<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the U.S. Securities and Exchange
Commission on February 28, 2022</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Registration No.&nbsp;333-&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">UNITED STATES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">FORM&nbsp;S-1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">REGISTRATION
STATEMENT</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNDER<BR>
THE SECURITIES ACT OF 1933</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: italic bold 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">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Denali Capital Acquisition Corp.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 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">&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: 33%; text-align: center; font-weight: bold">Cayman Islands</TD>
    <TD STYLE="width: 34%; text-align: center; font-weight: bold">6770</TD>
    <TD STYLE="width: 33%; text-align: center; font-weight: bold">N/A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-weight: bold">(State or other jurisdiction of<BR>
incorporation or organization)</TD>
    <TD STYLE="text-align: center; font-weight: bold">(Primary Standard Industrial<BR>
Classification Code Number)</TD>
    <TD STYLE="text-align: center; font-weight: bold">(I.R.S. Employer<BR>
Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">437 Madison Avenue, 27<SUP>th</SUP> Floor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10022<BR>
Telephone: 646-978-5180<BR>
(Address, including zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices)</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Denali Capital Acquisition Corp.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">437 Madison Avenue, 27<SUP>th</SUP> Floor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10022<BR>
Telephone: 646-978-5180<BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Copies:</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: 50%; font-size: 10pt; text-align: center; font-weight: bold">David Ni<BR>
Sidley Austin LLP<BR>
787 Seventh Avenue<BR>
New York, New York 10019<BR>
Telephone: (212) 839-5900</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Michael J. Blankenship<BR>
        Winston &amp; Strawn LLP</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">800 Capitol Street, Suite 2400</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Houston, Texas 77002<BR>
        Telephone: (713) 651-2600</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><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: 0"><B>&nbsp;</B></P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Approximate date of commencement of proposed sale to the public:</B>
As soon as practicable after the effective date of this registration statement.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">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 of 1933 check the following box:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">If this Form&nbsp;is filed to register additional securities for
an offering pursuant to Rule&nbsp;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.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">If this Form&nbsp;is a post-effective amendment filed pursuant to
Rule&nbsp;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.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">If this Form&nbsp;is a post-effective amendment filed pursuant to
Rule&nbsp;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.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">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) of the Securities Act. <FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="text-indent: 0.5in; font: bold 10pt Times New Roman, Times, Serif; margin: 0">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) 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&nbsp;8(a), may determine.</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: red; margin: 0">The information in this preliminary 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 preliminary prospectus is not an offer to sell these securities and it is not soliciting
an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</P>

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

<P STYLE="color: red; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SUBJECT TO COMPLETION,
DATED&nbsp;FEBRUARY 28, 2022</P>

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

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

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

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Denali Capital Acquisition Corp.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">$75,000,000</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">7,500,000
Units</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Denali Capital Acquisition Corp. is a blank check
company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses or entities, which we refer to as our
initial 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 with respect to an initial
business combination with us. While we will not be limited to a particular industry or geographic region in our identification
and acquisition of a target company, we will not complete our initial business combination with a target that is headquartered
in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This is an initial public offering of our securities.
Each unit has an offering price of $10.00 and consists of one Class&nbsp;A ordinary share and one-half of one redeemable warrant.
Each whole warrant entitles the holder thereof to purchase one Class&nbsp;A ordinary share at a price of $11.50 per share, subject
to adjustment, terms and limitations as described herein. Only whole warrants are exercisable. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade. The warrants will become exercisable on the later of 30 days after
the completion of our initial business combination or 15 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 our liquidation. The underwriters have a 45-day
option from the date of this prospectus to purchase up to 1,125,000 additional units to cover over-allotments, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide our public shareholders with the
opportunity to redeem all or a portion of their Class&nbsp;A ordinary shares upon the completion of our initial business combination,
subject to the limitations as described herein. If we have not consummated an initial business combination within 15 months from
the closing of this offering (or (i) up to 21 months from the closing of this offering, if we extend the period of time to consummate
a business combination subject to our sponsor depositing additional funds into the trust account, or (ii) during any shareholder
approved extension period, as described in more detail in this prospectus), we will redeem 100% of the public shares, subject to
applicable law and certain conditions as described herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor, Denali Capital Global Investments
LLC, has agreed to purchase 330,000 private placement units, at a price of $10.00 per unit (or 352,500 private placement units
if the underwriters exercise their over-allotment option in full), in a private placement to occur concurrently with the closing
of this offering. Each private placement unit will be identical to the units sold in this offering, except as described in this
prospectus. We refer to these units as the private placement units throughout this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our initial shareholders, which include our sponsor,
currently own 2,156,250 Class&nbsp;B ordinary shares, up to 281,250 of which are subject to forfeiture depending on the extent
to which the underwriters&rsquo; over-allotment option is exercised. The Class&nbsp;B ordinary shares will automatically convert
into Class&nbsp;A ordinary shares at the time of our initial business combination. Prior to our initial business combination,
only holders of our Class&nbsp;B ordinary shares will be entitled to vote on the appointment of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Currently, there is no public market for
our securities. We intend to apply to have our units listed on the Nasdaq Global Market (&ldquo;Nasdaq&rdquo;), under the
symbol &ldquo;DECAU.&rdquo; We cannot guarantee that our securities will be approved for listing on Nasdaq. We expect that
the Class&nbsp;A ordinary shares and warrants comprising the units will begin separate trading on Nasdaq under the
symbols &ldquo;DECA&rdquo; and &ldquo;DECAW,&rdquo; respectively, on the 52nd day following the date of this prospectus (or,
if such date is not a business day, the following business day) unless the representatives (defined below) inform us of
their decision to permit earlier separate trading and we have satisfied certain conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are an &ldquo;emerging growth company&rdquo;
under applicable federal securities laws and will be subject to reduced public company reporting requirements.</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Investing in our securities involves a high
degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 34 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: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) 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>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; 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="white-space: nowrap; 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%">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10.00</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">75,000,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Underwriting discounts and commissions<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.55</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,125,000</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="text-align: left">Proceeds, before expenses, to us</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.45</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70,875,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Includes (i) $0.35 per unit, or $2,625,000 in the aggregate (or $3,018,750 in the aggregate
                                                                              if the over-allotment option is exercised in full), payable to the underwriters for deferred underwriting commissions to be
                                                                              placed in a trust account located in the United States, as described herein, and (ii) $0.20 per unit, or $1,500,000 in the
                                                                              aggregate (or $1,725,000 in the aggregate if the over-allotment option is exercised in full), payable to the
                                                                              underwriters upon the closing of this offering. The amounts in the trust account will be released to the underwriters only
                                                                              upon the consummation of an initial business combination. See also &ldquo;Underwriting&rdquo; for a description of
                                                                              compensation and other items of value payable to the underwriters. Of the proceeds we receive from this offering and the sale
                                                                              of the private placement units described in this prospectus, $75,000,000, or $86,250,000 if the underwriters&rsquo;
                                                                              over-allotment option is exercised in full ($10.00 per unit in either case), will be deposited into a U.S. based trust
                                                                              account with Wilmington Trust, National Association acting as trustee, after deducting $1,500,000 (or $1,725,000 if the
                                                                              underwriters exercise their over-allotment option in full) in underwriting discounts and commissions payable upon the closing
                                                                              of this offering and an aggregate of $1,800,000 to pay fees and expenses in connection with the closing of this offering and
                                                                              for working capital following the closing of this offering.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">US Tiger Securities, Inc., as a representative
to the underwriters of this offering and a member of the Financial Industry Regulatory Authority, or FINRA, is an affiliate of
Denali Capital Acquisition Corp. due to Lei Huang serving as chief executive officer of both US Tiger Securities, Inc. and Denali
Capital Acquisition Corp. Therefore, US Tiger Securities, Inc. will be deemed to have a &ldquo;conflict of interest&rdquo; within
the meaning of FINRA Rule 5121. 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. EF Hutton, division of Benchmark Investments, LLC (previously known as Kingswood
Capital Markets, division of Benchmark Investments, Inc.) (&ldquo;EF Hutton&rdquo;) is acting as the qualified independent underwriter
and will not receive any additional fees for serving as qualified independent underwriter. US Tiger and EF Hutton are collectively
referred to as the &ldquo;representatives&rdquo; in this prospectus.</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0; width: 20%"><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: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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: 50%"><FONT STYLE="font-size: 10pt"><I>Joint Book-Running Manager</I></FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt"><I>Joint Book-Running Manager</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 12pt"><B>Tiger Brokers</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 12pt"><B>EF Hutton</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">division of Benchmark Investments, LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2022</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-indent: 0.5in; font: bold 10pt Times New Roman, Times, Serif; margin: 0">We are responsible for the information contained in this prospectus.
We have not authorized anyone to provide you with different information, and neither we nor the underwriters take any 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP></SUP></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&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: 93%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; text-align: right"><B>Page</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_001">SUMMARY</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_001">1</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_002">RISK FACTORS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_002">34</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_003">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_003">77</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_004">USE OF PROCEEDS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_004">78</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_005">DIVIDEND POLICY</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_005">81</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_006">DILUTION</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_006">82</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_007">CAPITALIZATION</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_007">84</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_008">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_008">85</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_009">PROPOSED BUSINESS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_009">91</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_010">MANAGEMENT</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_010">118</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_011">PRINCIPAL SHAREHOLDERS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_011">127</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_012">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_012">129</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_013">DESCRIPTION OF SECURITIES</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_013">131</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_014">TAXATION</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_014">152</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_015">UNDERWRITING (CONFLICT OF INTEREST)</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_015">163</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_016">LEGAL MATTERS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_016">174</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_017">EXPERTS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_017">174</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_018">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_018">174</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_019">INDEX TO FINANCIAL STATEMENTS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_019">F-1</A></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2022, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required
to deliver a prospectus. This is in addition to the dealer&rsquo;s obligation to deliver a prospectus when acting as an underwriter
and with respect to unsold allotments or subscriptions.</P>

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

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

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 &ldquo;Risk
Factors&rdquo; and our financial statements and the related notes included elsewhere in this prospectus, before investing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise stated in this prospectus or
the context otherwise requires, references to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;amended and restated memorandum and articles
of association&rdquo; are to the amended and restated memorandum and articles of association that the company will adopt prior
to the consummation of this offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;Companies Act&rdquo; are to the Companies
Act (As Revised) of the Cayman Islands as the same may be amended from time to time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;directors&rdquo; are to our current directors
and director nominees;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;equity-linked securities&rdquo; are to
any debt or equity securities that are convertible, exercisable or exchangeable for our Class&nbsp;A ordinary shares issued in
a financing transaction in connection with our initial business combination, including but not limited to a private placement of
such securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;founder shares&rdquo; are to our Class&nbsp;B
ordinary shares initially issued to our sponsor in a private placement prior to this offering and the Class&nbsp;A ordinary shares
that will be issued upon the automatic conversion of the Class&nbsp;B ordinary shares at the time of our initial business combination;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;initial shareholders&rdquo; are to our
sponsor and any other holders of our founder shares immediately prior to this offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;letter agreement&rdquo; refers to the letter
agreement with our sponsor, officers and directors, the form of which is filed as an exhibit to the registration statement of which
this prospectus forms a part;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;management&rdquo; or our &ldquo;management
team&rdquo; are to our officers and directors;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;ordinary shares&rdquo; are to our Class&nbsp;A
ordinary shares and our Class&nbsp;B ordinary shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;private placement shares&rdquo; are the
330,000 Class&nbsp;A ordinary shares (or 352,500 Class&nbsp;A ordinary shares if the underwriters exercise their over-allotment
option in full) included within the private placement units being purchased separately by our sponsor in the private placement
simultaneously with the closing of this offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;private placement units&rdquo; are to the
units issued to our sponsor in a private placement simultaneously with the closing of this offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;private placement warrants&rdquo; are to
redeemable warrants to purchase an aggregate of 165,000 of our Class&nbsp;A ordinary shares (or 176,250 shares if the underwriters
exercise their over-allotment option in full) included within the private placement units being purchased separately by our sponsor
in the private placement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;public shares&rdquo; are to our Class&nbsp;A
ordinary shares sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open
market);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;public shareholders&rdquo; are to the holders
of our public shares, including our sponsor, officers, directors and their respective affiliates to the extent our sponsor, officers,
directors or their respective affiliates purchase public shares, provided that each of their status as a &ldquo;public shareholder&rdquo;
only exists with respect to such public shares;</P>

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

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

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

</DIV>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;sponsor&rdquo; are to Denali Capital Global
Investments LLC, a Cayman Islands limited liability company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;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) and the
private placement units;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;company&rdquo;
or &ldquo;our company&rdquo; are to Denali Capital Acquisition Corp., a Cayman Islands exempted company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;underwriter&rsquo;s option to purchase
additional units&rdquo; are to the underwriters&rsquo; 45-day option to purchase up to an additional 1,125,000 units to cover over-allotments,
if any;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;unicorns&rdquo; are to start-up companies
and projects with an estimated valuation exceeding $1&nbsp;billion; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;US Tiger&rdquo; are to US Tiger Securities,
Inc., a New Jersey corporation, the representative of the underwriters in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any forfeiture of shares described in this prospectus
will take effect as a surrender of shares for no consideration of such shares as a matter of Cayman Islands law. Any conversion
of the Class&nbsp;B ordinary shares described in this prospectus will take effect as a compulsory redemption of Class&nbsp;B ordinary
shares and an issuance of Class&nbsp;A ordinary shares as a matter of Cayman Islands law. Any share dividends described in this
prospectus will take effect as share capitalizations as a matter of Cayman Islands law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless we tell you otherwise, the information
in this prospectus assumes that the underwriter will not exercise its option to purchase additional units and our sponsor will
forfeit 281,250 founder shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a blank check company incorporated as a
Cayman Islands exempted company 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. We have not selected any specific 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 with respect to an initial business combination
with us. We are focused on identifying unique business concepts with high-performing organizations that have both aspirations to
accelerate growth and create enduring value within the technology, hospitality or consumer services sector. While we will not be
limited to a particular industry or geographic region in our identification and acquisition of a target company, we intend to focus
on technology, consumer and hospitality and will not complete our initial business combination with a target that is headquartered
in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Our Management Team and Board of Directors</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Lei Huang, <I>Chief Executive Officer</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Huang currently serves as the Chief
Executive Officer of US Tiger and is a member of the board of directors of its parent company, UP Fintech Holding Limited
(Nasdaq: TIGR) and is Co-Chief Executive Officer of TradeUP Global Corporation (Nasdaq: TUGC), a special purpose acquisition
company incorporated in January 2021 and TradeUP 88 Corp. (Nasdaq: TUFU), a special purpose acquisition company incorporated
in April 2021 which is currently seeking Nasdaq listing. Mr. Huang also serves as the Chief Executive Officer and is a member
of the board of directors of Fortune Rise Acquisition Corporation (Nasdaq: FRLA), a special purpose acquisition company
incorporated in January 2021 and TradeUP Securities, a broker/dealer company incorporated in December 2021. Mr. Huang also
serves as a member of the board of directors of MDLand International Corporation. Prior to joining US Tiger, Mr. Huang was
the Chief Executive Officer of Haitong Securities USA LLC, and also served as Chief Compliance Officer and Operation Manager
of CICC US Securities, Inc. from 2010 through 2018. Prior to that, Mr. Huang served as a Compliance Officer at Morgan
Stanley, Lehman Brothers and Barclays. Mr. Huang also formerly served as a Regulatory Supervisor at the National Association
of Securities Dealers.</P>

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

</DIV>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Huang earned an M.S. degree in Global Financial
Analysis from Bentley University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>You (&ldquo;Patrick&rdquo;) Sun, <I>Chief Financial
Officer</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Sun is an experienced banking and asset management
professional. Since August 2020, Mr. Sun has served as the Chief Financial Officer of Lake Crystal Energy LLC, an oil and gas company.
As the Chief Financial Officer, Mr. Sun evaluates and sources potential investments in oil and gas assets. He also oversees all
financial functions of the company. Prior to this role, from August 2014 to December 2019, Mr. Sun served as a Vice President and
an E&amp;P Analyst of Seaport Global Securities LLC, a full-service investment bank, capital markets advisory and research platform based
in New York. From July 2008 to May 2012, Mr. Sun served as Vice President of the Pacific Securities Co., Ltd., a Chinese investment
bank and brokerage firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Sun earned an MBA from Washington University
in St. Louis, Olin Business School, and a B.S. degree in Mechanics from Peking University.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Jim Mao, <I>Director</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Mao will serve as our Director
upon the effectiveness of our registration statement on Form&nbsp;S-1, of which this prospectus forms a part. Mr. Mao is a
founding and managing partner of Citta Capital (&ldquo;Citta&rdquo;), a firm focused on investing in early growth stage
technology startups in Enterprise/SaaS, Blockchain, ESG, AI applications, cloud computing and healthcare technology. As of
December 31, 2021, Citta has a diverse portfolio of companies that includes Kintsugi (a leading AI based mental health
diagnostics company), Openprise, Inc. (automation solutions), Sequoia Games, Inc. (combining the latest technology with
professional sports), SetPoint (clinical stage neuro treatment), Zeit Medical (early heart stroke detection with FDA
breakthrough destination), and Ryu Games (Web3.0 Gamify). Prior to that, Mr. Mao was a Partner at WestSummit Capital
(&ldquo;WSC&rdquo;), a leading global technology growth capital venture firm. At WSC, Mr. Mao led deal sourcing and
investment activities in the areas of Enterprise, Cloud, Big Data, AI, robotics, and digital media. WSC was a lead investor
of a number of unicorns including Unity, Cloudwise, Twitch, Mirantis, Couchbase, GigaDevice, VeriSilicon and Movidius.
Previously, Mr. Mao worked in Internet, mobile/wireless, digital media, telecom, semiconductor and enterprise software
industries. He has also co-authored five U.S. patents. He has over 20 years of working experience in private equity and
technology sectors, including enterprise software, Internet, mobile applications, digital media, intelligent hardware,
advanced manufacturing/materials, medical devices and clean tech. Prior to WSC, Mr. Mao was Managing Director of Cagan McAfee
Capital Partners, a leading technology-focused private equity firm based in Silicon Valley, during which Mr. Mao was
instrumental in helping portfolio companies raise growth capital, formalize effective business strategy and close large
M&amp;A transactions. Previously, Mr. Mao was General Manager of Asia Pacific Development (&ldquo;APAC&rdquo;) for Advanced Fibre Communications (acquired by Tellabs), member of the original
founding team and General Manager of APAC for Turin Networks (acquired by Dell), and Vice President and General Manager of
APAC for Cortina Systems, Inc. (acquired by Inphi Corporation). Mr. Mao has led and participated in numerous successful corporate
investments and cross border M&amp;A transactions which have resulted in billions of dollars of value for investors. Mr. Mao
is currently also a director of US Digital Mining Corp.</P>

