwise require registration
with or the approval of the Financial Supervisory Commission of Taiwan.
Notice to Prospective Investors in Japan
The units and underlying
Class A common stocks and warrants have not been and will not be registered under the Financial Instruments and Exchange Law
of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan,
or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese
Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese
governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person"
will mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.
Notice to Prospective Investors in Indonesia
This prospectus does
not, and is not intended to, constitute a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Market. This
prospectus may not be distributed in the Republic of Indonesia and the common stocks may not be offered or sold in the Republic
of Indonesia or to Indonesian citizens wherever they are domiciled, or to Indonesia residents, in a manner which constitutes a
public offering under the laws of the Republic of Indonesia.
Notice to Prospective Investors in Vietnam
This offering of common
stocks has not been and will not be registered with the State Securities Commission of Vietnam under the Law on Securities of Vietnam
and its guiding decrees and circulars. The common stocks will not be offered or sold in Vietnam through a public offering and will
not be offered or sold to Vietnamese persons other than those who are licensed to invest in offshore securities under the Law on
Investment of Vietnam.
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Table of Contents
Notice to Prospective Investors in Thailand
This prospectus does
not, and is not intended to, constitute a public offering in Thailand. The common stocks may not be offered or sold to persons
in Thailand, unless such offering is made under the exemptions from approval and filing requirements under applicable laws, or
under circumstances which do not constitute an offer for sale of the shares to the public for the purposes of the Securities and
Exchange Act of 1992 of Thailand, nor require approval from the Office of the Securities and Exchange Commission
of Thailand.
Notice to Prospective Investors in Korea
The common stocks may
not be offered, sold and delivered directly or indirectly, or offered or sold to any person for reoffering or resale, directly
or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including
the Korea Securities and Exchange Act and the Foreign Exchange Transaction Law and the decrees and regulations thereunder.
The common stocks have not been registered with the Financial Services Commission of Korea for public offering in Korea. Furthermore,
the common stocks may not be resold to Korean residents unless the purchaser of the common stocks complies with all applicable
regulatory requirements (including but not limited to government approval requirements under the Foreign Exchange Transaction Law
and its subordinate decrees and regulations) in connection with the purchase of the common stocks.
Notice to Prospective Investors in Israel
This document does not
constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Israeli Securities Law, and has not been filed
with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only
at, and any offer of the units is directed only at, (i) a limited number of persons in accordance with the Israeli Securities
Law and (ii) investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily
of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members
of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and
"qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred
to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts
of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that
they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.
Pursuant to section 3A.3
of National Instrument 33-105
Underwriting Conflicts
(NI 33-105), the underwriters are not required to comply
with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.
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Table of Contents
LEGAL MATTERS
Robinson &
Cole LLP, New York, New York, is acting as counsel in connection with the registration of our securities under the Securities
Act, and as such, will pass upon the validity of the securities offered in this prospectus. In connection with this offering, VCL
Law LLP is acting as counsel to the underwriters.
EXPERTS
The financial statements
of Inkstone Feibo Acquisition Corporation as of May 16, 2022, and for the period from April 20, 2022 (inception) through May 16,
2022, appearing in this prospectus have been audited by Friedman LLP, an independent registered public accounting firm, as set
forth in their report thereon, (which contains an explanatory paragraph related to substantial doubt about the ability of Inkstone
Feibo Acquisition Corporation to continue as a going concern as described in Note 1 to the financial statements) appearing
elsewhere in this prospectus and are included in reliance upon such report given on the authority of Friedman LLP as experts in
accounting and auditing.
ENFORCEABILITY
OF CIVIL LIABILITY
Following the closing of this offering, our officers and directors
will be located in the United States except that our Chief Executive Officer, Mr. Chang, and our independent director, Dr. Chen
are located in Taiwan. As a result, it may be difficult, or in some cases not possible, for investors in the United States to enforce
their legal rights, to effect service of process upon those officers and directors (prior or after the Merger) located outside
the United States, to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties on them
under United States securities laws. In particular, Taiwan does not have treaties providing for the reciprocal recognition and
enforcement of judgments of courts with the United States and many other countries and regions. Therefore, recognition and enforcement
in Taiwan of judgement of United States courts in relation to any matter not subject to a binding arbitration provision may be
difficult or impossible
WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the
SEC a registration statement on Form S-1 under the Securities Act with respect to the securities we are offering by this prospectus.
This prospectus does not contain all of the information included in the registration statement. For further information about us
and our securities, you should refer to the registration statement and the exhibits and schedules filed with the registration statement.
Whenever we make reference in this prospectus to any of our contracts, agreements or other documents, the references are materially
complete but may not include a description of all aspects of such contracts, agreements or other documents, and you should refer
to the exhibits attached to the registration statement for copies of the actual contract, agreement or other document.
Upon completion of this
offering, we will be subject to the information requirements of the Exchange Act and will file annual, quarterly and current
event reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration
statement, over the Internet at the SEC's website at
www.sec.gov
.
156
Table of Contents
INDEX
TO FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm
F-2
Balance
    Sheet as of May 16, 2022
F-3
Statement
    of Operations for the Period from April 20, 2022 (Inception) through May 16, 2022
F-4
Statement of Changes in Shareholders' Equity for the Period from April 20, 2022 (Inception) through May 16, 2022
F-5
Statement of Cash Flows for the Period from April 20, 2022 (Inception) through May 16, 2022
F-6
Notes to Financial Statements
F-7
F-
1
Table of Contents
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders
of
Inkstone Feibo Acquisition Corporation
Opinion on the Financial Statements
We have audited the accompanying balance
sheet of Inkstone Feibo Acquisition Corporation (the "Company") as of May 16, 2022 and the related statements of operations,
changes in shareholder's equity and cash flows for the period from April 20, 2022 (inception) through May 16, 2022 and the
related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of May 16, 2022, and the results of its operations and
its cash flows for the period from April 20, 2022 (inception) through May 16, 2022, in conformity with accounting principles generally
accepted in the United States of America.
Explanatory Paragraph — Going
Concern
The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, its
business plan is dependent on the completion of a financing and the Company's cash and working capital as of May 16, 2022
are not sufficient to complete its planned activities. These conditions raise substantial doubt about the Company's ability
to continue as a going concern. Management's plans in regard to these matters are also described in Notes 1 and 3. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based
on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable
basis for our opinion.
/s/Friedman LLP
Friedman LLP
We have served as the Company's auditor
since 2022.
New York, New York
May 27, 2022
F-
2
Table of Contents
INKSTONE
FEIBO ACQUISITION CORPORation
BALANCE SHEET
May
                                         16,
2022
Assets
Deferred offering costs
$
120,000
Total Assets
$
120,000
Liabilities and Shareholder's Equity
Promissory note - related party
$
95,521
Total Current Liabilities
95,521
Commitments and Contingencies
Shareholder's Equity:
Preference shares, $0.0001 par value, 1,000,000 shares authorized, none issued and outstanding
-
Class A ordinary shares, $0.0001 par value, 21,000,000 shares authorized, none issued and outstanding
-
Class B ordinary shares, $0.0001 par value, 3,000,000 shares authorized, 1,725,000
    shares issued and outstanding
(1)
173
Additional paid-in capital
24,827
Accumulated deficit
(521
)
Total Shareholder's Equity
24,479
Total Liabilities and Shareholder's Equity
$
120,000
(1)
This number includes an aggregate of up to 225,000 ordinary shares subject to forfeiture if the over-allotment option is not
exercised in full or in part by the underwriters (see Note 5).
The accompanying notes are an integral part of these financial
statements.
F-
3
Table of Contents
INKSTONE
FEIBO ACQUISITION CORPORation
STATEMENT OF OPERATIONS
FOR
                                         THE PERIOD
FROM
APRIL 20, 2022
(INCEPTION)
THROUGH
MAY 16, 2022
Formation and operating costs
$
521
Net loss
$
(521
)
Basic and diluted weighted average Class B ordinary shares outstanding
(1)
1,500,000
Basic and diluted net loss per Class B ordinary share
$
(0.0003
)
(1)
This number excludes an aggregate of up to 225,000 ordinary shares subject to forfeiture if the over-allotment option is not
exercised in full or in part by the underwriters (see Note 5).
The accompanying notes are an integral part
of these financial statements.
F-
4
Table of Contents
INKSTONE
FEIBO ACQUISITION CORPORation
STATEMENT OF CHANGES IN Shareholders' EQUITY
FOR THE PERIOD FROM APRIL 20, 2022 (INCEPTION) THROUGH MAY 16,
2022
Preference shares
Ordinary Shares
Additional
Total
Class A
Class B
Paid-in
Accumulated
Shareholder's
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
Equity
Balance as of April 20, 2022 (inception)
-
$
-
-
$
-
-
$
-
$
-
$
-
$
-
Founder shares issued to initial shareholder
(1)
-
-
-
-
1,725,000
173
24,827
-
25,000
Net loss
-
-
-
-
-
-
-
(521
)
(521
)
Balance as of May 16, 2022
-
$
-
-
$
-
1,725,000
$
173
$
24,827
$
(521
)
$
24,479
(1)
This number includes an aggregate of up to 225,000 ordinary shares subject to forfeiture if the over-allotment option is not
exercised in full or in part by the underwriters (see Note 5).
The accompanying notes are an integral part
of these financial statements.
F-
5
Table of Contents
INKSTONE
FEIBO ACQUISITION CORPORation
STATEMENT OF CASH FLOWS
FOR THE PERIOD
FROM
APRIL 20, 2022
(INCEPTION)
THROUGH
MAY 16, 2022
Cash Flows from Operating Activities:
Net loss
$
(521
)
Net Cash Used in Operating Activities
(521
)
Cash Flows from Financing Activities:
Proceeds from sale of class B ordinary shares
25,000
Payment of deferred offering costs
(24,479
)
Net Cash Provided by Financing Activities
521
Net Change in Cash
-
Cash, April 20, 2022 (inception)
-
Cash, May 16, 2022
$
-
Supplemental Disclosure of Cash Flow Information:
Deferred offering costs paid by promissory note - related party
$
95,521
The accompanying notes are an integral part
of these financial statements.
F-
6
Table of Contents
Inkstone Feibo Acquisition Corporation
Notes To Financial Statements
Note 1 — Organization, Business Operation and
Going Concern Consideration
Inkstone Feibo Acquisition Corporation (the
"Company") is a newly organized blank check company incorporated as a Delaware corporation on April 20, 2022. The Company
was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar
Business Combination with one or more businesses (the "Business Combination"). The Company has not selected any potential
Business Combination target or initiated any substantive discussions, directly or indirectly, with any potential Business Combination
prospects. The Company has selected December 31 as its fiscal year end.
As of May 16, 2022, the Company had not commenced
any operations. For the period from April 20, 2022 (inception) through May 16, 2022, the Company's efforts have been limited
to organizational activities as well as activities related to the Proposed Public Offering (as defined below). The Company will
not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate
non-operating income in the form of interest income from the proceeds derived from the Proposed Public Offering.
The Company's funders, or initial stockholders,
include the Company's officers, directors and Sponsor. The Company's Sponsor is Inkstone Feibo Sponsor LLC, a Delaware
limited liability company (the "Sponsor"). The Company's ability to commence operations is contingent upon obtaining
adequate financial resources through a proposed public offering (the "Proposed Public Offering," see Note 3) and
a private placement of placement units to the initial shareholders (the "Private Placement," see Note 4).
The Company's initial Business Combination
must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held
in the trust account (excluding deferred underwriting commissions and interest income earned on the trust account that is released
for working capital purposes or to pay taxes) at the time of the agreement to enter into the initial Business Combination. However,
the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires an interest in the target sufficient for the post-transaction company not
to be required to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment
Company Act"). There is no assurance that the Company will be able to complete a Business Combination successfully.