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

</DIV>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Mao earned an MBA from the University of Southern
California, an M.S. degree in Electrical and Computer Engineering and a B.S. degree in Applied Physics from the University of
Waterloo.</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-indent: 0in"><B>Kevin D. Vassily, <I>Director</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Vassily will serve as our Director upon the effectiveness
of our registration statement on Form&nbsp;S-1, of which this prospectus forms a part. Mr.&nbsp;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. Mr. Vassily is also a member of the board of directors of Fortune Joy International Acquisition Corporation
(Nasdaq: XYGJ), a special purpose acquisition company incorporated in August 2021 which is currently seeking Nasdaq listing. Prior
to this role, from 2019 to January&nbsp;2021, Mr.&nbsp;Vassily served as Vice President of Market Development for Facteus, a financial
analytics company focused on the asset management industry. From March&nbsp;2019 through 2020, he served as an advisor at Woodseer,
a financial technology firm providing global dividend forecasts. From 2018 through its acquisition in 2020, Mr.&nbsp;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 November&nbsp;2019, Mr.&nbsp;Vassily
has served as a director of Zhongchao Inc., a provider of healthcare information, education and training services to healthcare
professionals and the public in China. Since July&nbsp;2018, Mr.&nbsp;Vassily has also served as an advisor at Prometheus Fund,
a&nbsp;Shanghai-based merchant bank &amp; private equity firm focused on the &ldquo;green&rdquo; economy. From 2015 through 2018,
Mr.&nbsp;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, where he was responsible for a complete
product overhaul 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. In this role, he was responsible for establishing the firm&rsquo;s presence and relevance covering
Asia Technology. From 2003 to 2006, he served as a Senior Research Analyst in the semiconductor technology group at Susquehanna
International Group, where he was responsible for research in semiconductor and related technologies. From 2001 to 2003, Mr.&nbsp;Vassily
served as a Vice President and Senior Research Analyst for semiconductor capital equipment at Thomas Weisel Partners, where he
was responsible for publishing research and maintaining financial models on each of the companies under coverage. Mr.&nbsp;Vassily
began his career on Wall Street in 1998 as a Research Associate covering the semiconductor industry at Lehman Brothers.<BR>
<BR>
</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Vassily earned a B.A. degree from Denison University and
an MBA from Dartmouth College, Tuck School of Business.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Together, we believe our directors and the rest of our management
team bring additional expertise that will enhance our ability to identify and execute our initial business combination, and may
enhance our ability to execute upon various value creation initiatives after successful completion of our business combination.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Notwithstanding our management team&rsquo;s past experiences, including
investments and transactions in which they have participated and businesses with which they have been associated, past performance
is not a guarantee (i)&nbsp;that we will be able to identify a suitable candidate for our initial business combination or (ii)&nbsp;that
we will provide an attractive return to our shareholders from any business combination we may consummate. 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. In order to minimize potential conflicts of interest which may arise from multiple affiliations,
our officers and directors who are also officers and directors of any other entities will be required to present all suitable target
businesses to such entities prior to presenting them to us, unless 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 such individual is permitted to refer that opportunity
to us without violating another legal obligation. You should not rely on the historical record of our management&rsquo;s performance
as indicative of our future performance. See &ldquo;Risk Factors &mdash; Past performance by our management team or their respective
affiliates may not be indicative of future performance of an investment in us.&rdquo; For a list of our executive officers, directors
and entities for which a conflict of interest may or does exist between such officers, directors and the company, please refer
to &ldquo;Management &mdash; Conflicts of Interest.&rdquo;</P>

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

</DIV>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Business Strategy and Competitive Strengths</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Our business strategy is to identify and complete our initial business
combination with a company within the technology, hospitality or consumer services sector. Our selection process will leverage
our team&rsquo;s broad and deep relationship network, unique industry experiences and strong deal sourcing capabilities to access
a broad spectrum of differentiated opportunities. This network has been developed through our team&rsquo;s extensive experience
and demonstrated success in both investing in and operating businesses in our target sectors and across a variety of industries.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Upon completion of this offering, members of our team will communicate
with their networks of relationships to articulate the parameters for our search for a target company and a potential business
combination and begin the process of pursuing and reviewing potential opportunities.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">We believe that our management team is well positioned to identify
attractive business combination opportunities with a compelling industry backdrop and an opportunity for transformational growth.
Our team&rsquo;s objectives are to generate attractive returns for shareholders and enhance value through improving operational
performance of the acquired company. We expect to favor opportunities with certain industry and business characteristics. Key industry
characteristics include compelling long-term growth, attractive competitive dynamics, consolidation opportunities and low risk
of technological obsolescence. Key business characteristics include high barriers to entry, significant streams of recurring revenue,
opportunity for operational improvement, attractive steady-state margins, high incremental margins and attractive free cash flow
characteristics. See the section entitled &ldquo;Proposed Business&rdquo; for further information on such key industry and business
characteristics we intend to address in our search for and growth of a target business.</P>

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Consistent with our business strategy, we have identified the following
general criteria and guidelines that we believe are important in evaluating prospective target businesses. We will use these criteria
and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business combination with a
target business that does not meet these criteria and guidelines. We intend to seek to acquire businesses that we believe:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>are fundamentally sound but are underperforming their potential;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>exhibit unrecognized value or other characteristics that we believe have been misevaluated by the marketplace;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>are at an inflection point where we believe we can drive improved financial performance;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>offer opportunities to enhance financial performance through organic initiatives and/or inorganic growth opportunities that we identify in our analysis and due diligence;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>can benefit from our team&rsquo;s knowledge of the target sectors, proven collection of operational strategies and tools, and past experiences in profitably and rapidly scaling businesses;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>are valued attractively relative to their existing cash flows and potential for operational improvement; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>offer an attractive potential return for our shareholders, weighing potential growth opportunities and operational improvements in the target business against any identified downside risks.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">These criteria and guidelines 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 criteria and guidelines as well as other considerations, factors and criteria that our management may deem relevant. However,
we will not complete our initial business combination with a target that is headquartered in China (including Hong Kong and Macau)
or conducts a majority of its business in China (including Hong Kong and Macau). 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 and guidelines in our shareholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents
that we would file with the SEC.</P>

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

</DIV>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In evaluating a prospective target business, we
expect to conduct a thorough due diligence review which will encompass, among other things, meetings with incumbent management,
document reviews, inspection of facilities, as well as a review of financial, operational, legal and other information which will
be made available to us. We will also utilize our management team&rsquo;s expertise in analyzing and evaluating operating plans,
financial projections and determining the appropriate return expectations given the risk profile of the target business as well
as the suitability of the target to become a public company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Members of our management team and board of directors
may, directly or indirectly, own founder shares and/or private placement units following this offering and, accordingly, may have
a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. In particular, because the founder shares were purchased at approximately $0.012 per share, the
holders of our founder shares (including our management team that directly or indirectly own founder shares) could make a substantial
profit after our initial business combination even if our public shareholders lose money on their investment as a result of a decrease
in the post-combination value of their ordinary shares (after accounting for any adjustments in connection with an exchange or
other transaction contemplated by the business combination). Further, such 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may, at our option, pursue an Affiliated Joint
Transaction (defined below) opportunity with an entity to which US Tiger, investment funds advised by US Tiger or an officer or
director has a fiduciary or contractual obligation. 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 initial business combination by making
a specified future issuance to any such entity. Our amended and restated memorandum and articles of association 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: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nasdaq rules require that we must complete one
or more business combinations with a total aggregate fair market value of at least 80% of the value of the assets held in the trust
account (excluding any deferred underwriters&rsquo; fees and taxes payable on the interest income earned on the trust account)
at the time of our signing of a definitive agreement in connection with our initial business combination. We refer to this as the
80% of net assets test. If our board of directors determines that it 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 or an independent valuation
or appraisal firm, with respect to the satisfaction of such criteria. In addition, pursuant to Nasdaq rules, any initial business
combination must be approved by a majority of our independent directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="background-color: white">We will
have until 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we will, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination by up to two times, each time by an additional
three months (for a total of 21 months to complete a business combination), subject to the sponsor depositing additional funds
into the trust account as set out below. In connection with any such extension, public shareholders will not be offered the opportunity
to vote on or redeem their shares. Pursuant to the terms of our amended and restated memorandum and articles of association and
the trust agreement to be entered into between us and Wilmington Trust, National Association on the date of this prospectus,
in order to extend the time available for us to consummate our initial business combination for an additional month, our sponsor
or its affiliates or designees must deposit into the trust account $250,000, or up to $287,500 if the underwriter&rsquo;s over-allotment
option is exercised in full ($0.0333 per share in either case), up to an aggregate of $1,500,000, or $0.20 per share, on or prior
to the date of the deadline. We will issue a press release announcing each extension at least three days prior to the deadline.
In addition, we will issue a press release the day after the deadline, announcing whether the funds have been timely deposited.
Our sponsor and its affiliates or designees are obligated to fund the trust account in order to extend the time for us to complete
our initial business combination, but our sponsor will not be obligated to extend such time. In addition to the foregoing arrangements,
we may extend the period of time to consummate a business combination by a shareholder vote to amend our amended and restated memorandum
and articles of association.</FONT></P>

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

</DIV>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We anticipate structuring our initial business
combination so that the post-transaction company in which our public shareholders&rsquo; own shares will own or acquire 100% of
the outstanding 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, 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 a controlling interest in the target business sufficient for it not to be required to register
as an investment company under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;). Even
if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to
our initial business combination may collectively own a minority interest in the post-transaction company, depending on valuations
ascribed to the target and us in our initial business combination transaction. For example, we could pursue a transaction in which
we issue a substantial number of new shares in exchange for all of the outstanding shares of a target. In this case, we would acquire
a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our shareholders
immediately prior to our initial business combination could own less than a majority of our issued and outstanding shares after
our initial business combination. 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 taken into account for purposes of the 80% of net assets test. If our initial 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. In addition, we have
agreed not to enter into a definitive agreement regarding an initial business combination without the prior consent of our sponsor.
If our securities are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% of
net asset test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may, at our option, pursue a business combination
opportunity jointly with one or more entities affiliated with US Tiger and/or one or more investors in funds or separate accounts
managed by or affiliated with US Tiger, which we refer to as an &ldquo;Affiliated Joint Transaction.&rdquo; Any such parties would
co-invest only if (i) permitted by applicable regulatory and other legal limitations; (ii) we and US Tiger considered a transaction
to be mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the
strategic merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to
fund the initial business combination and/or the desire to obtain committed capital for closing the initial business combination.
An Affiliated Joint Transaction may be effected through a co-investment with us in the target business at the time of our initial
business combination, or we could raise additional proceeds to complete the initial business combination by issuing to such parties
a class of equity or equity-linked securities. We refer to this potential future issuance, or a similar issuance to other specified
purchasers, as a &ldquo;specified future issuance&rdquo; throughout this prospectus. The amount and other terms and conditions
of any such specified future issuance would be determined at the time thereof. We are not obligated to make any specified future
issuance and may determine not to do so. This is not an offer for any specified future issuance. Pursuant to the anti-dilution
provisions of our Class B ordinary shares, any such specified future issuance would result in an adjustment to the conversion ratio
such that our initial shareholders and their permitted transferees, if any, would retain their aggregate percentage ownership of
founder shares at 20% of the sum of the total number of all ordinary shares issued and outstanding upon completion of this offering
plus all shares issued in the specified future issuance, unless the holders of a majority of the then-issued and outstanding Class
B ordinary shares agreed to waive such adjustment with respect to the specified future issuance at the time thereof. We cannot
determine at this time whether a majority of the holders of our Class B ordinary shares at the time of any such specified future
issuance would agree to waive such adjustment to the conversion ratio. They may waive such adjustment due to (but not limited to)
the following: (i) closing conditions which are part of the agreement for our initial business combination; (ii) negotiation with
Class A shareholders on structuring an initial business combination; (iii) negotiation with parties providing financing which would
trigger the anti-dilution provisions of the Class B ordinary shares; or (iv) as part of the Affiliated Joint Transaction. If such
adjustment is not waived, the specified future issuance would not reduce the percentage ownership of holders of our Class B ordinary
shares, but would reduce the percentage ownership of holders of our Class A ordinary shares. If such adjustment is waived, the
specified future issuance would reduce the percentage ownership of holders of both classes of our ordinary shares.</P>

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

</DIV>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent we effect our initial business combination
with a company or business that may be financially unstable or in its early stages of development or growth, we may be affected
by numerous risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in
a particular target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with a company that is affiliated with our sponsor or any of our officers or directors, we, or
a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We currently do not have any specific business
combination under consideration. Our officers and directors have neither individually selected nor considered a target business
nor have they had any substantive discussions regarding possible target businesses among themselves or with our underwriters or
other advisors. Our management team is regularly 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) contacted any prospective target business
or had any substantive discussions, formal or otherwise, with respect to a business combination transaction with our company. Additionally,
we have not, nor has anyone on our behalf, taken any substantive measure, directly or indirectly, to identify or locate any suitable
acquisition candidate for us, nor have we engaged or retained any agent or other representative to identify or locate any such
acquisition candidate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, certain of our officers and directors
presently have, and any of them in the future may have, additional fiduciary and contractual duties to other entities. As a result,
if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which
the officer or director has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman
Islands law, the officer or director will need to honor such fiduciary or contractual obligations to present such business combination
opportunity to such entity, before we can pursue such opportunity. If these other entities decide to pursue any such opportunity,
we may be precluded from pursuing the same. However, we do not expect these duties to materially affect our ability to complete
our initial business combination. Our amended and restated memorandum and articles of association will provide that, to the fullest
extent permitted by applicable law: (i)&nbsp;no individual serving as a director or an officer shall have any duty, except and
to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities
or lines of business as us; and (ii)&nbsp;we renounce any interest or expectancy in, or in being offered an opportunity to participate
in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and
us, on the other. Our officers and directors would continue to be subject to all other fiduciary duties owed to us and our shareholders
and no other waivers of their respective fiduciary obligations have been provided to any such officers and directors. We do not
have any plan for any waiver of the fiduciary duties of our officers and directors post-business combination.</P>

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

</DIV>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Our officers and directors are not required to commit any specified
amount of time to our affairs, and, accordingly, will have conflicts of interest in allocating management time among various business
activities, including identifying potential business combinations and monitoring the related due diligence. We do not believe,
however, that any such potential conflicts would materially affect our ability to complete our initial business combination.</P>

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Our executive offices are located at 437 Madison Avenue, 27<SUP>th</SUP>
Floor, New York, New York 10022, and our telephone number is 646-978-5180.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">We are a Cayman Islands exempted company. Exempted companies are
Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted from complying with certain
provisions of the Companies Act. As an exempted company, we have applied for and received a tax exemption undertaking from the
Cayman Islands government that, in accordance with Section&nbsp;6 of the Tax Concessions Act (As Revised) of the Cayman Islands,
for a period of 20 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any tax to be
levied on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to be levied
on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable (i)&nbsp;on
or in respect of our shares, debentures or other obligations or (ii)&nbsp;by way of the withholding in whole or in part of a payment
of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or interest or other
sums due under a debenture or other obligation of us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are an &ldquo;emerging growth company,&rdquo;
as defined in Section&nbsp;2(a) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), as modified by the
Jumpstart Our Business Startups Act of 2012, (the &ldquo;JOBS Act&rdquo;). 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 of 2002 (the &ldquo;Sarbanes-Oxley Act&rdquo;), 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: 0; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will remain an emerging growth company until
the earlier of (1)&nbsp;the last 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 ordinary shares that are held by non-affiliates exceeds
$700&nbsp;million as of the prior June&nbsp;30, 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; have the meaning
associated with it in the JOBS Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additionally, we are a &ldquo;smaller reporting
company&rdquo; as defined in Item&nbsp;10(f)(1) of Regulation&nbsp;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 ordinary shares held
by non-affiliates exceeds $250&nbsp;million as of the prior June&nbsp;30, or (2) our annual revenues exceeded $100&nbsp;million
during such completed fiscal year and the market value of our ordinary shares held by non-affiliates exceeds $700&nbsp;million
as of the prior June&nbsp;30.</P>