Upon the closing of the Proposed Public offering,
the net proceeds of this offering and the sale of the private units, $10.20 per unit will be placed into a U.S.-based trust account
with Continental Stock Transfer & Trust Company, acting as trustee, and will be invested only in U.S. government treasury bills
with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company
Act which invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held
in the trust account that may be released to pay the Company's tax obligations, the proceeds from this offering and the sale
of the private units that are deposited in the trust account will not be released from the trust account until the earliest to
occur of: (a) the completion of the initial Business Combination, (b) the redemption of any public shares properly submitted in
connection with a shareholder vote to amend the Company's memorandum and articles of association (i) to modify the substance
or timing of the Company's obligation to allow redemption in connection with the initial business combination or to redeem
100% of the Company's public shares if the Company does not complete the initial business combination within 12 months from
the closing of this offering (for a total of up to 18 months to complete a business combination) or (ii) with respect to any other
provision relating to shareholders' rights or pre-initial business combination activity and (c) the redemption of the public
shares if the Company is unable to complete the business combination within 12 months from the closing of this offering, subject
to applicable law (for a total of up to 18 months to complete a business combination). The proceeds deposited in the trust account
could become subject to the claims of the Company's creditors, if any, which could have priority over the claims of the public
shareholders. However, if the Company anticipates that the Company may not be able to consummate the initial business combination
within 12 months from closing of this offering, the Company may, but is not obligated to, extend the period of time to consummate
a business combination two times by an additional three- month period each time (for a total of up to 18 months to complete a business
combination).
The ordinary shares subject to redemption will
be recorded at a redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance
with Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity."
In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001
upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding
shares voted are voted in favor of the Business Combination. The Company will have only 12 months from the closing of this
offering (or up to 18 months from the closing of the Proposed Public Offering if the Company extends the period of time to consummate
a Business Combination in full, as described in more detail in this prospectus), the Company will: (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including
interest earned on the funds held in the trust account and not previously released to the Company for working capital purposes
or to pay the taxes (less up to $75,000 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 the Company's remaining shareholders and board of directors, dissolve and liquidate,
subject in each case to the Company's obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. There will be no redemption rights or liquidating distributions with respect to the warrants, which will
expire worthless if the Company fails to complete the business combination within the 12-month (or up to 18-month, as applicable)
time period.
F-
7
Table of Contents
Inkstone Feibo Acquisition Corporation
Notes To Financial Statements
The founder shares are designated as Class
B ordinary shares and are identical to the Class A ordinary shares included in the units being sold in this offering, and holders
of founder shares and private placement shares have the same shareholder rights as public shareholders, except that: (i) prior
to the Company's initial Business Combination, only holders of the founder shares have the right to vote on the appointment
of directors and holders of a majority of the Company's founder shares may remove a member of the board of directors for
any reason; (ii) the founder shares and private placement shares are subject to certain transfer restrictions, as described in
more detail below; (iii) the Company's initial shareholders have entered into a letter agreement with us, pursuant to which
they have agreed to waive: (a) their redemption rights with respect to their founder shares, private placement shares and any public
shares held by them in connection with the completion of the Company's initial Business Combination (and not seek to sell
its shares to the Company in any tender offer the Company undertake in connection with its initial Business Combination); (b) their
redemption rights with respect to their founder shares, private placement shares and any public shares held by them in connection
with a shareholder vote to approve an amendment to the Company's memorandum and articles of association (X) that would affect
the Company's public shareholders' ability to convert or sell their shares to the Company in connection with a Business
Combination as described herein or to modify the substance or timing of the Company's obligation to redeem 100% of the Company's
public shares if the Company does not complete the initial Business Combination within 12 months from the closing of this offering
(or up to 18 months including three-month automatic extension period from the closing of this offering if the Company extends the
period of time to consummate a Business Combination in full) or (Y) with respect to any other provision relating to shareholders'
rights or pre-initial Business Combination activity; and (c) their rights to liquidating distributions from the trust account with
respect to any founder shares or private placement shares they hold if the Company fail to complete its initial Business Combination
within 12 months (or up to 18 months including three-month automatic extension period from the closing of this offering if the
Company extends the period of time to consummate a Business Combination in full) from the closing of this offering (although they
will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if the Company
fail to complete its initial Business Combination within the prescribed time frame); (iv) the founder shares will automatically
convert into the Company's Class A ordinary shares as described below and (v) the founder shares and private placement shares
are entitled to registration rights. In addition, the Company's directors and officers have also entered into the letter
agreement with respect to public shares acquired by them, if any.
The founder shares will automatically convert
into Class A ordinary shares on the first business day following the completion of the Company's initial Business Combination
on a one-for-one basis, subject to adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked
securities convertible or exercisable for Class A ordinary shares, are issued or deemed issued in excess of the amounts issued
in this offering and related to the closing of the Company's initial Business Combination, the ratio at which founder shares
will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary
shares then in issue) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will
equal, in the aggregate, on an as-converted basis, 20% of the sum of the Company's ordinary shares issued and outstanding
upon the completion of this offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued
in connection with the Company's initial Business Combination (net of redemptions), excluding the private placement shares
underlying the private placement units, any shares underlying units issued upon conversion of working capital loans and any Class
A ordinary shares or equity-linked securities issued, or to be issued, to any seller in the Company's initial Business Combination.
The Sponsor has agreed that it will be liable
to the Company if and to the extent any claims by a third party (other than the Company's registered public accounting firm)
for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering
into a transaction agreement, reduce the amounts in the trust account to below the lesser of (i) $10.20 per public share and (ii)
the actual amount per public share held in the trust account as of the date of the liquidation of the trust account if less than
$10.20 per public share due to reductions in the value of the trust assets, in each case net of the interest that may be withdrawn
to pay the Company's tax obligations, provided that such liability will not apply to any claims by a third-party or prospective
target business that executed a waiver of any and all rights to seek access to the trust account nor will it apply to any claims
under the indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the sponsor will not be
responsible to the extent of any liability for such third party claims.
F-
8
Table of Contents
Inkstone Feibo Acquisition Corporation
Notes To Financial Statements
Going
Concern Consideration
As of May 16, 2022, the Company had a working
capital deficiency of $95,521. The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition
plans. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's
plans to address this need for capital through the Proposed Public Offering are discussed in Note 3. There is no assurance
that the Company's plans to raise capital or to consummate a Business Combination will be successful or successful within
the Combination Period. On May 12, 2022, the Sponsor agreed to loan the Company up to an aggregate amount of $500,000 as discussed
in Note 5 to be used, in part, for transaction costs incurred in connection with the Proposed Public Offering. The financial
statements do not include any adjustments that might result from the Company's inability to consummate the Proposed Public
Offering or a Business Combination to continue as a going concern.
Note 2 — Significant accounting
policies
Basis of Presentation
The accompanying financial statements are presented
in conformity with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant
to the rules and regulations of the SEC.
Emerging Growth Company Status
The Company is an "emerging growth company,"
as defined in Section 2(a) of the Securities Act of 1933, as amended, (the "Securities Act"), as
modified by the Jumpstart The Company's Business Startups Act of 2012, (the "JOBS Act"), and it may
take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are
not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic
reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation
and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the
JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a
class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to
opt out of such extended transition period which means that when a standard is issued or revised and it has different application
dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the
time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using
the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period.
Making estimates requires management to exercise
significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the financial statements, which management considered in formulating its estimate, could change in
the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those
estimates.
Cash and Cash Equivalents
The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents
as of May 16, 2022.
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Inkstone Feibo Acquisition Corporation
Notes To Financial Statements
Deferred Offering Costs
Deferred offering costs consist of underwriting,
legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering
and that will be charged to shareholders' equity upon the completion of the Proposed Public Offering. Should the Proposed
Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged
to operations.
Net Loss Per Ordinary Share
Net loss per ordinary share is computed by
dividing net loss by the weighted average number of Class B ordinary shares outstanding during the period, excluding ordinary
share subject to forfeiture by the Sponsor. Weighted average shares were reduced for the effect of an aggregate of 225,000 ordinary
shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 5). At May
16, 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into ordinary share and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss
per share for the period presented.
Class A ordinary shares Subject to Possible
Redemption
The Company accounts for its class A ordinary
shares subject to possible redemption in accordance with the guidance in ASC Topic 480 "Distinguishing Liabilities from Equity."
Common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value.
Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control
of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) are
classified as temporary equity. At all other times, common stock are classified as stockholders' equity. The Company's
public shares feature certain redemption rights that are considered to be outside of the Company's control and subject to
occurrence of uncertain future events.
Concentration of Credit Risk
Financial instruments that potentially subject
the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
Fair Value of Financial Instruments
The fair value of the Company's assets
and liabilities, which qualify as financial instruments under ASC Topic 820, "Fair Value Measurements and Disclosures,"
approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.
Income Taxes
The Company accounts for income taxes under
ASC 740 Income Taxes ("ASC 740"). ASC 740 requires the recognition of deferred tax assets and liabilities for both
the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected
future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance
to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.
ASC 740 also clarifies the accounting for uncertainty
in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement
process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For
those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure
and transition.
The Company recognizes accrued interest and
penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued
for interest and penalties as of May 16, 2022. The Company is currently not aware of any issues under review that could result
in significant payments, accruals or material deviation from its position.
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Inkstone Feibo Acquisition Corporation
Notes To Financial Statements
The Company has identified the United States
as its only "major" tax jurisdiction.
The Company may be subject to potential examination
by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the
timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax
laws. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.
The provision for income taxes was deemed to
be immaterial for the period from April 20, 2022 (inception) through May 16, 2022.
Recent Accounting Pronouncements
Management does not believe that any recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial
statements.
Note 3 — Proposed Public
Offering
Pursuant to the Proposed Public Offering, the
Company intends to offer for sale 6,000,000 Units, (or 6,900,000 Units if the underwriters' over-allotment
option is exercised in full). Each unit has an offering price of $10.00 and consists of one whole share of Class A common stock
and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one share of the Class A common stock at
a price of $11.50 per share. A warrant holder may exercise its warrants only for a whole number of shares of Class A common stock.
This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade.
The Class A common stock and warrants comprising
the units will begin separate trading on the 52nd day following the date of this prospectus unless the representatives inform the
Company of their decision (based upon, among other things, their assessment of the relative strengths of the securities markets,
of comparably capitalized companies and of blank check companies in general, and the trading pattern of, and demand for, our securities
in particular) to allow earlier separate trading, subject to the Company having filed the Current Report on Form 8-K described
below and having issued a press release announcing when such separate trading will begin. Once the shares of Class A common stock
and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the
component securities.
Note 4 — Private Placement
The Sponsor has committed, pursuant to a written
agreement, to purchase an aggregate of 414,000 (or 450,000 if the over-allotment option is exercised in full) units, or the "private
units", at $10.00 per unit ($4,140,000 in the aggregate or $4,500,000 in the aggregate if the over-allotment option is exercised
in full) in a private placement that will occur simultaneously with the closing of this offering. Each private unit consists of
one share of Class A common stock, and one-half of one warrant.
The private units are identical to the units
sold in this offering. However, the holder of the private units will be entitled to registration rights. In addition, the private
units and the underlying securities may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder
until 30 days after the completion of the initial business combination.