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

</DIV>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In deciding whether to invest in our securities,
you should take into account not only the backgrounds of the members of our management team, 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. 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 below entitled &ldquo;Risk Factors&rdquo; of this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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%">Securities offered</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">7,500,000 units (or 8,625,000 units if the underwriters&rsquo; over-allotment
        option is exercised in full), at $10.00 per unit, each unit consisting of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8202;&nbsp;&nbsp;&nbsp;&nbsp;one
Class&nbsp;A ordinary share; and&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;one-half of one redeemable warrant.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Proposed Nasdaq symbols</TD>
    <TD>&nbsp;</TD>
    <TD>Units: &ldquo;DECAU&rdquo;<BR>
Class&nbsp;A ordinary shares: &ldquo;DECA&rdquo;<BR>
Warrants: &ldquo;DECAW&rdquo;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Trading commencement and separation of Class&nbsp;A ordinary shares and warrants</TD>
    <TD>&nbsp;</TD>
    <TD>The units are expected to begin trading on or promptly after the date of this prospectus. The Class&nbsp;A ordinary shares and warrants comprising the units will begin separate trading on the 52nd 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 Class&nbsp;A ordinary shares 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 Class&nbsp;A ordinary shares 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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Separate trading of the Class&nbsp;A ordinary shares and warrants is prohibited until we have filed a Current Report on Form&nbsp;8-K</TD>
    <TD>&nbsp;</TD>
    <TD>In no event will the Class&nbsp;A ordinary shares 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 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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Units:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number outstanding before this offering and the private placement:</TD>
    <TD>&nbsp;</TD>
    <TD>0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number of placement units to be sold in a private placement simultaneously with this offering:</TD>
    <TD>&nbsp;</TD>
    <TD>330,000<SUP>(1)</SUP></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: 35%">Number outstanding after this offering and the private placement:</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 63%">7,830,000<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Ordinary shares:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number outstanding before this offering:</TD>
    <TD>&nbsp;</TD>
    <TD>2,156,250<SUP>(2)</SUP></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Number outstanding after this offering and the private placement:</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">9,705,000<SUP>(3)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Warrants:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Number of private placement warrants to be issued in a private placement simultaneously with this offering:</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">165,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Number of warrants to be outstanding after this offering and the sale of private placement units:</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">3,915,000<SUP>(4)</SUP></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Includes 281,250 founder shares that are subject to forfeiture
depending on the extent to which the underwriters&rsquo; over-allotment option is exercised. Except as otherwise specified, the
rest of this prospectus has been drafted to give effect to the full forfeiture of these 281,250 founder shares. Founder shares
are currently classified as Class&nbsp;B ordinary shares, which shares will automatically convert into Class&nbsp;A ordinary shares
at the time of our initial business combination as described below adjacent to the caption &ldquo;Founder shares conversion and
anti-dilution rights&rdquo; and in our amended and restated memorandum and articles of association.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">Comprised of 7,500,000 public shares, 330,000 Class&nbsp;A
ordinary shares underlying the private placement units and 1,875,000 founder shares, assuming 281,250 founder shares have been
forfeited.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">Comprised of 3,750,000 public warrants included in the
units to be sold in this offering and 165,000 private placement warrants to be included in the units to be sold in the private
placement, which assumes no exercise of the underwriters&rsquo; over-allotment option.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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%">Exercisability</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Each whole warrant is exercisable to purchase one Class&nbsp;A ordinary
        share, subject to adjustment as described herein. Only whole warrants are exercisable.</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">We structured each unit to contain one-half of one warrant, with
        each whole warrant exercisable for one Class&nbsp;A ordinary share, as compared to units issued by some other similar blank check
        companies which contain whole warrants exercisable for one whole share, in order to reduce the dilutive effect of the warrants
        upon completion of our initial business combination as compared to units that each contain a whole warrant to purchase one whole
        share, thus making us, we believe, a more attractive business combination partner for target businesses.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exercise price</TD>
    <TD>&nbsp;</TD>
    <TD>$11.50 per whole share, subject to adjustments as described herein. In addition, if (x)&nbsp;we issue additional Class&nbsp;A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the &ldquo;Newly Issued Price&rdquo;), (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 volume weighted average trading price of our Class&nbsp;A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the &ldquo;Market Value&rdquo;) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $16.50 per share redemption trigger price described adjacent to &ldquo;Redemption of warrants when the price per Class&nbsp;A ordinary share equals or exceeds $16.50&rdquo; will be adjusted (to the nearest cent) to be equal to 165% of the higher of the Market Value and the Newly Issued Price.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">Exercise period</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The warrants will become exercisable on the later of:</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 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8202;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30
        days after the completion of our initial business combination; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8202;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8202;twelve
        months from the closing of this offering;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>provided</I> in each case that we have an effective registration
        statement under the Securities Act covering the issuance of the Class&nbsp;A ordinary shares issuable upon exercise of the warrants
        and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under
        the securities, or blue sky, laws of the state of residence of the holder (or we permit holders to exercise their warrants on a
        cashless basis under the circumstances specified in the warrant agreement). If and when the warrants become redeemable by us, we
        may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
        state securities laws.</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">We are not registering the Class&nbsp;A ordinary shares issuable
        upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 20
        business days, after the closing of our initial business combination, we will use our commercially reasonable efforts to file with
        the SEC a registration statement covering the Class&nbsp;A ordinary shares issuable upon exercise of the warrants, and we will
        use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our
        initial business combination, and to maintain the effectiveness of such registration statement and a current prospectus relating
        to those Class&nbsp;A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided
        that if our Class&nbsp;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&nbsp;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 &ldquo;cashless basis&rdquo; in accordance
        with Section&nbsp;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. If a registration statement covering the Class&nbsp;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 we will have failed to maintain an effective registration
        statement, exercise warrants on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9) of the Securities Act or
        another exemption, and we will use our commercially reasonable efforts to register or qualify the shares under applicable blue
        sky laws to the extent an exemption is not available.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">The warrants will expire at 5:00&nbsp;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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Redemption of warrants when the price per Class&nbsp;A ordinary share equals or exceeds $16.50</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Once the warrants become exercisable, we may redeem the outstanding
        warrants:</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 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8202;&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 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8202;&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 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8202;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
        a minimum of 30 days&rsquo; prior written notice of redemption, which we refer to as the &ldquo;30-day redemption period&rdquo;;
        and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8202;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if,
        and only if, the last reported sale price (the &ldquo;<I>closing price</I>&rdquo;) of our Class&nbsp;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;Description of Securities
        &mdash; Warrants &mdash; Public shareholders&rsquo; warrants &mdash; Anti-dilution         adjustments&rdquo;) 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.</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">We will not redeem the warrants as described above unless an effective
        registration statement under the Securities Act covering the Class&nbsp;A ordinary shares issuable upon exercise of the warrants
        is effective and a current prospectus relating to those Class&nbsp;A ordinary shares 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 even if we are unable
        to register or qualify the underlying securities for sale under all applicable state securities laws.</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">If we call the warrants for redemption as described above, our management
        will have the option to require all holders that wish to exercise warrants 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 Class&nbsp;A ordinary shares issuable upon the exercise of our warrants. In such event, each holder would
        pay the exercise price by surrendering the warrants for that number of Class&nbsp;A ordinary shares equal to the quotient obtained
        by dividing (x) the product of the number of Class&nbsp;A ordinary shares underlying the warrants, multiplied by the excess of
        the &ldquo;fair market value&rdquo; (described below) of our Class&nbsp;A ordinary shares over the exercise price of the warrants
        by (y) the fair market value. The &ldquo;fair market value&rdquo; shall mean the average volume weighted average last reported
        sale price of the Class&nbsp;A ordinary shares 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.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">Founder shares</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On February 3, 2022, our sponsor entered into a securities subscription
        agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B ordinary shares for an aggregate
        purchase price of $25,000 or approximately $0.012 per share. Prior to the initial investment in the company by the sponsor, the
        company had no assets, tangible or intangible. The per share price of the founder shares was determined by dividing the amount
        contributed to the company by the number of founder shares issued. If we increase or decrease the size of this offering, we will
        effect a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable, with respect to
        our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of
        founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding ordinary shares upon the consummation
        of this offering (not including the private placement shares). Up to 281,250 founder shares are subject to forfeiture by the 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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The founder shares are identical to the Class A ordinary shares
        included in the units being sold in this offering, except that:</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 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        founder Class B ordinary shares will automatically convert into our Class A ordinary shares at the time of our initial business
        combination;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        founder shares are subject to certain transfer restrictions, as described in more detail below;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
        to our 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 our founder shares may remove a member of the board of directors for any reason;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 our founder shares will have ten votes for every founder
        share and holders of our Class A ordinary shares will have one vote for every Class A ordinary share;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
        sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive
        their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion
        of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum
        and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary
        shares the right to have their shares redeemed 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 15 months from the closing of this offering (or up to 21 months
        from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail
        in this prospectus, or as may be extended by the Shareholder Extension Period (which is defined below), as applicable) or (B) with
        respect to any other provision relating to the rights of holders of our Class A ordinary shares. Additionally, our sponsor has
        agreed to waive its rights to liquidating distributions from the trust account with respect to its founder shares if we fail to
        complete our initial business combination within the prescribed time frame. If we do not complete our initial business combination,
        the private placement warrants will expire worthless. Except as described herein, our sponsor and our directors and executive officers
        have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion
        of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class
        A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
        recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
        initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction
        that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other
        property. Except as described herein, the private placement units will not be transferable until 30 days following the completion
        of our initial business combination. Because each of our executive officers and director nominees will own ordinary shares or warrants
        directly or indirectly, they may have a conflict of interest in determining whether a particular target business is an appropriate
        business with which to effectuate our initial business combination; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        founder shares are entitled to registration rights.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">If we seek shareholder approval of our initial business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders&rsquo; founder shares and private placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are voted and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial business combination at the meeting in order to have our initial business combination approved. However, assuming only the minimum number of shares representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are voted, and assuming the over-allotment option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding shares are voted and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial business combination at the meeting in order to have our initial business combination approved.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Transfer restrictions on founder shares</TD>
    <TD>&nbsp;</TD>
    <TD>Except as described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect to any founder shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Founder shares conversion and anti-dilution rights</TD>
    <TD>&nbsp;</TD>
    <TD>The founder shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares, at the time of our initial business combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, approximately 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of this offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination (after giving effect to any redemptions of Class A ordinary shares by public shareholders), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement units issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans. Any conversion of Class B ordinary shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">Appointment of directors; Voting rights</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">Prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors. In addition, 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 our founder shares will have ten votes for every founder share and holders of our Class&nbsp;A ordinary shares will have one vote for every Class&nbsp;A ordinary share and, as a result, our initial shareholders will be able to approve any such proposal without the vote of any other shareholder. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less than 90% of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple majority of our Class&nbsp;B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. In connection with our initial business combination, we may enter into a shareholders&rsquo; 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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Private placement units</TD>
    <TD>&nbsp;</TD>
    <TD>Our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 330,000 private placement units, at the price of $10.00 per unit, in a private placement that will close simultaneously with the closing of this offering. Certain of the proceeds of the purchase price of the private placement units will be added to the proceeds from this offering to be held in the trust account. If we do not complete our initial business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>, the proceeds of the sale of the private placement units held in the trust account will be used to fund the redemption of our Class&nbsp;A ordinary shares (subject to the requirements of applicable law), and the private placement warrants will expire worthless. The terms and provision of the private placement warrants will be identical to that of the public warrants. In addition, the private placement warrants will be entitled to certain registration rights.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Transfer restrictions on private placement units and underlying securities</TD>
    <TD>&nbsp;</TD>
    <TD>The private placement units and the securities underlying the private placement units will not be transferable,
    assignable or salable until 30 days after the completion of our initial business combination, except as described herein
    under &ldquo;Principal Shareholders &mdash; Transfers of Founder Shares and Private Placement Units.&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">Proceeds to be held in trust account</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Of the proceeds we will receive from this offering and the sale
        of the private placement units described in this prospectus, $75,000,000, or $86,250,000 if the underwriters&rsquo; over-allotment
        option is exercised in full ($10.00 per unit in either case), will be deposited into a segregated non-interest bearing trust account
        located in the United States with Wilmington Trust, National Association acting as trustee. The proceeds to be placed in
        the trust account include $2,625,000 (or $3,018,750 if the underwriters&rsquo; over-allotment option is exercised in full) in deferred
        underwriting commissions. We anticipate the funds in the trust account will be invested only in specified U.S. government treasury
        bills or in specified money market funds.</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">Except with respect to interest earned on the funds held in the
        trust account that may be released to us to pay our franchise and income taxes, if any, our amended and restated memorandum and
        articles of association, as discussed below and subject to the requirements of law and regulation, will provide that the proceeds
        from this offering and the sale of the private placement units held in the trust account will not be released from the trust account
        (1)&nbsp;to us, until the completion of our initial business combination, or (2)&nbsp;to our public shareholders, until the earliest
        of (a)&nbsp;the completion of our initial business combination, and then only in connection with those Class&nbsp;A ordinary shares
        that such shareholders properly elected to redeem, subject to the limitations described herein, (b)&nbsp;the redemption of any
        public shares properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles
        of association (A)&nbsp;to modify the substance or timing of our obligation to provide holders of our Class&nbsp;A ordinary shares
        the right to have their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
        up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
        in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with
        respect to any other provision relating to the rights of holders of our Class&nbsp;A ordinary shares, and (c)&nbsp;the redemption
        of our public shares if we have not consummated our business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
        up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
        in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>, subject to
        applicable law. Public shareholders who redeem their Class&nbsp;A ordinary shares in connection with a shareholder vote described
        in clause&nbsp;(b) in the preceding sentence shall not be entitled to funds from the trust account upon the subsequent completion
        of an initial business combination or liquidation if we have not consummated an initial business combination within 15 months from
        the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we
        extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended
        by the Shareholder Extension Period, as applicable)</FONT>, with respect to such Class&nbsp;A ordinary shares so redeemed. 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.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Extension of time to complete business combination</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">We will have until 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination within 15 months, we will, by resolution of our board if requested by our sponsor, extend the period of time to consummate a business combination by up to two times, each time by an additional three months (for a total of 21 months to complete a business combination), subject to the sponsor depositing additional funds into the trust account as set out below. In connection with any such extension, public shareholders will not be offered the opportunity to vote on or redeem their shares. Pursuant to the terms of our amended and restated memorandum and articles of association and the trust agreement to be entered into between us and Wilmington Trust, National Association on the date of this prospectus, in order to extend the time available for us to consummate our initial business combination for an additional month, our sponsor or its affiliates or designees must deposit into the trust account $250,000, or up to $287,500 if the underwriter&rsquo;s over-allotment option is exercised in full ($0.0333 per share in either case), up to an aggregate of $1,500,000, or $0.20 per share, on or prior to the date of the deadline. We will issue a press release announcing each extension at least three days prior to the deadline. In addition, we will issue a press release the day after the deadline, announcing whether the funds have been timely deposited. Our sponsor and its affiliates or designees are obligated to fund the trust account in order to extend the time for us to complete our initial business combination, but our sponsor will not be obligated to extend such time. In addition to the foregoing arrangements, we may extend the period of time to consummate a business combination by a shareholder vote to amend our amended and restated memorandum and articles of association (&ldquo;Shareholder Extension Period&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Anticipated expenses and funding sources</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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 treasury obligations with a maturity of 185
        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. government treasury obligations. Assuming current treasury returns, we anticipate immaterial funds from the
        trust account investments; however, we can provide no assurances regarding this amount. Unless and until we complete our initial
        business combination, we may pay our expenses only from:</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 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        net proceeds of this offering and the sale of the private placement units not held in the trust account, which will be approximately
        $650,000 in working capital (including for the payments of director and officer liability insurance premiums) after the payment
        of approximately $2,650,000 (or $2,875,000 if the underwriters exercise their over-allotment option in full) in non-reimbursed
        expenses relating to this offering; and</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any loans or additional investments from our sponsor or an affiliate of our sponsor or certain of our officers and directors, although they are under no obligation to advance funds to us in such circumstances, 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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Conditions to completing our initial business combination</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">So long as our securities are then listed on Nasdaq, 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 net assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest
        earned on the trust account) at the time of signing a definitive agreement in connection with our initial business combination.
        If our board of directors determines that it 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 or another independent entity that commonly
        renders valuation opinions 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. If our securities are not then listed on Nasdaq for whatever reason,
        we would no longer be required to meet the foregoing 80% of net asset test. In addition, pursuant to Nasdaq rules, any initial
        business combination must be approved by a majority of our independent directors.</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">We will complete our initial business combination only if the post-business
        combination company in which our public shareholders own shares will own or acquire 50% or more of the outstanding voting securities
        of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register
        as an investment company under the Investment Company Act. Even if the post-business combination company owns or acquires 50% or
        more of the voting securities of the target, our shareholders prior to our initial 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-business combination 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, <I>provided</I> 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.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">Permitted purchases and other transactions with respect to our securities</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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 sponsor,
        directors, executive officers, advisors or their affiliates may purchase public shares or warrants in privately negotiated transactions
        or in the open market either prior to or following the completion of our initial business combination. Additionally, at any time
        at or prior to our initial business combination, subject to applicable securities laws (including with respect to material nonpublic
        information), our sponsor, directors, executive officers, advisors or their affiliates may enter into transactions with investors
        and others to provide them with incentives to acquire public shares, vote their public shares in favor of our initial business
        combination or not redeem their public shares. 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 held in the trust account
        will be used to purchase public shares or warrants in such transactions. If they engage in such transactions, they will be restricted
        from making 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 Act of 1934, as amended (the &ldquo;Exchange
        Act&rdquo;). After the consummation of this offering, we will adopt an insider trading policy which will require insiders to: (i)&nbsp;refrain
        from purchasing securities during certain blackout periods and when they are in possession of any material non-public information;
        and (ii) clear all trades with a designated officer prior to execution. We cannot currently determine whether our insiders will
        make such purchases pursuant to a Rule&nbsp;10b5-1 plan, as it will be dependent upon several factors, including, but not limited
        to, the timing and size of such purchases. Depending on such circumstances, our insiders may either make such purchases pursuant
        to a Rule&nbsp;10b5-1 plan or determine that such a plan is not necessary.</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">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.
        Any such purchases will be reported pursuant to Section&nbsp;13         and Section&nbsp;16 of the Exchange Act to the
        extent         such purchasers are subject to such reporting requirements. See &ldquo;Proposed         Business &mdash;
        Effecting Our Initial         Business Combination &mdash; Permitted purchases and other transactions with respect to our
        securities&rdquo; for a         description of how our sponsor, directors, executive officers, advisors or their affiliates
        will select         which         shareholders to purchase securities from in any private transaction.</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">The purpose of any such transaction could be to (1)&nbsp;vote in
        favor of the business combination and thereby increase the likelihood of obtaining shareholder approval of the business combination,
        (2)&nbsp;reduce the number of public warrants outstanding or vote such warrants on any matters submitted to the warrant holders
        for approval in connection with our initial business combination or (3)&nbsp;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 initial business combination,
        where it appears that such requirement would otherwise not be met. Any such purchases of our securities may result in the completion
        of our initial business combination that may not otherwise have been possible. In addition, if such purchases are made, the public
        &ldquo;float&rdquo; of our Class&nbsp;A ordinary shares or public warrants 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></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">Redemption rights for public shareholders upon completion of our initial business combination</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">We will provide our public shareholders with the opportunity to redeem all or a portion of their Class&nbsp;A ordinary shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of then-issued and outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the completion of our initial business combination with respect to our warrants. Further, we will not proceed with redeeming our public shares, even if a public shareholder has properly elected to redeem its shares, if a business combination does not close. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i)&nbsp;the completion of our initial business combination and (ii)&nbsp;a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A)&nbsp;that would modify the substance or timing of our obligation to provide holders of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with respect to any other provision relating to the rights of holders of our Class&nbsp;A ordinary shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Limitations on redemptions</TD>
    <TD>&nbsp;</TD>
    <TD>Our amended and restated memorandum and articles of association will provide that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either prior to or upon consummation of an initial business combination. However, a greater net tangible asset or cash requirement 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 Class&nbsp;A ordinary shares 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 Class&nbsp;A ordinary shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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 general 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 requirement. Asset acquisitions and
        share purchases would not typically require shareholder approval, while direct mergers with our company and any transactions where
        we issue more than 20% of our issued and outstanding ordinary shares or seek to amend our amended and restated memorandum and articles
        of association would typically require shareholder approval. We currently intend to conduct redemptions in connection with a shareholder
        vote unless shareholder approval is not required by applicable law or stock exchange listing requirement or we choose to conduct
        redemptions pursuant to the tender offer rules of the SEC for business or other reasons.</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">If we hold a shareholder vote to approve our initial business combination,
        we will:</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 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conduct
        the redemptions in conjunction with a proxy solicitation pursuant to Regulation&nbsp;14A of the Exchange Act, which regulates the
        solicitation of proxies, and not pursuant to the tender offer rules; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
        proxy materials with the SEC.</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">If we seek shareholder approval of our initial business combination,
        we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands
        law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company.
        In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in
        favor of our initial business combination. As a result, in addition to our initial shareholders&rsquo; founder shares and private
        placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are voted and the over-allotment
        option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial business combination
        at the meeting in order to have our initial business combination approved. However, assuming only the minimum number of shares
        representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are voted, and assuming the over-allotment
        option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding shares are voted and the over-allotment
        option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial business combination
        at the meeting in order to have our initial business combination approved.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Each public shareholder may elect to redeem their public shares
        irrespective of whether they vote for or against the proposed transaction or vote at all. Our amended and restated memorandum and
        articles of association will require that at least five days&rsquo; notice will be given of any such general meeting.</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">If we conduct redemptions pursuant to the tender offer rules of
        the SEC, we will, pursuant to our amended and restated memorandum and articles of association:</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 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conduct
        the redemptions pursuant to Rule&nbsp;13e-4 and Regulation&nbsp;14E of the Exchange Act, which regulate issuer tender offers; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&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
        of the Exchange Act, which regulates the solicitation of proxies.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Upon the public announcement of our initial business combination,
        if we elect to conduct redemptions pursuant to the tender offer rules, we and our sponsor will terminate any plan established in
        accordance with Rule&nbsp;10b5-1 to purchase our Class&nbsp;A ordinary shares in the open market, in order to comply with Rule&nbsp;14e-5
        under the Exchange Act.</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">In the event 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&nbsp;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 the number of public shares we
        are permitted to redeem. If public shareholders tender more shares than we have offered to purchase, we will withdraw the tender
        offer and not complete such initial business combination.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">Limitation on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold shareholder vote</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">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 initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;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, without our prior consent. 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, our sponsor 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 initial 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 initial business combination.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Release of funds in trust account on closing of our initial business combination</TD>
    <TD>&nbsp;</TD>
    <TD>On the completion of our initial business combination, the funds held in the trust account will be disbursed directly by the trustee to pay amounts due to any public shareholders who properly exercise their redemption rights as described above adjacent to the caption &ldquo;Redemption rights for public shareholders upon completion of our initial business combination,&rdquo; to pay the underwriters their deferred underwriting commissions, 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 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 the redemption of our public shares, 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 companies or for working capital.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Redemption of public shares and distribution and liquidation if no initial business combination</TD>
    <TD>&nbsp;</TD>
    <TD>Our amended and restated memorandum and articles of association will provide that we will have only 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>to consummate our initial business combination. If we have not consummated an initial business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>, 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 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 franchise and income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-issued and outstanding public shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands 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 consummate an initial business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our sponsor and each member of our management team have entered
        into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust
        account with respect to any founder shares they hold if we fail to consummate an initial business combination within 15 months
        from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering,
        if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may
        be extended by the Shareholder Extension Period, as applicable), </FONT>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.</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">The underwriters have agreed to waive their rights to their deferred
        underwriting commission held in the trust account in the event we do not consummate an initial business combination within 15 months
        from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering,
        if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may
        be extended by the Shareholder Extension Period, as applicable) </FONT>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.</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">Our sponsor, executive officers, directors and director nominees
        have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum
        and articles of association (A)&nbsp;that would modify the substance or timing of our obligation to provide holders of our Class&nbsp;A
        ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
        up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
        in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with
        respect to any other provision relating to the rights of holders of our Class&nbsp;A ordinary shares; unless we provide our public
        shareholders with the opportunity to redeem their Class&nbsp;A ordinary shares 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 franchise and income taxes, if any, divided by the number
        of the then-issued and outstanding public shares, subject to the limitations described above adjacent to the caption &ldquo;Limitations
        on redemptions.&rdquo; For example, our board of directors may propose such an amendment if it determines that additional time
        is necessary to complete our initial business combination. In such event, we will conduct a proxy solicitation and distribute proxy
        materials pursuant to Regulation&nbsp;14A of the Exchange Act seeking shareholder approval of such proposal and, in connection
        therewith, provide our public shareholders with the redemption rights described above upon shareholder approval of such amendment.
        This redemption right shall apply in the event of the approval of any such amendment, whether proposed by our sponsor, any executive
        officer, director or director nominee, or any other person.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">Our amended and restated memorandum and articles of association will provide that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Limited payments to insiders</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There will be no finder&rsquo;s fees, reimbursements or cash payments
        made by the company to our sponsor, officers or directors, or their affiliates, for services rendered to us prior to or in connection
        with the completion of our initial business combination, other than the following payments, none of which will be made from the
        proceeds of this offering and the sale of the private placement units 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: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment
        of up to an aggregate of $400,000 in loans made to us by our sponsor to cover offering-related and organizational expenses;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
        to US Tiger of its underwriting discount, fees for any financial advisory, placement agency or other similar investment banking
        services US Tiger may provide to our company in the future, including in connection with the closing of our initial business combination,
        and reimbursement of US Tiger for any out-of-pocket expenses incurred by it in connection with the performance of such services;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement
        for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination;
        and</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment
        of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction
        costs in connection with an intended initial business combination. Up to $1,500,000 of such loans may be convertible into units
        of the post-business combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical
        to the private placement units. Except for the foregoing, the terms of such loans, if any, have not been determined and no written
        agreements exist with respect to such loans.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Any such payments will be made either (i)&nbsp;prior to our initial
        business combination using proceeds of this offering and the sale of the private placement units held outside the trust account
        or from loans made to us by our sponsor or an affiliate of our sponsor or certain of our officers and directors or (ii)&nbsp;in
        connection with or after the consummation of our initial business combination.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Audit Committee</TD>
    <TD>&nbsp;</TD>
    <TD>We will establish and maintain an audit committee, which will be composed entirely of independent directors. Among its
    responsibilities, the audit committee will review on a quarterly basis all payments that were made by us to our sponsor,
    officers or directors, or their affiliates and monitor compliance with the other terms relating to this offering. If any
    noncompliance is identified, then the audit committee will be charged with the responsibility to promptly 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 entitled &ldquo;Management &mdash; Committees of the Board of Directors &mdash; Audit
    committee.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Conflicts of Interest</TD>
    <TD>&nbsp;</TD>
    <TD>Our chief executive officer, Lei Huang, is also the chief executive officer of US Tiger, a representative to the underwriters to this offering. As a result, US Tiger is deemed to have a &ldquo;conflict of interest&rdquo; under FINRA Rule 5121(f)(5). Accordingly, our initial public offering will be made in compliance with FINRA Rule 5121, 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 EF Hutton, division of Benchmark Investments, LLC (previously known as Kingswood Capital Markets, division of Benchmark Investments, Inc.) (&ldquo;EF Hutton&rdquo;) 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 EF Hutton against certain liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. EF Hutton will not receive any additional fees 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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As a result, affiliates of our sponsor and their respective clients
        may compete with us for acquisition 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. In addition,
        investment ideas generated within US Tiger, including by any of our officers and other persons who may make decisions for the company,
        may be suitable both for us and for affiliates of our sponsor or any of their respective clients, and will be directed initially
        to such persons rather than to us. None of US Tiger nor members of our management team who are also employed by US Tiger or any
        of its affiliates have any obligation to present us with any opportunity for a potential business combination of which they become
        aware unless it is offered to them solely in their capacity as a director or officer of the Company and after they have satisfied
        their contractual and fiduciary obligations to other parties.</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">Our sponsor, officers, directors, US Tiger and their affiliates may participate in the formation of, or become an officer or
director of, any other blank check company prior to completion of our initial business combination. In particular, certain of our
executive officers and directors also serve as executive officers or directors of Fortune Rise Acquisition Corp. (Nasdaq: FRLA),
Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), and TradeUP Global Corporation (Nasdaq:
TUGC), each of which is focused on searching for businesses that may provide significant opportunities for attractive investor
returns in industries similar to the industries in which our search is focused. As a result, our sponsor, officers or directors
could have conflicts of interest in determining whether to present business combination opportunities to us or to any other blank
check company with which they may become involved.</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">US Tiger will own approximately 50,000 founder shares prior
to the offering. Our sponsor has committed to transfer such shares to US Tiger at the original purchase price as designee of Mr.
Huang. We may utilize Mr. Huang&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 Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP
88 Corp. (Nasdaq: TUFU), TradeUP Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC). If we engage
US Tiger to assist with marketing of our business combination, we may compete with Fortune Rise Acquisition Corp. (Nasdaq: FRLA),
Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), TradeUP Acquisition Corp. (Nasdaq:
UPTD), and TradeUP Global Corporation (Nasdaq: TUGC) for business opportunities. As described herein, each of our officers and
directors presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations or duties
to one or more other entities pursuant to which such officer or director is or will be required to present a business combination
opportunity to such entities, including Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp.
(Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), TradeUP Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq:
TUGC). Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable
for one or more entities to which he or she has fiduciary, contractual or other obligations or duties, including Fortune Rise
Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU),
TradeUP Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC), he or she will honor these obligations
and duties to present such business combination opportunity to such entities first, and only present it to us if such entities
reject 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.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Notwithstanding the foregoing, we may, at our option, pursue an
        Affiliated Joint Transaction opportunity with any such fund or other investment vehicle. Any such parties would co-invest only
        if (i)&nbsp;permitted by applicable regulatory and other legal limitations; (ii)&nbsp;we and US Tiger considered a transaction
        to be mutually beneficial to us as well as the affiliated entity; and (iii)&nbsp;other business reasons exist to do so, such as
        the strategic merits of including such co-investors, the need for additional capital beyond the amount held in our trust account
        to fund the initial business combination and/or the desire to obtain committed capital for closing the initial business combination.
        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 initial business combination by making a specified future issuance to any such fund or vehicle.</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">The potential conflicts described above may limit our ability to
        enter into a business combination or other transactions. These circumstances could give rise to numerous situations where interests
        may conflict. There can be no assurance that these or other conflicts of interest with the potential for adverse effects on the
        Company and investors will not arise.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Summary of Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a newly incorporated blank check 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 &mdash; 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should carefully consider these and the other
risks set forth in the section of this prospectus entitled &ldquo;Risk Factors.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Such risks include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>We are a newly incorporated blank check company with no operating history and no revenues, and you have no basis on which to
evaluate our ability to achieve our business objective.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>The ability of our 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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>The ability of our 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 shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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 $10.00 per share, or less than such amount in certain circumstances, and our warrants will expire
worthless.</TD></TR></TABLE>

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

</DIV>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>If the net proceeds of this offering and the sale of the private placement units not being held in the trust account are insufficient
to allow us to operate for the 15 months following the closing of this offering <FONT STYLE="background-color: white">(or up to
21 months, as applicable)</FONT>, it could limit the amount available to fund our search for a target business or businesses and
our ability to complete our initial business combination, and we will depend on loans from our sponsor, its affiliates or members
of our management team to fund our search and to complete our initial business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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 novel coronavirus (&ldquo;COVID-19&rdquo;) outbreak.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>If we seek shareholder approval of our initial business combination, our sponsor, directors, executive officers, advisors and
their affiliates may elect to purchase shares 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 ordinary shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>If a public 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>Our shareholders will not be entitled to protections normally afforded to investors of many other blank check companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>We may not have sufficient funds to satisfy indemnification claims of our directors and executive officers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>We may be a passive foreign investment company, or &ldquo;PFIC,&rdquo; which could result in adverse U.S. federal income tax
consequences to U.S. investors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>We may reincorporate in another jurisdiction in connection with our initial business combination and such reincorporation may
result in taxes imposed on shareholders.</TD></TR></TABLE>

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

</DIV>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5; border: Black 1pt solid">

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">February 7, 2022</TD><TD STYLE="padding-bottom: 1pt; color: #231F20; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt; color: #231F20; font-weight: bold">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Adjusted</TD><TD STYLE="padding-bottom: 1pt; color: #231F20; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">Balance Sheet Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; color: #231F20; text-align: left"><FONT STYLE="color: #231F20">Working capital (deficiency)<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></FONT></TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">(225,010</TD><TD STYLE="white-space: nowrap; width: 1%; color: #231F20; text-align: left">)</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">668,667</TD><TD STYLE="white-space: nowrap; width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #231F20"><FONT STYLE="color: #231F20">Total assets<FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></FONT></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">243,677</TD><TD STYLE="white-space: nowrap; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">75,668,667</TD><TD STYLE="white-space: nowrap; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20"><FONT STYLE="color: #231F20">Total liabilities<FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></FONT></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">225,010</TD><TD STYLE="white-space: nowrap; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">2,625,000</TD><TD STYLE="white-space: nowrap; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #231F20"><FONT STYLE="color: #231F20">Value of ordinary share subject to possible redemption<FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT></FONT></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">75,000,000</TD><TD STYLE="white-space: nowrap; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="color: #231F20">Shareholders&rsquo; equity (deficit)<FONT STYLE="font-size: 10pt"><SUP>(5)</SUP></FONT></FONT></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">18,667</TD><TD STYLE="white-space: nowrap; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">(1,956,333</TD><TD STYLE="white-space: nowrap; color: #231F20; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">The &ldquo;as adjusted&rdquo; calculation includes $650,000
of cash held outside the trust account, plus $18,667 of actual shareholders&rsquo; equity at February 7, 2022.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">The &ldquo;as adjusted&rdquo; calculation includes $75,000,000
of cash held in trust from the proceeds of this offering and the sale of the private placement shares, plus $650,000 of cash held
outside the trust account, plus $18,667 of actual shareholders&rsquo; equity at February 7, 2022.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">The &ldquo;as adjusted&rdquo; calculation includes $2,625,000
for the deferred underwriting commissions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(4)</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, plus the &ldquo;as adjusted&rdquo; shareholders&rsquo;
deficit.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(5)</TD><TD STYLE="text-align: justify">Excludes 7,500,000 ordinary shares which may be redeemed
in connection with our initial business combination and assuming no exercise of the over-allotment option. The &ldquo;as adjusted&rdquo;
calculation equals the &ldquo;as adjusted&rdquo; total assets, less the &ldquo;as adjusted&rdquo; total liabilities, less the
value of ordinary shares that may be converted in connection with our initial business combination ($10.00 per share).</TD>
</TR></TABLE>