Note 5 — Related Party Transactions
Founder Shares
On May 13, 2022, the Company's Chief Financial
Officer and sponsor acquired an aggregate of 1,725,000 shares of Class B common stock for an aggregate purchase price of $25,000, or the
"founder shares,", of which: (i) Xuedong (Tony) Tian, the Chief Financial Officer and Director Nominee, acquired 60,000 shares
of Class B common stock, for a purchase price of $869.57; and (iii) the sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000 shares
of Class B common stock, for a purchase price of $24,130.43. These founder shares include an aggregate of up to 225,000 founder shares
that are subject to forfeiture, including up to: (i)7,826 shares of Class B common stock under Mr. Tian's ownership, and (iii) 217,174
shares of Class B common stock under the sponsor's ownership, to the extent that the underwriters' over-allotment option is
not exercised in full or in part, so that founder shares will represent 20% of the issued and outstanding shares after this offering (excluding
the sale of the private unites and assuming the founders do not purchase public shares in this offering). If the Company increases or
decreases the size of the offering, the Company will effect a stock dividend or share contribution back to capital, as applicable, immediately
prior to the consummation of the Proposed Public Offering in such amount as to maintain the Founder Share ownership of the Company's
shareholders prior to the Proposed Public Offering at 20% of the Company's issued and outstanding common stock upon the consummation
of the Proposed Public Offering.
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Inkstone Feibo Acquisition Corporation
Notes To Financial Statements
The Initial Shareholders have agreed, subject
to limited exceptions, not to transfer, assign or sell 50% of their founder shares until the earlier to occur of: (A) six months
after the date of the consummation of the initial business combination, or (B) the date on which the closing price of the Class
A common stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the initial business combination and the remaining 50%
of the founder shares may not be transferred, assigned or sold until six months after the date of the consummation of the initial
business combination, or earlier, in either case, if, subsequent to the initial business combination, the Company consummate a
subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders having the
right to exchange their shares for cash, securities or other property.
Promissory Note — Related
Party
On May 12, 2022, the Sponsor has agreed to
loan the Company up to $500,000 to be used for a portion of the expenses of this offering. As of May 16, 2022, the Company has
an outstanding loan balance of $95,521.
This loan is non-interest bearing, unsecured
and is due at the earlier of (1) May 12, 2023 or (2) the date on which the Company consummates an initial public offering
of its securities. The loan will be repaid upon the closing of the Proposed Public Offering out of the offering proceeds that has
been allocated to the payment of offering expenses.
Working Capital Loans
In addition, in order to finance transaction
costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the
Company's officers and directors may, but are not obligated to, loan the Company funds as may be required. Any such loans
would be on an interest-free basis and would be repaid only from funds held outside the trust account or from funds released to
the Company upon completion of the Company's initial Business Combination. Up to $3,000,000 of such loans may be convertible
into units at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private placement units
issued to the Sponsor. The Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor
as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights
to seek access to funds in the Company's trust account.
As of May 16, 2022, the Company had no borrowings
under the working capital loans.
Note 6 — Commitments &
Contingencies
Risks and Uncertainties
Management is currently evaluating the impact
of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative
effect on the Company's financial position, results of its operations and/or search for a target company, the specific impact
is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Registration Rights
he holders of the founder shares and private
placement units (and any securities underlying the private placement units and Class A ordinary shares that may be issued upon
conversion of the founder shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed
prior to or on the effective date of this offering requiring the Company to register such securities for resale. The holders of
these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company registers
such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration
statements filed subsequent to the Company's completion of its initial Business Combination and rights to require the Company
to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement
provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination
of the applicable lock-up period, which occurs (1) in the case of the founder shares, until the earlier to occur of (i) three months
after the date of the consummation of the Company's initial Business Combination or (ii) the date on which the Company consummates
a liquidation, merger, share exchange or other similar transaction which results in all of the Company's shareholders having
the right to exchange their Class A ordinary shares for cash, securities or other property. Notwithstanding the foregoing, (x)
if the closing price of the Company's Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions,
share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
150 days after the consummation of the Company's initial Business Combination or (y) following the Company's initial
Business Combination, on the date on which the Company completes a liquidation, merger, share exchange or other similar transaction
that results in all of the Company's shareholders having the right to exchange their ordinary shares for cash, securities
or other property, the founder shares will no longer be subject to such transfer restrictions, and (2) in the case of the private
placement units and the securities underlying such units, 30 days after the completion of the Company's initial Business
Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
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Inkstone Feibo Acquisition Corporation
Notes To Financial Statements
Underwriters Agreement
The underwriting agreement provides that the
underwriters are obligated to purchase all the units in this offering if any are purchased, other than those units covered by the
over-allotment option described below.
The Company has granted to the underwriters
a 45-day option to purchase up to 900,000 additional units at the initial public offering price, less the underwriting discounts
and commissions. The option may be exercised only to cover any over-allotments of units.
The Company expects to pay an underwriting
discount of 2.00% of the gross proceeds of the Proposed Public Offering, or $1,200,000 (or up to $1,380,000 if the underwriters'
over-allotment is exercised in full) to the underwriters at the closing of the Proposed Offering.
The Company will pay the underwriters a cash
fee (the "Deferred Underwriting Fee") upon the consummation of the Company's initial Business Combination of
3.50% ($2,100,000 or up to $2,415,500 if the underwriters' over-allotment is exercised in full), in the aggregate, of the
gross proceeds of the offering including the gross proceeds from the full or partial exercise of the underwriters' over-allotment
option.
Note 7 — Shareholder's
Equity
Preference Shares
— The
Company is authorized to issue 1,000,000 preference shares, $0.0001 par value, with such designations, voting and other rights
and preferences as may be determined from time to time by the Company's board of directors. As of May 16, 2022, there were
no preference shares issued or outstanding.
Class A Ordinary Shares
— The
Company is authorized to issue 21,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of May 16, 2022,
there were no Class A ordinary shares issued or outstanding.
Class B Ordinary Shares —
The
Company is authorized to issue 3,000,000 Class B ordinary shares with a par value of $0.0001 per share. At May 16, 2022, there
were 1,725,000 Class B ordinary shares issued and outstanding. Of the 1,725,000 Class B ordinary shares, an aggregate of 225,000
shares are subject to forfeiture depending on the extent to which the underwriters' over-allotment option is exercised.