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

</DIV>


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Risks Relating to Our Search for, and Consummation of or Inability
to Consummate, a Business Combination</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may choose not to hold a shareholder vote before
we complete our initial business combination if the business combination would not require shareholder approval under applicable
law or stock exchange listing requirement. For instance, if we were seeking to acquire a target business where the consideration
we were paying in the transaction was all cash, we would typically not be required to seek shareholder approval to complete such
a transaction. Except for as required by applicable law or stock exchange listing requirement, 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 issued and outstanding ordinary shares do not approve of
the business combination we complete.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Please see the section entitled &ldquo;Proposed
Business &mdash; Effecting Our Initial Business Combination &mdash; Shareholders may&nbsp;not have the ability to approve our initial
business combination&rdquo; for additional information.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Your only opportunity to affect the investment decision
regarding a potential business combination may be limited to the exercise of your right to redeem your shares from us for cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the time of your investment in us, you will
not be provided with an opportunity to evaluate the specific merits or risks of any 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 approval. Accordingly, 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.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">If we seek shareholder approval of our initial business
combination, our sponsor and members of our management team have agreed to vote in favor of such initial business combination,
regardless of how our public shareholders vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our initial shareholders will own, on an as-converted
basis, approximately 20% of our issued and outstanding ordinary shares immediately following the completion of this offering (not
including the private placement shares). Our sponsor and members of our management team also may from time to time purchase Class&nbsp;A
ordinary shares prior to our initial business combination. Our amended and restated memorandum and articles of association will
provide that, if we seek shareholder approval of our initial business combination, we will complete our initial business combination
only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority
of the shareholders who attend and vote at a general meeting of the company. As a result, in addition to our initial shareholders&rsquo;
founder shares and private placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are
voted and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor
of an initial business combination at the meeting in order to have our initial business combination approved. However, assuming
only the minimum number of shares representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are
voted, and assuming the over-allotment option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding
shares are voted and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted
in favor of an initial business combination at the meeting in order to have our initial business combination approved. Accordingly,
if we seek shareholder approval of our initial business combination, the agreement by our sponsor and each member of our management
team to vote in favor of our initial business combination will increase the likelihood that we will receive the requisite shareholder
approval for such initial business combination.</P>

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


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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, in no event will we redeem our public
shares in an amount that would cause our net tangible assets to be less than $5,000,001 either prior to or upon consummation of
an initial business combination (so that we do not then become subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules). Consequently,
if accepting all properly submitted redemption requests would cause our net tangible assets to be less than $5,000,001 either prior
to or upon consummation of an initial business combination or such greater amount necessary to satisfy a closing condition 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: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 a large
number of shares are submitted for redemption, we may need to restructure the transaction to reserve a greater portion of the cash
in the trust account or arrange for additional 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 the deferred
underwriting commissions payable to the underwriters will not be adjusted for any shares that are redeemed in connection with an
initial business combination. The per-share amount we will distribute to shareholders who properly exercise their redemption rights
will not be reduced by the deferred underwriting commission and after such redemptions, the amount held in trust will continue
to reflect our obligation to pay the entire deferred underwriting commissions.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If our initial 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 funds in the trust account until we liquidate the
trust account. If you are in need of immediate liquidity, you could attempt to sell your shares in the open market; however, at
such time our shares 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 shares in the open market.</P>

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


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The requirement that we consummate an initial business
combination within 15 months after the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>
may give potential target businesses leverage over us in negotiating a business combination and may limit the time we have in which
to conduct due diligence on potential business combination targets, in particular as we approach our dissolution deadline, which
could undermine our ability to complete our initial business combination on terms that would produce value for our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any potential target business with which we enter
into negotiations concerning a business combination will be aware that we must consummate an initial business combination within
15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>. 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 time frame 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 coronavirus (COVID-19)
outbreak and the status of debt and equity markets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The COVID-19 pandemic, together with resulting
voluntary and U.S. federal and state and non-U.S. governmental actions, including, without limitation, mandatory business closures,
public gathering limitations, restrictions on travel and quarantines, has meaningfully disrupted the global economy and markets.
Although the long-term economic fallout of COVID-19 is difficult to predict, it has and is expected to continue to have ongoing
material adverse effects across many, if not all, aspects of the regional, national and global economy. The COVID-19 outbreak has,
and a significant outbreak of other infectious diseases could, result in a widespread health crisis that could adversely affect
the economies and financial markets worldwide, and the business of any potential target business with which we 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 continues to 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. The extent to which COVID-19 impacts our search for 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. If the disruptions posed by COVID-19 or other matters of global
concern continue for an extensive period of time, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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, including
as a result of increased market volatility, decreased market liquidity in third party financing being unavailable on terms acceptable
to us or at all.</P>

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


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may not be able to consummate an initial business
combination within 15 months after the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>,
in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may not be able to find a suitable target business
and consummate an initial business combination within 15 months after the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months, as applicable)</FONT>. 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 continues to grow both in the United States and globally 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. Additionally, the outbreak of COVID-19 may negatively impact businesses we may seek to acquire. If we have not consummated
an initial business combination within such applicable 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 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 franchise and income taxes, if any (less up
to $100,000 of interest to pay dissolution expenses), divided by the number of the then-issued and outstanding public shares, which
redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further
liquidation distributions, if any); and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the
approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations
under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our amended and restated
memorandum and articles of association will provide that, if we wind up for any other reason prior to the consummation of our initial
business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly
as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. In either such
case, our public shareholders may receive only $10.00 per public share, or less than $10.00 per public share, on the redemption
of their shares, and our warrants will expire worthless. See &ldquo;&mdash; 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 $10.00
per public share&rdquo; and other risk factors herein.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may issue our shares to investors in connection with
our initial business combination at a price that is less than the prevailing market price of our shares at that time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with our initial business combination,
we may issue shares to investors in private placement transactions (so-called PIPE transactions) at a price of $10.00 per share.
The purpose of such issuances will be to enable us to provide sufficient liquidity to the post-business combination entity. The
price of the shares we issue may therefore be less, and potentially significantly less, than the market price for our shares at
such time.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">If we seek shareholder approval of our initial business
combination, our sponsor, directors, executive officers, advisors and their affiliates may elect to purchase public shares or warrants,
which may influence a vote on a proposed business combination and reduce the public &ldquo;float&rdquo; of our Class&nbsp;A ordinary
shares or public warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 sponsor, directors, executive officers, advisors or their affiliates may purchase public shares or warrants 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. 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 public shares or warrants in such transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that our sponsor, directors, executive
officers, 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 any such transaction could be to (1)&nbsp;vote in favor of the business combination and thereby increase
the likelihood of obtaining shareholder approval of the business combination, (2)&nbsp;reduce the number of public warrants outstanding
or vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial business combination
or (3)&nbsp;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 initial business combination, where it appears that such requirement would otherwise not be
met. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise
have been possible. In addition, if such purchases are made, the public &ldquo;float&rdquo; of our Class&nbsp;A ordinary shares
or public warrants 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. Any such purchases
will be reported pursuant to Section&nbsp;13 and Section&nbsp;16 of the Exchange Act to the extent such purchasers are subject
to such reporting requirements. See &ldquo;Proposed Business &mdash; Effecting Our Initial Business Combination &mdash; Permitted purchases
and other transactions with respect to our securities&rdquo; for a description of how our sponsor, directors, executive officers,
advisors or their affiliates will select which shareholders to purchase securities from in any private transaction.</P>

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


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will comply with the proxy rules or tender
offer rules, as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance
with these rules, if a shareholder fails to receive our proxy solicitation or tender offer materials, as applicable, such shareholder
may not become aware of the opportunity to redeem its shares. In addition, the proxy solicitation or tender offer 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 redeem or tender public shares. In the event that a shareholder
fails to comply with these procedures, its shares may not be redeemed. See &ldquo;Proposed Business &mdash; Effecting Our Initial
Business Combination &mdash; Tendering share certificates in connection with a tender offer or redemption rights.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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
preparing for an initial public offering, as well as many such companies currently in registration. As a result, at times, fewer
attractive targets may be available to consummate an initial business combination.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 have not consummated our initial business combination within the required time period, our public shareholders may receive
only approximately $10.00 per public share, or less in certain circumstances, on the liquidation of our trust account and our warrants
will expire worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 placement 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, we are obligated to offer holders of our public shares the right to redeem their shares for cash at the
time of our initial business combination in conjunction with a shareholder vote or via a tender offer. Target companies will be
aware that this may reduce the resources available to us for our initial business combination. Any of these obligations may place
us at a competitive disadvantage in successfully negotiating a business combination. If we have not consummated our initial business
combination within the required time period, our public shareholders may receive only approximately $10.00 per public share, or
less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. See &ldquo;&mdash; 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 $10.00 per public share&rdquo; and other risk factors herein.</P>

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


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">If the net proceeds of this offering and the sale of
the private placement units not being held in the trust account are insufficient to allow us to operate for the 15 months following
the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>, it could limit the
amount available to fund our search for a target business or businesses and our ability to complete our initial business combination,
and we will depend on loans from our sponsor, its affiliates or members of our management team to fund our search and to complete
our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Of the net proceeds of this offering and the sale
of the private placement units, only approximately $650,000 will be available to us initially outside the trust account to fund
our working capital requirements. We believe that, upon the closing of this offering, the funds available to us outside of the
trust account, together with funds available from loans from our sponsor, its affiliates or members of our management team will
be sufficient to allow us to operate for at least the 15 months following the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months, as applicable)</FONT>; however, we cannot assure you that our estimate is accurate, and our sponsor, its affiliates
or members of our management team are under no obligation to advance funds to us in such circumstances. Of the funds available
to us, we expect to 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 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 a letter of intent 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that our offering expenses exceed
our estimate of $1,150,000, we may fund such excess with funds not to be held in the trust account. In such case, unless funded
by the proceeds of loans available from our sponsor, its affiliates or members of our management team 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 $1,150,000, the amount of funds we intend to be held outside the trust account would increase by
a corresponding amount. The amount held in the trust account will not be impacted as a result of such increase or decrease. If
we are required to seek additional capital, we would need to borrow funds from our sponsor, its affiliates, members of our management
team or other third parties to operate or may be forced to liquidate. Neither our sponsor, members of our management team nor their
affiliates is under any obligation to us in such circumstances. Any such advances may be repaid only from funds held outside the
trust account or from funds released to us upon completion of our initial business combination. Up to $1,500,000 of such loans
may be convertible into units of the post-business combination entity at a price of $10.00 per unit at the option of the lender.
The units would be identical to the private placement units. Prior to the completion of our initial business combination, we do
not expect to seek loans from parties other than our sponsor, its affiliates or members of our management team 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. If we have not consummated our initial business combination within the required time period 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 an estimated $10.00 per public share, or possibly less, on our redemption of our public shares, and
our warrants will expire worthless. See &ldquo; &mdash; 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 $10.00 per public share&rdquo;
and other risk factors herein.</P>

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


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">After our 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 the price of our securities, which could cause you to lose
some or all of your investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Even if we conduct extensive due diligence on
a target business with which we combine, we cannot assure you that this diligence will identify all material issues with 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 holders who choose to retain their securities following the business combination could suffer
a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 $10.00
per public share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 (other
than our independent registered public accounting firm), prospective target businesses and 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 have not consummated an initial business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months, as applicable)</FONT>, or upon the exercise of a redemption right in connection with our initial 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
ten years following redemption. Accordingly, the per-share redemption amount received by public shareholders could be less than
the $10.00 per public share initially held in the trust account, due to claims of such creditors. Pursuant to the letter agreement
the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, our sponsor has agreed
that it will be liable to us if and to the extent any claims by a third party (other than our registered public accounting firm)
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 amounts in the trust account to below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;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 $10.00 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
our 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 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, 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">However, we have not asked our sponsor to reserve
for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its
indemnity obligations and we believe that our sponsor&rsquo;s only assets are securities of our company. 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 $10.00
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 or directors will indemnify us for
claims by third parties including, without limitation, claims by vendors and prospective target businesses.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The securities in which we invest the proceeds held
in the trust account could bear a negative rate of interest, which could reduce the interest income available for payment of taxes
or reduce the value of the assets held in trust such that the per-share redemption amount received by shareholders may be less
than $10.00 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The net proceeds of this offering and certain
proceeds from the sale of the private placement units, in the amount of $75,000,000, will be only be invested in direct U.S. Treasury
obligations having a maturity of 185 days or less, or in certain money market funds which invest only in direct U.S. Treasury obligations.
While short-term U.S. Treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest
rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market
Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United
States. In the event of very low or negative yields, the amount of interest income (which we may withdraw to pay income taxes,
if any) would be reduced. In the event that we are unable to complete our initial business combination, our public shareholders
are entitled to receive their pro-rata share of the proceeds held in the trust account, plus any interest income. If the balance
of the trust account is reduced below $75,000,000 as a result of negative interest rates, the amount of funds in the trust account
available for distribution to our public shareholders may be reduced below $10.00 per share.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that the proceeds in the trust account
are reduced below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;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 $10.00 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 our tax obligations, 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 and subject to their fiduciary duties may choose not to do
so in any particular instance. 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 $10.00 per public share.</P>

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


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may not have sufficient funds to satisfy indemnification
claims of our directors and executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have agreed to indemnify our officers and directors
to the fullest extent permitted by law. However, our officers and directors have agreed to waive any right, title, interest or
claim of any kind in or to any monies in the trust account and to not seek recourse against the trust account for any reason whatsoever
(except to the extent they are entitled to funds from the trust account due to their ownership of public shares). Accordingly,
any indemnification provided will be able to be satisfied by us only if (i)&nbsp;we have sufficient funds outside of the trust
account or (ii) we consummate an initial business combination. Our obligation to indemnify our officers and directors may discourage
shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also
may have the effect of reducing the likelihood of derivative litigation against our 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 our officers and directors pursuant to these indemnification
provisions.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Involvement of members of our management and companies
with which they are affiliated in civil disputes and litigation, governmental investigations or negative publicity unrelated to
our business affairs could materially impact our ability to consummate an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our directors and officers and companies with
which they are affiliated have been, and in the future will continue to be, involved in a wide variety of business affairs, including
transactions, such as sales and purchases of businesses, and ongoing operations. As a result of such involvement, members of our
management and companies with which they are affiliated in have been, and may in the future be, involved in civil disputes, litigation,
governmental investigations and negative publicity relating to their business affairs. Any such claims, investigations, lawsuits
or negative publicity may be detrimental to our reputation and could negatively affect our ability to identify and complete an
initial business combination in a material manner and may have an adverse effect on the price of our securities.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may face risks related to financial services businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Business combinations with financial services
businesses may involve special considerations and risks. If we complete our initial business combination with a financial services
business, we will be subject to the following risks, any of which could be detrimental to us and the business we acquire:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>if the company or business we acquire provides products or services which relate to the facilitation of financial transactions,
such as funds or securities settlement system, and such product or service fails or is compromised, we may be subject to claims
from both the firms to whom we provide our products and services and the clients they serve;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>if we are unable to keep pace with evolving technology and changes in the financial services industry, our revenues and future
prospects may decline;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our ability to provide financial products and services to customers may be reduced or eliminated by regulatory changes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>any business or company we acquire could be vulnerable to cyberattack or theft of individual identities or personal data;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>difficulties with any products or services we provide could damage our reputation and business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a failure to comply with privacy regulations could adversely affect relations with customers and have a negative impact on
business; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>we may not be able to protect our intellectual property and we may be subject to infringement claims.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 financial services businesses. 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">If, after we distribute the proceeds in the trust account
to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is
filed against us that is not dismissed, a bankruptcy or insolvency court may seek to recover such proceeds, and the members of
our board of directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of
our board of directors and us to claims of punitive damages.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If, after we distribute the proceeds in the trust
account to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition
is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor
and/or bankruptcy or insolvency laws as either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent conveyance.&rdquo;
As a result, a bankruptcy or insolvency court could seek to recover some or 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">If, before distributing the proceeds in the trust account
to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If, before distributing the proceeds in the trust
account to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition
is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy or
insolvency law, and may be included in our bankruptcy or insolvency estate and subject to the claims of third parties with priority
over the claims of our shareholders. To the extent any bankruptcy or insolvency 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>restrictions on the nature of our investments; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>restrictions on the issuance of securities, each of which may make it difficult for us to complete our initial business combination.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we may have imposed upon us burdensome
requirements, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>registration as an investment company with the SEC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>adoption of a specific form of corporate structure; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations that we are currently
not subject to.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 &ldquo;government securities&rdquo; within the meaning of Section&nbsp;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&nbsp;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 &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 either: (i)&nbsp;the completion of our initial business combination; (ii)&nbsp;the redemption of any public shares
properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
(A)&nbsp;to modify the substance or timing of our obligation to provide holders of our Class&nbsp;A ordinary shares the right to
have their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months, as applicable) </FONT>or (B)&nbsp;with respect to any other provision relating to the rights of holders of our
Class&nbsp;A ordinary shares; or (iii)&nbsp;absent our completing an initial business combination within 15 months from the closing
of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>, our return of the funds held
in the trust account to our public shareholders as part of our redemption of the public shares. We are aware of litigation against
other special purpose acquisition companies asserting that notwithstanding the foregoing, the entity should be considered an investment
company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We cannot guarantee that we will not be subject
to the Investment Company Act. 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.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are subject to laws and regulations enacted
by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal requirements.
Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">If we have not consummated an initial business combination
within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>,
our public shareholders may be forced to wait beyond such 15 months <FONT STYLE="background-color: white">(or up to 21 months,
as applicable) </FONT>before redemption from our trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we have not consummated an initial business
combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>,
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, if any (less up to $100,000 of interest to pay dissolution expenses), will be used to fund the
redemption of our public shares, as further described herein. Any redemption of public shareholders from the trust account will
be effected automatically by function of our amended and restated memorandum and articles of association prior to any voluntary
winding up. If we are required to wind up, liquidate the trust account and distribute such amount therein, pro rata, to our public
shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable
provisions of the Companies Act. In that case, investors may be forced to wait beyond 15 months from the closing of this offering
<FONT STYLE="background-color: white">(or up to 21 months, as applicable) </FONT>before the redemption proceeds of our trust account
become available to them, and they receive the return of their pro rata portion of the proceeds from our trust account. We have
no obligation to return funds to investors prior to the date of our redemption or liquidation unless, prior thereto, we consummate
our initial business combination or amend certain provisions of our amended and restated memorandum and articles of association,
and only then in cases where investors have sought to redeem their Class&nbsp;A ordinary shares. Only upon our redemption or any
liquidation will public shareholders be entitled to distributions if we do not complete our initial business combination and do
not amend certain provisions of our amended and restated memorandum and articles of association. Our amended and restated memorandum
and articles of association will provide that, if we wind up for any other reason prior to the consummation of our initial business
combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably
possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will consider a business combination outside
of our management&rsquo;s area of expertise if a business combination target 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 target, we cannot assure you that we will adequately ascertain or assess all of 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 target. 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 of the significant risk factors. Accordingly, any holders
who choose to retain their securities following the business combination could suffer a reduction in the value of their securities.
Such holders are unlikely to have a remedy for such reduction in value.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 guidelines, such combination may not be as successful as a combination with a business
that does meet all of our general criteria and guidelines. 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 applicable law or
stock exchange listing requirements, or we decide to obtain shareholder approval for business or other 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 have not consummated our initial business combination within the required time period, our public
shareholders may receive only approximately $10.00 per public share, or less in certain circumstances, on the liquidation of our
trust account and our warrants will expire worthless.</P>