Ordinary shareholders of record are entitled
to one vote for each share held on all matters to be voted on by shareholders. Except as described below, 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 the Company's
shareholders except as required by law. Unless specified in the Company's 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 the Company's ordinary shares that are voted is required to approve any such matter voted on by the Company's
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 Company's ordinary shares that are voted, and pursuant to the amended and restated memorandum
and articles of association; such actions include amending the amended and restated memorandum and articles of association and
approving a statutory merger or consolidation with another company. The Company's 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. The shareholders are entitled to receive
ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. Prior to the initial
business combination, (i) only holders of the Company's founder shares will have the right to vote on the appointment of
directors and (ii) in a vote to continue the Company in a jurisdiction outside the Cayman Islands (which requires the approval
of at least two thirds of the votes of all ordinary shares voted at a general meeting), holders of the Company's Class B
ordinary shares will have ten votes for every Class B ordinary share and holders of the Company's Class A ordinary shares
will have one vote for every Class A ordinary share. These provisions of the Company's amended and restated memorandum and
articles of association may only be amended by a special resolution passed by not less than 90% of the Company's ordinary
shares who attend and vote at the Company's general meeting which shall include the affirmative vote of a simple majority
of the Company's Class B ordinary shares. Holders of the Company's public shares will not be entitled to vote on the
appointment of directors prior to the initial business combination. In addition, prior to the completion of an initial business
combination, holders of a majority of the Company's founder shares may remove a member of the board of directors for any
reason. In connection with the initial business combination, the Company may enter into a shareholders agreement or other arrangements
with the shareholders of the target with respect to voting and other corporate governance matters following completion of the initial
business combination.
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Inkstone Feibo Acquisition Corporation
Notes To Financial Statements
Warrants
— Each
whole warrant entitles the registered holder to purchase one whole share of the Company's common stock at a price of $11.50
per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of the Proposed
Public Offering or the completion of the initial Business Combination. Pursuant to the warrant agreement, a warrant holder may
exercise its warrants only for a whole number of shares of common stock. This means that only a whole warrant may be exercised
at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants
will trade. The warrants will expire five years after the completion of the Company's initial Business Combination, or earlier
upon redemption or liquidation.
As
of May 16, 2022, no warrants were outstanding. The Company will account for warrants as equity instruments
in
accordance with ASC 815, Derivatives and Hedging, based on the specifics terms of the warrant agreement.
The Company has agreed that as soon as practicable,
but in no event later than 30 business days, after the closing of the initial business combination, the Company will use its commercially
reasonable 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, and the Company will use its commercially reasonable efforts to cause the
same to become effective within 60 business days after the closing of the initial business combination, and to maintain the effectiveness
of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or
are redeemed, as specified in the warrant agreement; provided that if the Company's 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, the Company may, at the Company's 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 the Company so elects, the Company will not be required to file or maintain in effect a registration
statement, and the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue
sky laws to the extent an exemption is not available. 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 the initial business combination,
warrant holders may, until such time as there is an effective registration statement and during any period when the Company 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, and the Company will use its commercially reasonably efforts to
register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Once the warrants become exercisable, the Company
may redeem the outstanding 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 to each warrant holder; and
•          if,
and only if, the closing price of the Class A ordinary shares equals or exceeds $16.50 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 "-Warrants-Public
Shareholders' Warrants-Anti-dilution Adjustments") for any 20 trading days within a 30-trading day period ending three
trading days before the Company sends the notice of redemption to the warrant holders).
Note 8 — Subsequent Events
The Company evaluated subsequent events and
transactions that occurred after the balance sheet date through
May 27, 2022
when the
financial statements were issued. Based on this review, the Company did not identify any subsequent events that would require adjustment
or disclosure in the financial statements.
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6,000,000 Units
Inkstone Feibo Acquisition Corporation
_______________________________
PRELIMINARY PROSPECTUS
_______________________________
Sole Book-Running Manager
Tiger Brokers
,
2022
Until
,
2022 (25 days after the date of this prospectus), all dealers that buy, sell or trade shares of our common stock, whether
or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation
to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.
Table of Contents
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13.
Other Expenses of Issuance
and Distribution
.
The estimated expenses
payable by us in connection with the offering described in this registration statement (other than the underwriting discounts and
commissions) will be as follows:
Legal fees and expenses
$
250,000
Nasdaq listing fee
85,000
SEC registration fee
6,396
FINRA filing fee
10,850
Printing and engraving expenses
40,000
Accounting fees and expenses
80,000
D&O insurance
350,000
Miscellaneous expenses
267,754
Total offering expenses (excluding underwriting commissions)
$
1,090,000
(1)
This amount represents the approximate amount of annual director and officer liability insurance
premiums the registrant anticipates paying following the completion of its initial public offering and until it completes a business
combination.
Item 14.
Indemnification of
Directors and Officers
.
Our amended and restated
certificate of incorporation will provide that all of our directors, officers, employees and agents shall be entitled to be indemnified
by us to the fullest extent permitted by Section 145 of the Delaware General Corporation Law ("DGCL").
Section 145 of
the DGCL concerning indemnification of officers, directors, employees and agents is set forth below.
Section 145. Indemnification
of officers, directors, employees and agents; insurance.
(a)
A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action,
suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in
good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.
(b)
A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or
was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by the person
in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be
made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.
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(c)
To the extent that a present or former director or officer of a corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of this
section, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys'
fees) actually and reasonably incurred by such person in connection therewith.
(d)
Any indemnification under subsections (a) and (b) of this section (unless ordered by
a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of
the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable
standard of conduct set forth in subsections (a) and (b) of this section. Such determination shall be made, with respect
to a person who is a director or officer of the corporation at the time of such determination, (1) by a majority vote of the
directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of
such directors designated by majority vote of such directors, even though less than a quorum, or (3) if there are no such
directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the shareholders.
(e)
Expenses (including attorneys' fees) incurred by an officer or director of the corporation
in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in
advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director
or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the
corporation as authorized in this section. Such expenses (including attorneys' fees) incurred by former officers and directors
or other employees and agents of the corporation or by persons serving at the request of the corporation as directors, officers,
employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms
and conditions, if any, as the corporation deems appropriate.