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


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We are not required to obtain an opinion from an independent
accounting or investment banking 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 shareholders from a financial point of view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless we complete our initial business combination
with an affiliated entity, we are not required to obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that the price we are paying is fair to our shareholders 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may issue additional Class&nbsp;A ordinary shares
or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial
business combination. We may also issue Class&nbsp;A ordinary shares upon the conversion of the founder shares at a ratio greater
than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended
and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely
present other risks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association will authorize the issuance of up to 200,000,000 Class&nbsp;A ordinary shares, par value $0.0001 per share, 20,000,000
Class&nbsp;B ordinary shares, par value $0.0001 per share, and 1,000,000 preference shares, par value $0.0001 per share. Immediately
after this offering, there will be 192,170,000 and 18,125,000 (assuming in each case that the underwriters have not exercised their
over-allotment option) authorized but unissued Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares, respectively, available
for issuance which amount does not take into account shares reserved for issuance upon exercise of outstanding warrants or shares
issuable upon conversion of the Class&nbsp;B ordinary shares, if any. The Class&nbsp;B ordinary shares will automatically convert
into Class&nbsp;A ordinary shares at the time of our initial business combination as described herein and in our amended and restated
memorandum and articles of association. Immediately after this offering, there will be no preference shares issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may issue a substantial number of additional
Class&nbsp;A ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan
after completion of our initial business combination. We may also issue Class&nbsp;A ordinary shares in connection with our redeeming
the warrants as described in &ldquo;Description of Securities &mdash; Warrants &mdash; Public shareholders&rsquo; warrants&rdquo; or
upon conversion of the Class&nbsp;B ordinary shares at a ratio greater than one-to-one at the time of our initial business combination
as a result of the anti-dilution provisions as set forth herein. However, our amended and restated memorandum and articles of association
will provide, among other things, that prior to or in connection with our initial business combination, we may not issue additional
shares that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business
combination or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business
combination. These provisions of our amended and restated memorandum and articles of association, like all provisions of our amended
and restated memorandum and articles of association, may be amended with a shareholder vote. The issuance of additional ordinary
or preference shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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 ordinary shares resulted in the issuance of Class&nbsp;A ordinary shares on a greater than one-to-one
basis upon conversion of the Class&nbsp;B ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>may subordinate the rights of holders of Class&nbsp;A ordinary shares if preference shares are issued with rights senior to
those afforded our Class&nbsp;A ordinary shares;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>could cause a change in control if a substantial number of Class&nbsp;A ordinary shares 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of
a person seeking to obtain control of us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>may adversely affect prevailing market prices for our units, Class&nbsp;A ordinary shares and/or warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>may not result in adjustment to the exercise price of our warrants.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Unlike some other similarly structured blank check companies,
our sponsor will receive additional Class&nbsp;A ordinary shares if we issue shares to consummate an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The founder shares will automatically convert
into Class&nbsp;A ordinary shares at the time of our initial business combination at a ratio such that the number of Class&nbsp;A
ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, approximately
20% of the sum of (i)&nbsp;the total number of ordinary shares issued and outstanding upon completion of this offering, plus (ii)&nbsp;the
total number of Class&nbsp;A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination, excluding any Class&nbsp;A ordinary shares or equity-linked securities exercisable for or convertible into
Class&nbsp;A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any
private placement units issued to our sponsor, any of its affiliates or any members of our management team upon conversion of working
capital loans. In no event will the Class&nbsp;B ordinary shares convert into Class&nbsp;A ordinary shares at a rate of less than
one-to-one. This is different than some other similarly structured blank check companies in which the initial shareholders will
only be issued an aggregate of 20% of the total number of shares to be issued and outstanding prior to the initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 have not consummated our initial business combination within the required time period, our public shareholders
may receive only approximately $10.00 per public share, or less in certain circumstances, on the liquidation of our trust account
and our warrants will expire worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 have not consummated our initial business combination within the required time period, our public
shareholders may receive only approximately $10.00 per public share, or less in certain circumstances, on the liquidation of our
trust account and our warrants will expire worthless.</P>

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


<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may only be able to complete one business combination
with the proceeds of this offering and the sale of the private placement 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may effectuate our initial 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 effectuate our initial 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. Accordingly, the prospects for our success
may be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This lack of diversification may subject us to
numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular
industry in which we may operate after our initial business combination.</P>

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

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In pursuing our acquisition strategy, we may seek
to effectuate 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our management may not be able to maintain control of
a target business after our initial business combination. Upon the loss of control of a target business, new management may not
possess the skills, qualifications or abilities necessary to profitably operate such business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may structure our initial business combination
so that the post-business combination 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-business combination
company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest
in the target business sufficient for us 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-business combination company owns 50% or
more of the voting securities of the target, our shareholders prior to our initial 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. For example, we could pursue a transaction in which we issue a substantial number of new Class&nbsp;A ordinary shares
in exchange for all of the outstanding capital stock, shares or other equity interests 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 Class&nbsp;A ordinary shares,
our shareholders immediately prior to such transaction could own less than a majority of our issued and outstanding Class&nbsp;A
ordinary shares after 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 shares than we initially acquired. Accordingly, this
may make it more likely that our management will not be able to maintain control of the target business.</P>

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


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may seek business combination opportunities with
a high degree of complexity that require significant operational improvements, which could delay or prevent us from achieving our
desired results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may seek business combination opportunities
with large, highly complex companies that we believe would benefit from operational improvements. While we intend to implement
such improvements, to the extent that our efforts are delayed or we are unable to achieve the desired improvements, the business
combination may not be as successful as we anticipate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent we complete our initial business
combination with a large complex business or entity with a complex operating structure, we may also be affected by numerous risks
inherent in the operations of the business with which we combine, which could delay or prevent us from implementing our strategy.
Although our management team will endeavor to evaluate the risks inherent in a particular target business and its operations, we
may not be able to properly ascertain or assess all of the significant risk factors until we complete our business combination.
If we are not able to achieve our desired operational improvements, or the improvements take longer to implement than anticipated,
we may not achieve the gains that we anticipate. Furthermore, some of these risks and complexities may be outside of our control
and leave us with no ability to control or reduce the chances that those risks and complexities will adversely impact a target
business. Such combination may not be as successful as a combination with a smaller, less complex organization.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association will not provide a specified maximum redemption threshold, except that in no event will we redeem our public shares
in an amount that would cause our net tangible assets to be less than $5,000,001 either prior to or upon consummation of an initial
business combination (so that we do not then become subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules). As a result, we
may be able to complete our initial 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 initial business combination pursuant to the tender offer rules, have entered
into privately negotiated agreements to sell their shares to our sponsor, officers, directors, advisors or their affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in the event the aggregate cash consideration
we would be required to pay for all Class&nbsp;A ordinary shares 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 Class&nbsp;A ordinary shares 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">In order to effectuate an initial business combination,
blank check companies have, in the recent past, amended various provisions of their charters and other governing instruments, including
their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated memorandum and articles
of association or governing instruments in a manner that will make it easier for us to complete our initial business combination
that our shareholders may not support.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to effectuate a business combination,
blank check companies have in the recent past amended various provisions of their charters and governing instruments, including
their warrant agreements. For example, blank check companies have amended the definition of business combination, increased redemption
thresholds, extended the time to consummate an initial business combination and, with respect to their warrants, amended their
warrant agreements to require the warrants to be exchanged for cash and/or other securities. Amending our amended and restated
memorandum and articles of association will require at least a special resolution of our shareholders as a matter of Cayman Islands
law, meaning the approval of holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting of
the company, and amending our warrant agreement will require a vote of holders of a majority of the warrants. In addition, our
amended and restated memorandum and articles of association will require us to provide our public shareholders with the opportunity
to redeem their public shares for cash if we propose an amendment to our amended and restated memorandum and articles of association
(A)&nbsp;that would modify the substance or timing of our obligation to provide holders of our Class&nbsp;A ordinary shares the
right to have their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months, as applicable)</FONT> or (B)&nbsp;with respect to any other provision relating to the rights of holders of our
Class&nbsp;A ordinary shares. To the extent any of such amendments would be deemed to fundamentally change the nature of any of
the securities offered through this registration statement, we would register, or seek an exemption from registration for, the
affected securities.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The provisions of our amended and restated memorandum
and articles of association that relate to the rights of holders of our Class&nbsp;A ordinary shares (and corresponding provisions
of the agreement governing the release of funds from our trust account) may be amended with the approval of a special resolution
which requires the approval of the holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting
of the company, which is a lower amendment threshold than that of some other blank check companies. It may be easier for us, therefore,
to amend our amended and restated memorandum and articles of association to facilitate the completion of an initial business combination
that some of our shareholders may not support.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 the rights of a company&rsquo;s
shareholders, without approval by a certain percentage of the company&rsquo;s shareholders. In those companies, amendment of these
provisions typically requires approval by between 90% and 100% of the company&rsquo;s shareholders. Our amended and restated memorandum
and articles of association will provide that any of its provisions related to the rights of holders of our Class&nbsp;A ordinary
shares (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 special resolution, meaning holders of at least two-thirds of our ordinary shares who attend
and vote at a general meeting of the company, and corresponding provisions of the trust agreement governing the release of funds
from our trust account may be amended if approved by holders of at least 65% of our ordinary shares; provided that the provisions
of our amended and restated memorandum and articles of association governing (i)&nbsp;the appointment or removal of directors and
(ii)&nbsp;continuation of the company in a jurisdiction outside the Cayman Islands, in each case prior to our initial business
combination, may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and
vote at our general meeting which shall include the affirmative vote of a simple majority of our Class&nbsp;B ordinary shares.
Our sponsor and its permitted transferees, if any, who will collectively beneficially own, on an as-converted basis, approximately
20% of our Class&nbsp;A ordinary shares upon the closing of this offering (not including the private placement shares and assuming
they do not purchase any units in this offering), will participate in any vote to amend our amended and restated memorandum and
articles of association 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 amended and restated memorandum and articles of association 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
memorandum and articles of association.</P>

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


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor, executive officers, directors and
director nominees have agreed, pursuant to agreements with us, that they will not propose any amendment to our amended and restated
memorandum and articles of association (A)&nbsp;that would modify the substance or timing of our obligation to provide holders
of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from the closing
of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable) </FONT>or (B)&nbsp;with respect to any
other provision relating to the rights of holders of our Class&nbsp;A ordinary shares, unless we provide our public shareholders
with the opportunity to redeem their Class&nbsp;A ordinary shares 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 franchise and income taxes, if any, divided by the number of the then-issued
and outstanding public shares. 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 sponsor, executive officers, directors or director nominees 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our letter agreement with our sponsor, director nominees,
and officers may be amended without shareholder approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our letter agreement with our sponsor, directors,
director nominees, and officers contains provisions relating to transfer restrictions of our founder shares and sponsor warrants,
indemnification of the trust account, waiver of redemption rights and participation in liquidation distributions from the trust
account. This letter agreement may be amended without shareholder approval (although releasing the parties from the restriction
not to transfer our founder shares for 180 days following the date of this prospectus will require the prior written consent of
the underwriters). While we do not expect our board to approve any amendment to this agreement prior to our initial business combination,
it may be possible that our board, in exercising its business judgment and subject to its fiduciary duties, chooses to approve
one or more amendments to this agreement. Any such amendments to the letter agreement would not require approval from our shareholders
and may have an adverse effect on the value of an investment in our securities.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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. If we have not consummated our initial business combination within the required time
period, our public shareholders may receive only approximately $10.00 per public share, or less in certain circumstances, on the
liquidation of our trust account and our warrants will expire worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not yet selected any prospective target
business and we cannot ascertain the capital requirements for any particular transaction. If the net proceeds of this offering
and the sale of the private placement 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 redeem 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. The current economic environment may make it difficult for companies to obtain acquisition financing. 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 have not consummated our initial business combination within the required time period, our public shareholders may receive
only approximately $10.00 per public share, or less in certain circumstances, 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 initial 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.</P>

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


<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Risks Relating to Our Securities</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">You will not have any rights or interests in funds from
the trust account, except under certain limited circumstances. Therefore, 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 Class&nbsp;A ordinary shares that such shareholder properly elected to redeem, subject to the
limitations described herein, (ii)&nbsp;the redemption of any public shares properly tendered in connection with a shareholder
vote to amend our amended and restated memorandum and articles of association (A)&nbsp;to modify the substance or timing of our
obligation to provide holders of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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
15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable) </FONT>or
(B)&nbsp;with respect to any other provision relating to the rights of holders of our Class&nbsp;A ordinary shares, and (iii)&nbsp;the
redemption of our public shares if we have not consummated an initial business within 15 months from the closing of this offering
<FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>, subject to applicable law and as further described
herein. Public shareholders who redeem their Class&nbsp;A ordinary shares in connection with a shareholder vote described in clause&nbsp;(ii)
in the preceding sentence shall not be entitled to funds from the trust account upon the subsequent completion of an initial business
combination or liquidation if we have not consummated an initial business combination within 15 months from the closing of this
offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>, with respect to such Class&nbsp;A ordinary
shares so redeemed. In no other circumstances will a public shareholder have any right or interest of any kind in the trust account.
Holders of warrants will not have any right to the proceeds held in the trust account with respect to the warrants. Accordingly,
to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We intend to apply to have our units listed on
Nasdaq on or promptly after the date of this prospectus and our Class&nbsp;A ordinary shares and warrants listed on or promptly
after their date of separation. 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 share price levels. Generally, we must maintain a minimum market
value of listed securities, a minimum number of publicly held shares with a minimum market value, a minimum bid price and a minimum
number of holders of our securities. 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. 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a limited availability of market quotations for our securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>reduced liquidity for our securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a determination that our Class&nbsp;A ordinary shares are a &ldquo;penny stock&rdquo; which will require brokers trading in
our Class&nbsp;A ordinary shares to adhere to more stringent rules 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a limited amount of news and analyst coverage; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 &ldquo;covered securities.&rdquo; Because we expect that our units and eventually our Class&nbsp;A ordinary shares
and warrants will be listed on Nasdaq, our units, Class&nbsp;A ordinary shares and warrants will qualify as covered securities
under the statute. Although the states are preempted from regulating the sale of covered 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 or certain other
exchanges, our securities would not qualify as covered securities under the statute and we may be subject to regulation in each
state in which we offer our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Since the net proceeds of this offering and the
sale of the private placement 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 States securities laws.
However, because we will have net tangible assets in excess of $5,000,000 upon the completion of this offering and the sale of
the private placement 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 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 initial business combination than do companies subject to Rule&nbsp;419.
Moreover, if this offering were subject to Rule&nbsp;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&nbsp;419,
please see &ldquo;Proposed Business &mdash; Comparison of this offering to those of blank check companies subject to Rule&nbsp;419.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 ordinary shares, you will lose the ability to redeem all such shares in
excess of 15% of our Class&nbsp;A ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender
offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo;
(as defined under Section&nbsp;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, which we refer to as the &ldquo;Excess Shares,&rdquo; without our prior
consent. However, we would not be restricting our shareholders&rsquo; ability to vote all of their shares (including Excess Shares)
for or against our initial business combination. Your inability to redeem the Excess Shares will reduce your influence over our
ability to complete our initial 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 initial business combination. And 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 shares in open market transactions, potentially at
a loss.</P>