(f)
The indemnification and advancement of expenses provided by, or granted pursuant to, the other
subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement
of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to
action in such person's official capacity and as to action in another capacity while holding such office. A right to indemnification
or to advancement of expenses arising under a provision of the amended and restated certificate of incorporation or a bylaw shall
not be eliminated or impaired by an amendment to the then existing amended and restated certificate of incorporation or the bylaws
after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action,
suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of
such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.
(g)
A corporation shall have power to purchase and maintain insurance on behalf of any person who is
or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as
such, whether or not the corporation would have the power to indemnify such person against such liability under this section.
(h)
For purposes of this section, references to "the corporation" shall include, in addition
to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers,
and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation,
or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, shall stand in the same position under this section with respect to the
resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence
had continued.
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(i)
For purposes of this section, references to "other enterprises" shall include employee
benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee
benefit plan; and references to "serving at the request of the corporation" shall include any service as a director,
officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee
or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and
in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner "not opposed to the best interests of the corporation" as referred to
in this section.
(j)
The indemnification and advancement of expenses provided by, or granted pursuant to, this section
shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
(k)
The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions
for advancement of expenses or indemnification brought under this section or under any bylaw, agreement, vote of shareholders or
disinterested directors, or otherwise. The Court of Chancery may summarily determine a corporation's obligation to advance
expenses (including attorneys' fees).
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant
to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment of expenses incurred or paid by a director, officer or controlling person in a
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to the court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.
In accordance with Section 102(b)(7) of
the DGCL, our amended and restated certificate of incorporation, will provide that no director shall be personally liable to us
or any of our shareholders for monetary damages resulting from breaches of their fiduciary duty as directors, except to the extent
such limitation on or exemption from liability is not permitted under the DGCL unless they violated their duty of loyalty to the
Company or its shareholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends,
unlawful stock purchases or unlawful redemptions, or derived improper personal benefit from their actions as directors. The effect
of this provision of our amended and restated certificate of incorporation will be to eliminate our rights and those of our shareholders
(through shareholders' derivative suits on our behalf) to recover monetary damages against a director for breach of the fiduciary
duty of care as a director, including breaches resulting from negligent or grossly negligent behavior, except, as restricted by
Section 102(b)(7) of the DGCL. However, this provision does not limit or eliminate our rights or the rights of any
shareholder to seek non-monetary relief, such as an injunction or rescission, in the event of a breach of a director's duty
of care.
If the DGCL is amended
to authorize corporate action further eliminating or limiting the liability of directors, then, in accordance with our amended
and restated certificate of incorporation, the liability of our directors to us or our shareholders will be eliminated or limited
to the fullest extent authorized by the DGCL, as so amended. Any repeal or amendment of provisions of our then existing amended
and restated certificate of incorporation limiting or eliminating the liability of directors, whether by our shareholders or by
changes in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective
only, except to the extent such amendment or change in law permits us to further limit or eliminate the liability of directors
on a retroactive basis.
Our amended and restated
certificate of incorporation also will provide that we will, to the fullest extent authorized or permitted by applicable law, indemnify
our current and former officers and directors, as well as those persons who, while directors or officers of our corporation, are
or were serving as directors, officers, employees or agents of another entity, trust or other enterprise, including service with
respect to an employee benefit plan, in connection with any threatened, pending or completed proceeding, whether civil, criminal,
administrative or investigative, against all expense, liability and loss (including, without limitation, attorney's fees,
judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by any such
person in connection with any such proceeding. Notwithstanding the foregoing, a person eligible for indemnification pursuant to
our amended and restated certificate of incorporation will be indemnified by us in connection with a proceeding initiated by such
person only if such proceeding was authorized by our board of directors, except for proceedings to enforce rights to indemnification.
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The right to indemnification
conferred by our amended and restated certificate of incorporation is a contract right that includes the right to be paid by us
the expenses incurred in defending or otherwise participating in any proceeding referenced above in advance of its final disposition,
provided, however, that if the DGCL requires, an advancement of expenses incurred by our officer or director (solely in the capacity
as an officer or director of our corporation) will be made only upon delivery to us of an undertaking, by or on behalf of such
officer or director, to repay all amounts so advanced if it is ultimately determined that such person is not entitled to be indemnified
for such expenses under our amended and restated certificate of incorporation or otherwise.
The rights to indemnification
and advancement of expenses will not be deemed exclusive of any other rights which any person covered by our amended and restated
certificate of incorporation may have or hereafter acquire under law, our amended and restated certificate of incorporation, our
bylaws, an agreement, vote of shareholders or disinterested directors, or otherwise.
Any repeal or amendment
of provisions of our then existing amended and restated certificate of incorporation affecting indemnification rights, whether
by our shareholders or by changes in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise
required by law) be prospective only, except to the extent such amendment or change in law permits us to provide broader indemnification
rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection existing at the time
of such repeal or amendment or adoption of such inconsistent provision with respect to any act or omission occurring prior to such
repeal or amendment or adoption of such inconsistent provision. Our amended and restated certificate of incorporation also will
permit us, to the extent and in the manner authorized or permitted by law, to indemnify and to advance expenses to persons other
than those specifically covered by our amended and restated certificate of incorporation.
Our bylaws include the
provisions relating to advancement of expenses and indemnification rights consistent with those set forth in our amended and restated
certificate of incorporation. In addition, our bylaws provide for a right of indemnity to bring a suit in the event a claim for
indemnification or advancement of expenses is not paid in full by us within a specified period of time. Our bylaws also permit
us to purchase and maintain insurance, at our expense, to protect us and/or any director, officer, employee or agent of our corporation
or another entity, trust or other enterprise against any expense, liability or loss, whether or not we would have the power to
indemnify such person against such expense, liability or loss under the DGCL.
Any repeal or amendment
of provisions of our bylaws affecting indemnification rights, whether by our board of directors, shareholders or by changes in
applicable law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective
only, except to the extent such amendment or change in law permits us to provide broader indemnification rights on a retroactive
basis, and will not in any way diminish or adversely affect any right or protection existing thereunder with respect to any act
or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.
We will enter into indemnity
agreements with each of our officers and directors, a form of which is to be filed as an exhibit to this Registration Statement.
These agreements will require us to indemnify these individuals to the fullest extent permitted under Delaware law and to advance
expenses incurred as a result of any proceeding against them as to which they could be indemnified.
Pursuant to the Underwriting
Agreement to be filed as Exhibit 1.1 to this Registration Statement, we have agreed to indemnify the underwriters and the
underwriters have agreed to indemnify us against certain civil liabilities that may be incurred in connection with this offering,
including certain liabilities under the Securities Act.
Item 15.
Recent Sales of Unregistered
Securities.
On May 13, 2022, our Chief Financial
Officer and sponsor acquired an aggregate of 1,725,000 shares of Class B common stock for an aggregate purchase price of $25,000,
or the "founder shares," from us, of which: (i) Xuedong (Tony) Tian, our Chief Financial Officer and Director, acquired 60,000
shares of Class B common stock, for a purchase price of $869.57; and (iii) our sponsor, Inkstone Feibo Sponsor LLC, acquired 1,665,000
shares of Class B common stock, for a purchase price of $24,130.43
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These founder shares
include an aggregate of up to 225,000 founder shares that are subject to forfeiture, including up to: (i)7,826 shares of Class B
common stock under Mr. Tian's ownership, and (iii)  217,174 shares of Class B common stock under the sponsor's
ownership, to the extent that the underwriters' over-allotment option is not exercised in full or in part, so that founder
shares will represent 20% of our issued and outstanding shares after this offering (excluding the sale of the private unites and
assuming our founders do not purchase public shares in this offering). None of our founders has indicated any intention to purchase
public shares in this offering. The number of founder shares issued was determined based on the expectation that the founder shares
would represent 20% of the outstanding shares of common stock upon completion of this offering (excluding the sale of the private
units and assuming our founders do not purchase public shares in this offering). Such securities were issued to our founders in
connection with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act.
In addition, our sponsor
has committed, pursuant to a written agreement, to purchase from us an aggregate of 414,000 (or 450,000 if the underwriters'
over-allotment option is exercised in full) private units at $10.00 per share (for an aggregate purchase price of $4,140,000 (or
$4,500,000 if the underwriters' over-allotment option is exercised in full)). This purchase will take place on a private
placement basis simultaneously this offering and the exercise of the over-allotment option by underwriters, if any. The issuance
will be made to our founders pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act. No underwriting discounts or commissions were paid with respect to such sales.
Item 16.
Exhibits and Financial
Statement Schedules.
(a)
Exhibits. The list of exhibits following the signature page of this registration statement
is incorporated herein by reference.
(b)
Financial Statements. See page F-1 for an index to the financial statements and schedules
included in the registration statement.
Item 17.
Undertakings
.
(a)
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified
in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters
to permit prompt delivery to each purchaser.
(b)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.
(c)
The undersigned registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities Act of 1933, the information
omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained
in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities
Act shall be deemed to be part of this registration statement as of the time it was declared effective.
(2)
For the purpose of determining any liability under the Securities Act of 1933, each post-effective
amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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EXHIBIT INDEX
Exhibit No.
Description
1.1
Form of Underwriting Agreement.
3.1
Certificate of Incorporation.
3.2
First Amended and Restated Certificate of Incorporation.
3.3
Bylaws.
4.1
Specimen Unit Certificate.
4.2
Specimen Common Stock Certificate.
4.3
Specimen Warrant Certificate.
4.4
Form
    of Warrant Agreement between Continental Stock Transfer & Trust Company and the Registrant.
5.1
Opinion of Robinson & Cole LLP.
10.1
Promissory Note,
    dated May 12, 2022, issued to Inkstone Feibo Acquisition Sponsor LLC.
10.2
Form of Letter Agreement among the Registrant and Initial Shareholders.
10.3
Form
    of Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the
    Registrant.
10.4
Form of Registration Rights Agreement among the Registrant and certain security holders.
10.5
Securities Subscription Agreement, between the Registrant and the sponsor dated May 13, 2022.
10.6
Securities Subscription Agreement, between the Registrant and Xuedong (Tony) Tian dated May
    13, 2022.
10.7
Form of Private Placement Units Purchase Agreement between the Registrant and the Sponsor.
10.8
Form of Indemnity Agreement.
10.9
Form of Securities Transfer Agreement.
14.1
Form of Code of Ethics.
23.1
Consent of F
riedman
LLP.
23.2
Consent of Robinson & Cole LLP (included in Exhibit 5.1).
99.1
Form of Audit Committee Charter.
99.2
Form of Compensation Committee Charter.
99.3
Consent of Kevin
Vassily.
99.4
Consent of Hanzhong Li.
99.5
Consent of Teng-Wei Chen.
107
Filing Fee Exhibit.
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SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form S-1 to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wilmington, Delaware, on the 27th day of May, 2022.
Inkstone Feibo Acquisition Corp.
By:
/s/ I-Fa Chang
I-Fa Chang
Chief Executive Officer
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POWER OF ATTORNEY
KNOW ALL MEN BY THESE
PRESENTS, that each person whose signature appears below constitutes and appoints I-Fa Chang as true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and
all capacities to sign any and all amendments including post-effective amendments to this registration statement, and to file the
same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary
to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent or his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons
in the capacities and on the dates indicated.
Name
Position
Date
/s/ I-Fa Chang
Chief Executive Officer
May 27, 2022
I-Fa Chang
(Principal Executive Officer)
/s/ Xuedong (Tony) Tian
Chief Financial Officer
May 27, 2022
Xuedong (Tony) Tian
(Principal Financial and Accounting Officer)
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