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


<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we are forced to enter into an insolvent liquidation,
any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the
date on which the distribution was made, we were unable to pay our debts as they fall due in the ordinary course of business. As
a result, a liquidator could seek to recover some or all amounts received by our shareholders. Furthermore, our directors may be
viewed as having breached their fiduciary duties to us or our creditors and/or may have acted in bad faith, thereby exposing themselves
and our company to claims, 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. We and our directors and officers who knowingly
and willfully authorized or permitted any distribution to be paid out of our share premium account while we were unable to pay
our debts as they fall due in the ordinary course of business would be guilty of an offence and may be liable for a fine of $18,292.68
and imprisonment for five years in the Cayman Islands.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may not hold an annual general meeting until after
the consummation of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our
listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint
directors. Until we hold an annual general meeting, public shareholders may not be afforded the opportunity to appoint directors
and to discuss company affairs with management. Our board of directors is divided into three classes with only one class of directors
being appointed in each year and each class (except for those directors appointed prior to our first annual general meeting) serving
a three-year term.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Holders of Class&nbsp;A ordinary shares will not be
entitled to vote on any appointment of directors we hold prior to our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to our initial business combination, only
holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not
be entitled to vote on the appointment of directors during such time. In addition, prior to our initial business combination, only
holders of a majority of our founder shares may remove a member of the board of directors for any reason. Accordingly, you may
not have any say in the management of our company prior to the consummation of an initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We are not registering the Class&nbsp;A ordinary shares
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not registering the Class&nbsp;A ordinary
shares 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, we have agreed that, as soon as practicable, but in no event later than 20 business days, after
the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration
statement covering the issuance of such shares, and we will use our commercially reasonable efforts to cause the same to become
effective within 60 business days after the closing of our initial business combination and to maintain the effectiveness of such
registration statement and a current prospectus relating to those Class&nbsp;A ordinary shares until the warrants expire or are
redeemed. We cannot assure you that we will be able to do so if, for example only among other reasons, 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, complete or correct or the SEC issues a stop order.</P>

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


<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the shares issuable upon exercise of the warrants
are not registered under the Securities Act in accordance with the above requirements, we will be required to permit holders to
exercise their warrants on a cashless basis, in which case, the number of Class&nbsp;A ordinary shares that you will receive upon
cashless exercise will be based on a formula (subject to adjustment). 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the above, if our Class&nbsp;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&nbsp;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 &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9)
of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement,
and we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent
an exemption is not available. Exercising the warrants on a cashless basis could have the effect of reducing the potential &ldquo;upside&rdquo;
of the holder&rsquo;s investment in our company because the warrant holder will hold a smaller number of Class&nbsp;A ordinary
shares upon a cashless exercise of the warrants they hold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In no event will we be required to net cash settle
any warrant, or issue securities or other compensation in exchange for the warrants in the event that we are unable to register
or qualify the shares underlying the warrants under applicable state securities laws and no exemption is available. 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 will 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 Class&nbsp;A ordinary shares included in the units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There may be a circumstance where an exemption
from registration exists for holders of our private placement units to exercise their warrants while a corresponding exemption
does not exist for holders of the warrants included as part of units sold in this offering. In such an instance, our sponsor and
its permitted transferees (which may include our directors and executive officers) would be able to exercise their warrants and
sell the ordinary shares underlying their warrants while holders of our warrants would not be able to exercise their warrants and
sell the underlying ordinary shares. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying Class&nbsp;A ordinary shares for sale under all applicable state securities
laws. As a result, we may redeem the warrants as set forth above even if the holders are otherwise unable to exercise their warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, if we call the warrants for redemption,
our management will have the option to require all holders that wish to exercise warrants to do so on a cashless basis. In the
event of an exercise on a cashless basis, a holder would pay the warrant exercise price by surrendering the warrants for that number
of shares of Class&nbsp;A ordinary shares equal to the quotient obtained by dividing (x)&nbsp;the product of the number of Class&nbsp;A
ordinary shares underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &ldquo;fair
market value&rdquo; (as defined in the next sentence) by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo; as
used in this paragraph means the volume weighted average price of the Class&nbsp;A ordinary shares for the 10 trading days ending
on the trading day prior to the date on which the notice of exercise is received by the warrant agent. As a result, you would receive
fewer Class&nbsp;A ordinary shares from such exercise than if you were to exercise such warrants for cash.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The warrants may become exercisable and redeemable for
a security other than the Class&nbsp;A ordinary shares, and you will not have any information regarding such other security at
this time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In certain situations, including if we are not
the surviving entity in our initial business combination, the warrants may become exercisable for a security other than the Class&nbsp;A
ordinary shares. As a result, if the surviving company redeems your warrants for securities pursuant to the warrant agreement,
you may receive a security in a company of which you do not have information at this time. Pursuant to the warrant agreement, the
surviving company will be required to use commercially reasonable efforts to register the issuance of the security underlying the
warrants within twenty business days of the closing of an initial business combination.</P>

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


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The grant of registration rights to our sponsor 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 ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to an agreement to be entered into on
or prior to the closing of this offering, our sponsor and its permitted transferees can demand that we register the resale of the
Class&nbsp;A ordinary shares into which founder shares are convertible, the private placement shares and the Class&nbsp;A ordinary
shares issuable upon exercise of the private placement warrants, and shares and warrant shares that may be issued upon conversion
of working capital loans. 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 ordinary
shares. 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 securities that is expected when the
securities owned by our sponsor or its permitted transferees are registered for resale.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Because we are neither limited to evaluating a target
business in a particular industry sector nor have we selected 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may pursue business combination opportunities
in any sector, except that we will not, under our amended and restated memorandum and articles of association, be permitted to
effectuate our initial business combination solely 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 initial 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 sales 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 of 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 holders who choose to retain
their securities following the business combination could suffer a reduction in the value of their securities. Such holders are
unlikely to have a remedy for such reduction in value.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">After our initial business combination, it is possible
that a majority of our directors and officers will live outside the United States and all of our assets will be located outside
the United States; therefore investors may not be able to enforce federal securities laws or their other legal rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is possible that after our initial business
combination, a majority of our directors and officers will reside outside of the United States and all of our assets will be located
outside of the United States. 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 all of our directors or officers or to enforce judgments of United
States courts predicated upon civil liabilities and criminal penalties on our directors and officers under United States laws.</P>

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


<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Members of our management team and board of directors
have significant experience as founders, board members, officers, executives or employees of other companies. While they are not
currently, certain of those persons may become involved in litigation, investigations or other proceedings, including related to
those companies or otherwise. The defense or prosecution of these matters could be time-consuming and could divert our management&rsquo;s
attention, and may have an adverse effect on us, which may impede our ability to consummate an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the course of their careers, members of
our management team and board of directors have had significant experience as founders, board members, officers, executives or
employees of other companies. As a result of their involvement and positions in these companies, while they are not currently,
certain of those persons may in the future become involved in litigation, investigations or other proceedings, including relating
to the business affairs of such companies, transactions entered into by such companies, or otherwise. While they are not currently,
individual members of our management team and board of directors also may become involved in litigation, investigations or other
proceedings involving claims or allegations related to or as a result of their previous personal conduct, either in their capacity
as a corporate officer or director or otherwise, and may be personally named in such actions and potentially subject to personal
liability as a result of their previous individual conduct or otherwise. Any such liability may or may not be covered by insurance
and/or indemnification, depending on the facts and circumstances. The defense or prosecution of these matters could be time-consuming.
Any litigation, investigations or other proceedings and the potential outcomes of such actions may divert the attention and resources
of our management team and board of directors away from identifying and selecting a target business or businesses for our initial
business combination and may negatively affect our reputation, which may impede our ability to complete an initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although we have no commitments as of the date
of this prospectus to 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 initial business combination. We and our officers 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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such
financing while the debt is outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our inability to pay dividends on our Class&nbsp;A ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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 Class&nbsp;A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate
purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in
government regulation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements,
execution of our strategy and 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: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B><I>Our sponsor controls a substantial interest in us and thus
may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon closing of this offering, our initial shareholders
will own, on an as-converted basis, approximately 20% of our issued and outstanding ordinary shares (not including the private
placement shares and assuming it does not purchase any units in this offering). Accordingly, it may exert a substantial influence
on actions requiring a shareholder vote, potentially in a manner that you do not support, including amendments to our amended and
restated memorandum and articles of association. In addition, the founder shares, all of which are held by our initial shareholders,
will (i)&nbsp;entitle the holders to elect all of our directors prior to our initial business combination and (ii)&nbsp;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), entitle the holders to ten votes for every founder share. Holders of
our public shares will have no right to vote on the appointment of directors during such time. These provisions of our amended
and restated memorandum and articles of association may only be amended by a special resolution passed by not less than 90% of
our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple majority of
our Class&nbsp;B ordinary shares. As a result, you will not have any influence over the appointment of directors or our continuation
in a jurisdiction outside the Cayman Islands prior to our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If our sponsor purchases any units in this offering
or if our sponsor purchases any additional Class&nbsp;A ordinary shares in the aftermarket or in privately negotiated transactions,
this would increase its control. Neither our sponsor nor, to our knowledge, any of our officers or directors, have any current
intention to purchase additional securities, other than as disclosed in this prospectus. Factors that would be considered in making
such additional purchases would include consideration of the current trading price of our Class&nbsp;A ordinary shares. In addition,
our board of directors, whose members were appointed by our sponsor, 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 appointed in each year. We may not hold an annual
general meeting to appoint new directors prior to the completion of our initial 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 general
meeting, as a consequence of our &ldquo;staggered&rdquo; board of directors, only a minority of the board of directors will be
considered for appointment and our sponsor, because of its ownership position, will control the outcome, as only holders of our
Class&nbsp;B ordinary shares will have the right to vote on the appointment of directors and to remove directors prior to our initial
business combination. Accordingly, our sponsor will continue to exert control at least until the completion of our initial business
combination. In addition, we have agreed not to enter into a definitive agreement regarding an initial business combination without
the prior consent of our sponsor.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The nominal purchase price paid by our sponsor for the
founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial
business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are offering our units at an offering price
of $10.00 per unit and the amount in our trust account is initially anticipated to be $10.00 per public share, implying an initial
value of $10.00 per public share. However, prior to this offering, our sponsor paid a nominal aggregate purchase price of $25,000
for the founder shares, or approximately $0.012 per share. As a result, the value of your public shares may be significantly diluted
upon the consummation of our initial business combination, when the founder shares are converted into public shares. For example,
the following table shows the dilutive effect of the founder shares on the implied value of the public shares upon the consummation
of our initial business combination, assuming that our equity value at that time is $72,375,000, which is the amount we would have
for our initial business combination in the trust account after payment of $2,625,000 of deferred underwriting commissions, assuming
the underwriters&rsquo; over-allotment option is not exercised, no interest is earned on the funds held in the trust account, and
no public shares are redeemed in connection with our initial business combination, and without taking into account any other potential
impacts on our valuation at such time, such as the trading price of our public shares, the business combination transaction costs,
any equity issued or cash paid to the target&rsquo;s sellers or other third parties, or the target&rsquo;s business itself, including
its assets, liabilities, management and prospects, as well as the value of our public and private placement warrants. At such valuation,
each of our ordinary shares would have an implied value of approximately $7.46 per share upon consummation of our initial business
combination, which would be a 25.0% decrease as compared to the initial implied value per public share of $10.00 (the price per
unit in this offering, assuming no value to the warrants).</P>

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


<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: rgb(204,238,255)">
    <TD STYLE="width: 87%">Public shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,500,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Founder shares<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,875,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Private placement shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,705,000</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="text-align: left">Total funds in trust available for initial business combinations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">72,375,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Initial implied value per public share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.00</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="text-align: left">Implied value per share upon consummation of initial business combination</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.46</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD>Assumes the full forfeiture of 281,250 founder shares that
are subject to forfeiture by our sponsor depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</TD>
</TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The value of the founder shares following completion
of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading
price of our ordinary shares at such time is substantially less than $10.00 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the closing of this offering, assuming no
exercise of the underwriters&rsquo; over-allotment option, our sponsor will have invested in us an aggregate of $3,325,000, comprised
of the $25,000 purchase price for the founder shares and the $3,300,000 purchase price for the private placement units. Assuming
a trading price of $10.00 per share upon consummation of our initial business combination, the 2,205,000 founder shares and placement
shares (assuming the underwriters&rsquo; option to purchase additional units is not exercised) would have an aggregate implied
value of $16,443,779. Even if the trading price of our ordinary shares was as low as approximately $1.51 per share, and the private
placement warrants were worthless, the value of the founder shares and placement shares would be equal to the sponsor&rsquo;s initial
investment in us. As a result, our sponsor is likely to be able to recoup its investment in us and make a substantial profit on
that investment, even if our public shares have lost significant value. Accordingly, our management team, which owns interests
in our sponsor, may have an economic incentive that differs from that of the public shareholders to pursue and consummate an initial
business combination rather than to liquidate and to return all of the cash in the trust to the public shareholders, even if that
business combination were with a riskier or less-established target business. For the foregoing reasons, you should consider our
management team&rsquo;s financial incentive to complete an initial business combination when evaluating whether to redeem your
shares prior to or in connection with the initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our directors, management, shareholders, employees and
affiliates may from time to time be subject to negative publicity or legal proceedings, which could adversely affect our reputation
and may impede our ability to consummate an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Negative publicity about our shareholders, affiliates,
directors, officers and other employees can harm our brand and reputation. However, we do not have control or have limited control
over the actions of these parties, and any misbehavior or misconduct by these parties could bring us negative publicity or even
liability. In addition, our shareholders, directors, employees and affiliates may from time to time be subject to litigation, regulatory
investigations, proceedings and/or disputes or otherwise face potential liability and expense in relation to commercial, labor,
employment, securities, tax or other matters, which could adversely affect our reputation and results of operations.</P>

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


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 a majority 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 our Class&nbsp;A
ordinary shares purchasable upon exercise of a warrant could be decreased, all without your approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our warrants will be issued in registered form
under a warrant agreement between VStock Transfer, LLC, as warrant agent, and us. The warrant agreement provides that the terms
of the warrants may be amended without the consent of any holder for the purpose of (i)&nbsp;curing any ambiguity or correct any
mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant
agreement set forth in this prospectus, or defective provision, (ii)&nbsp;amending the provisions relating to cash dividends on
ordinary shares as contemplated by and in accordance with the warrant agreement or (iii)&nbsp;adding or changing any provisions
with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary
or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that
the approval by the holders of a majority of the then-outstanding warrants is required 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 a majority of the then-outstanding warrants approve of such amendment. Although our ability to amend the
terms of the warrants with the consent of a majority 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 Class&nbsp;A ordinary shares purchasable upon exercise of a warrant.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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,
including under the Securities Act, 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)&nbsp;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: 0; text-indent: 0.5in">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may redeem your unexpired warrants prior to their
exercise at a time that is disadvantageous to you, thereby making your warrants worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have the ability to redeem the outstanding
warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, <I>provided</I>
that the closing price of our Class&nbsp;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;Description of
Securities &mdash; Warrants &mdash; Public shareholders&rsquo; warrants &mdash; Anti-dilution adjustments&rdquo;) for any 20 trading
days within a 30 trading-day period ending on the third trading day prior to proper notice of such redemption and <I>provided</I>
that certain other conditions are met. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. As a result,
we may redeem the warrants as set forth above even if the holders are otherwise unable to exercise the warrants. Redemption of
the outstanding warrants could force you to (i)&nbsp;exercise your warrants and pay the exercise price therefor at a time when
it may be disadvantageous for you to do so, (ii)&nbsp;sell your warrants at the then-current market price when you might otherwise
wish to hold your warrants or (iii)&nbsp;accept the nominal redemption price which, at the time the outstanding warrants are called
for redemption, we expect would be substantially less than the market value of your warrants.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our warrants may have an adverse effect on the market
price of our Class&nbsp;A ordinary shares and make it more difficult to effectuate our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will be issuing warrants to purchase 3,750,000
of our Class&nbsp;A ordinary shares (or up to 4,312,500 Class&nbsp;A ordinary shares if the underwriters&rsquo; over-allotment
option is exercised in full) as part of the units offered by this prospectus and, simultaneously with the closing of this offering,
we will be issuing in a private placement an aggregate of 330,000 private placement units (or 352,500 private placement units if
the underwriters exercise their over-allotment option in full), at a price of $10.00 per unit. In addition, if the sponsor, its
affiliates or a member of our management team makes any working capital loans, it may convert up to $1,500,000 of such loans into
up to an additional 150,000 private placement units, at the price of $10.00 per unit. We may also issue Class&nbsp;A ordinary shares
in connection with our redemption of our warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent we issue ordinary shares for any
reason, including to effectuate a business combination, the potential for the issuance of a substantial number of additional Class&nbsp;A
ordinary shares upon exercise of these warrants could make us a less attractive acquisition vehicle to a target business. Such
warrants, when exercised, will increase the number of issued and outstanding Class&nbsp;A ordinary shares and reduce the value
of the Class&nbsp;A ordinary shares issued to complete the business transaction. Therefore, our warrants may make it more difficult
to effectuate a business transaction or increase the cost of acquiring the target business.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Because each unit contains one-half of one warrant and
only a whole warrant may be exercised, the units may be worth less than units of other blank check companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each unit contains one-half of one warrant. Pursuant
to the warrant agreement, no fractional warrants will be issued upon separation of the units, and only whole units will trade.
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 the number of Class&nbsp;A ordinary shares to be issued to the warrant holder. This is different
from other offerings similar to ours whose units include one ordinary share and one whole warrant to purchase one whole share.
We have established the components of the units in this way in order to reduce the dilutive effect of the warrants upon completion
of a business combination since the warrants will be exercisable in the aggregate for one-half of the number of shares compared
to units that each contain a whole warrant to purchase one whole share, thus making us, we believe, a more attractive merger partner
for target businesses. Nevertheless, this unit structure may cause our units to be worth less than if a unit included a warrant
to purchase one whole share.</P>

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


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">A provision of our warrant agreement may make it more
difficult for us to consummate an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unlike most blank check companies, if (i)&nbsp;we
issue additional Class&nbsp;A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a Newly Issued Price of less than $9.20 per ordinary share, (ii)&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
(iii)&nbsp;the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted to be equal to 115%
of the higher of the Market Value and the Newly Issued Price and the $16.50 per share redemption trigger prices described below
under &ldquo;Description of Securities &mdash; Warrants &mdash; Public shareholders&rsquo; warrants &mdash; Redemption of warrants when
the price per Class&nbsp;A ordinary share equals or exceeds $16.50&rdquo; will be adjusted (to the nearest cent) to be equal to
165% of the higher of the Market Value and the Newly Issued Price. This may make it more difficult for us to consummate an initial
business combination with a target business.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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,
both prior to our inception and thereafter, 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 ordinary shares and warrants underlying the units, include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>prior offerings of those companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our prospects for acquiring an operating business at attractive values;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a review of debt-to-equity ratios in leveraged transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our capital structure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>other factors as were deemed relevant.</TD></TR></TABLE>

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

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


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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, including as a result of the COVID-19 outbreak. 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The federal proxy rules require that a proxy statement
with respect to a vote on a business combination meeting certain financial significance tests include historical and/or pro forma
financial statement disclosure in periodic reports. 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 U.S. 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 statements in time for us
to disclose such statements in accordance with federal proxy rules and complete our initial business combination within the prescribed
time frame.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Compliance obligations under the Sarbanes-Oxley Act
may make it more difficult for us to effectuate a business combination, require substantial financial and management resources,
and increase the time and costs of completing an acquisition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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, 2022. Only in the event we are deemed to be a large accelerated filer or an accelerated filer and no longer
qualify as an emerging growth company, will we 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
business with which we seek to complete our initial 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Because we are incorporated under the laws of the Cayman
Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal
courts may be limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are an exempted company incorporated under
the laws of the Cayman Islands. As a result, it may be difficult for investors to effect service of process within the United States
upon our directors or executive officers, or enforce judgments obtained in the United States courts against our directors or officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our corporate affairs will be governed by our
amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman Islands. We will
also be subject to the federal securities laws of the United States. The rights of shareholders to take action against the directors,
actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large
extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively
limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive
authority, but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities
of our directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions
in the United States. In particular, the Cayman Islands has a less prescriptive body of securities laws as compared to the United
States, and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law.
In addition, Cayman Islands companies may not have standing to initiate a shareholders derivative action in a federal court of
the United States.</P>

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


<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have been advised by Maples and Calder (Hong
Kong) LLP, our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would (i)
recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil
liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States,
or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon
the federal securities laws of the United States or the securities laws of any state in the United States.</P>

<P STYLE="text-indent: 0.5in; font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.5in; font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-style: normal; font-weight: normal">We
have also been advised by Maples and Calder (Hong Kong) LLP that although there is no statutory enforcement in the Cayman Islands
of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties
for the reciprocal enforcement or recognition of such judgments), a judgment obtained in such jurisdiction will be recognized and
enforced in the courts of the Cayman Islands at common law, without any reexamination of the merits of the underlying dispute,
by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (i) is given
by a foreign court of competent jurisdiction, (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which
the judgment has been given, (iii) is final, (iv) is not in respect of taxes, a fine or a penalty, and (v) was not obtained in
a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.
However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under civil liability provisions
of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations
to make payments that are penal or punitive in nature. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings
are being brought elsewhere. </FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our amended and restated memorandum and articles of
association provide that the courts of the Cayman Islands will be the exclusive forums for certain disputes between us and our
shareholders, which could limit our shareholders&rsquo; ability to obtain a favorable judicial forum for complaints against us
or our directors, officers or employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association provide that unless we consent in writing to the selection of an alternative forum, the courts of the Cayman Islands
shall have exclusive jurisdiction over any claim or dispute arising out of or in connection with our amended and restated memorandum
and articles of association or otherwise related in any way to each shareholder&rsquo;s shareholding in us, including but not limited
to (i)&nbsp;any derivative action or proceeding brought on our behalf, (ii)&nbsp;any action asserting a claim of breach of any
fiduciary or other duty owed by any of our current or former director, officer or other employee to us or our shareholders, (iii)&nbsp;any
action asserting a claim arising pursuant to any provision of the Companies Act or our amended and restated memorandum and articles
of association, or (iv)&nbsp;any action asserting a claim against us governed by the internal affairs doctrine (as such concept
is recognized under the laws of the United States of America) and that each shareholder irrevocably submits to the exclusive jurisdiction
of the courts of the Cayman Islands over all such claims or disputes. The forum selection provision in our amended and restated
memorandum and articles of association will not apply to actions or suits brought to enforce any liability or duty created by the
Securities Act, Exchange Act or any claim for which the federal district courts of the United States of America are, as a matter
of the laws of the United States of America, the sole and exclusive forum for determination of such a claim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association also provide that, without prejudice to any other rights or remedies that we may have, each of our shareholders
acknowledges that damages alone would not be an adequate remedy for any breach of the selection of the courts of the Cayman Islands
as exclusive forum and that accordingly we shall be entitled, without proof of special damages, to the remedies of injunction,
specific performance or other equitable relief for any threatened or actual breach of the selection of the courts of the Cayman
Islands as exclusive forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This choice of forum provision may increase a
shareholder&rsquo;s cost and limit the shareholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable
for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors,
officers and other employees. Any person or entity purchasing or otherwise acquiring any of our shares or other securities, whether
by transfer, sale, operation of law or otherwise, shall be deemed to have notice of and have irrevocably agreed and consented to
these provisions. There is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar choice
of forum provisions in other companies&rsquo; memorandum and articles of association or other charter documents has been challenged
in legal proceedings. It is possible that a court could find this type of provisions to be inapplicable or unenforceable, and if
a court were to find this provision in our amended and restated memorandum and articles of association to be inapplicable or unenforceable
in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could have adverse
effect on our business and financial performance.</P>

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


<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Provisions in our amended and restated memorandum and
articles of association 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 ordinary shares and could entrench management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association will contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be
in their best interests. These provisions will include a staggered board of directors, the ability of the board of directors to
designate the terms of and issue new series of preference shares, and the fact that prior to the completion of our initial business
combination only holders of our Class&nbsp;B ordinary shares, which have been issued to our sponsor, are entitled to vote on the
appointment of directors, which may make more difficult the removal of management and may discourage transactions that otherwise
could involve payment of a premium over prevailing market prices for our securities.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Cyber incidents or attacks directed at us could result
in information theft, data corruption, operational disruption and/or financial loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We depend on digital technologies, including information
systems, infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated
and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties
or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential
data. As an early stage company without significant investments in data security protection, we may not be sufficiently protected
against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any
vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences
on our business and lead to financial loss.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Since only holders of our founder shares will have the
right to vote on the appointment of directors, upon the listing of our shares on Nasdaq, Nasdaq may consider us to be a &ldquo;controlled
company&rdquo; within the meaning of Nasdaq rules and, as a result, we may qualify for exemptions from certain corporate governance
requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">After completion of this offering, only holders
of our founder shares will have the right to vote on the appointment of directors. As a result, Nasdaq may consider us to be a
&ldquo;controlled company&rdquo; within the meaning of the Nasdaq corporate governance standards. Under the Nasdaq corporate governance
standards, a company of which more than 50% of the voting power is held by an individual, group or another company is a &ldquo;controlled
company&rdquo; and may elect not to comply with certain corporate governance requirements, including the requirements that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>we have a board that includes a majority of &ldquo;independent directors,&rdquo; as defined under the rules of Nasdaq;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>we have a compensation committee of our board that is comprised entirely of independent directors with a written charter addressing
the committee&rsquo;s purpose and responsibilities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>we have a nominating and corporate governance committee of our board that is comprised entirely of independent directors with
a written charter addressing the committee&rsquo;s purpose and responsibilities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We do not intend to have a compensation committee
or nominating and corporate governance committee after completion of this offering and prior to consummation of our initial business
combination. Except for not having these committees, we do not intend to utilize these exemptions and intend to comply with the
corporate governance requirements of Nasdaq, subject to applicable phase-in rules. However, if we determine in the future to utilize
some or all of these exemptions, you will not have the same protections afforded to shareholders of companies that are subject
to all of the Nasdaq corporate governance requirements.</P>

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


<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">If you are a U.S. holder of our ordinary shares, 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Risks Relating to Our Management Team</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We are dependent upon our executive officers and directors
and their loss could adversely affect our ability to operate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our operations are dependent upon a relatively
small group of individuals and, in particular, our executive officers and directors. We believe that our success depends on the
continued service of our officers and directors, at least until we have completed our initial business combination. In addition,
our executive officers and directors are not required to commit any specified amount of time to our affairs and, accordingly, will
have conflicts of interest in allocating their time among various business activities, including identifying potential business
combinations and monitoring the related due diligence. We do not have an employment agreement with, or key-man insurance on the
life of, any of our directors or executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The unexpected loss of the services of one or
more of our directors or executive officers could have a detrimental effect on us.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our ability to successfully effect our initial business
combination and to be successful thereafter will be totally dependent upon the efforts of our key personnel, some of whom may join
us following our initial business combination. 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our ability to successfully effect our initial
business combination is dependent upon the efforts of our key personnel. We believe that our success depends on the continued service
of our key personnel, at least until we have consummated our initial business combination. None of our officers are required to
commit any specified amount of time to our affairs and, accordingly, they will have conflicts of interest in allocating management
time among various business activities, including identifying potential business combinations and monitoring the related due diligence.
If our officers&rsquo; and directors&rsquo; other business affairs require them to devote more substantial amounts of time to their
other business activities, it could limit their ability to devote time to our affairs and could have a negative impact on our ability
to consummate our initial business combination. In addition, we do not have employment agreements with, or key-man insurance on
the life of, any of our officers. The unexpected loss of the services of our key personnel could have a detrimental effect on us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The role of our key personnel after our initial
business combination, however, remains to be determined. Although some of our key personnel serve in senior management or advisory
positions following our initial business combination, it is likely that most, if not all, of the management of the target business
will remain in place. These individuals may be unfamiliar with the requirements of operating a public company which could cause
us to have to expend time and resources helping them become familiar with such requirements. 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our key personnel may negotiate employment or consulting
agreements with a target business in connection with a particular business combination, and a particular business combination may
be conditioned on the retention or resignation of such key personnel. These agreements may provide for them to receive compensation
following our initial 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our key personnel may be able to remain with our
company after the completion of our initial 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. Such negotiations also could make such key personnel&rsquo;s
retention or resignation a condition to any such agreement. The personal and financial interests of such individuals may influence
their motivation in identifying and selecting a target business. In addition, pursuant to an agreement to be entered into on or
prior to the closing of this offering, our sponsor, upon and following consummation of an initial business combination, will be
entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered
by the registration and shareholder rights agreement, which is described under the section of this prospectus entitled &ldquo;Description
of Securities &mdash; Registration and Shareholder Rights.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may have a limited ability to assess the management
of a prospective target business and, as a result, may affect our initial business combination with a target business whose management
may not have the skills, qualifications or abilities to manage a public company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 business&rsquo;s
management, therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected.
Should the target business&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 holders
who choose to retain their securities following the business combination could suffer a reduction in the value of their securities.
Such holders are unlikely to have a remedy for such reduction in value.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The officers and directors of an acquisition candidate
may resign upon completion of our initial business combination. The loss of a business combination target&rsquo;s 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: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our executive officers and directors will allocate their
time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs.
This conflict of interest could have a negative impact on our ability to complete our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our executive officers and directors are not required
to, and will not, commit their full time to our affairs, 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. We do not intend to have any full-time employees
prior to the completion of our initial business combination. Each of our executive officers is engaged in several other business
endeavors for which he may be entitled to substantial compensation, and our executive officers are not obligated to contribute
any specific number of hours per week to our affairs. Our independent directors also serve as officers and board members for other
entities. If our executive 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
which may have a negative impact on our ability to complete our initial business combination. For a complete discussion of our
executive officers&rsquo; and directors&rsquo; other business affairs, please see &ldquo;Management &mdash; Officers, Directors and
Director Nominees.&rdquo;</P>

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


<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our officers and directors presently have, and any of
them in the future may have, additional fiduciary or contractual obligations to other entities and, accordingly, may have conflicts
of interest in determining to which entity a particular business opportunity should be presented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 or entities. Certain of our officers and directors presently have, 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 to such entity, subject to his or her fiduciary duties under Cayman Islands law. 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, subject to their fiduciary duties under Cayman Islands law. In particular, certain of our executive officers and directors
also serve as executive officers or directors of Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition
Corp. (XYGJ), TradeUP 88 Corp. (TUFU), and TradeUP Global Corporation (Nasdaq: TUGC), each of which is focused on searching for
businesses that may provide significant opportunities for attractive investor returns in industries similar to the industries in
which our search is focused.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, our sponsor, our officers, and our
directors are and may in the future become affiliated with other blank check companies that may have acquisition objectives that
are similar to ours. These conflicts may not be resolved in our favor and a potential target business may be presented to such
other blank check companies prior to its presentation to us, subject to our officers&rsquo; and directors&rsquo; fiduciary duties
under Cayman Islands law. Our amended and restated memorandum and articles of association will provide that, to the fullest extent
permitted by applicable law: (i)&nbsp;no individual serving as a director or an officer shall have any duty, except to the extent
expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines
of business as us; and (ii)&nbsp;we renounce any interest or expectancy in, or in being offered an opportunity to participate in,
any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us,
on the other.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For a complete discussion of our executive officers&rsquo;
and directors&rsquo; business affiliations and the potential conflicts of interest that you should be aware of, please see &ldquo;Management &mdash; Officers,
Directors and Director Nominees,&rdquo; &ldquo;Management &mdash; Conflicts of Interest&rdquo; and &ldquo;Certain Relationships and
Related Party Transactions.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our executive officers, directors, security holders
and their respective affiliates may have competitive pecuniary interests that conflict with our interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not adopted a policy that expressly prohibits
our directors, executive officers, security holders or 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. In fact,
we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or executive
officers, although currently we do not intend to do so, or we may acquire a target business through an Affiliated Joint Transaction
with one or more affiliates of US Tiger. Nor do we 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The personal and financial interests of our directors
and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination.
Consequently, our directors&rsquo; and officers&rsquo; discretion in identifying and selecting a suitable target business may result
in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate
and in our shareholders&rsquo; best interest. If this were the case, it would be a breach of their fiduciary duties to us as a
matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders&rsquo;
rights. See the section titled &ldquo;Description of Securities &mdash; Certain Differences in Corporate Law &mdash; Shareholders&rsquo;
suits&rdquo; for further information on the ability to bring such claims. However, we might not ultimately be successful in any
claim we may make against them for such reason.</P>

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


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may engage in a business combination with one or
more target businesses that have relationships with entities that may be affiliated with our sponsor, executive officers, directors
or initial shareholders which may raise potential conflicts of interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In light of the involvement of our sponsor, executive
officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, executive
officers, directors or initial shareholders. Our directors also serve as officers and board members for other entities, including,
without limitation, those described under &ldquo;Management &mdash; Conflicts of Interest.&rdquo; Our sponsor, officers and directors
are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with
which they are affiliated, and there have been no substantive 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 and guidelines for a business combination
as set forth in &ldquo;Proposed Business &mdash; Effecting Our Initial Business Combination &mdash; Evaluation of a target business
and structuring of our initial business combination&rdquo; and such transaction was approved by a majority of our independent and
disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions 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 sponsor, executive officers, directors or
initial shareholders, 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Moreover, we may, at our option, pursue an Affiliated
Joint Transaction opportunity with US Tiger, its affiliates or with other entities to which an officer or director has a fiduciary,
contractual or other obligation or duty. Any such parties 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 parties, which may give rise to certain conflicts of interest. In order to satisfy applicable regulatory or other legal
requirements applicable to an Affiliated Joint Transaction, our initial business combination may be effected on less favorable
terms than otherwise would apply if the initial business combination were not an Affiliated Joint Transaction.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B><I>We may acquire a target business through an Affiliated Joint
Transaction with one or more affiliates of US Tiger, which may result in conflicts of interest as well as dilutive issuances of
our securities.</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">We may, at our option, pursue an Affiliated Joint Transaction opportunity
with an entity affiliated with US Tiger. Any such parties would co-invest only if (i)&nbsp;permitted by applicable regulatory and
other legal limitations; (ii)&nbsp;we and US Tiger considered a transaction to be mutually beneficial to us as well as the affiliated
entity; and (iii)&nbsp;other business reasons exist to do so, such as the strategic merits of including such co-investors, the
need for additional capital beyond the amount held in our trust account to fund the initial business combination and/or the desire
to obtain committed capital for closing the initial business combination. An Affiliated Joint Transaction may be effected through
a co-investment with us in the target business at the time of our initial business combination, or we could raise additional proceeds
to complete the initial business combination by issuing to such parties a class of equity or equity-linked securities. Accordingly,
such persons or entities may have a conflict between their interests and ours.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">In addition, any specified future issuance in connection with an
Affiliated Joint Transaction would trigger the anti-dilution provisions of our Class&nbsp;B ordinary shares, which, unless waived,
would result in an adjustment to the conversion ratio of our Class&nbsp;B ordinary shares such that our initial shareholders and
their permitted transferees, if any, would retain their aggregate percentage ownership of founder shares at 20% of the sum of the
total number of all ordinary shares issued and outstanding upon completion of this offering plus all shares issued in the specified
future issuance. If such adjustment is not waived as described elsewhere in this prospectus, the specified future issuance would
not reduce the percentage ownership of holders of our Class&nbsp;B ordinary shares, but would reduce the percentage ownership of
holders of our Class&nbsp;A ordinary shares.</P>

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


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B><I>We may engage US Tiger, or another affiliate of our sponsor,
as our financial advisor on our business combination and other transactions. Furthermore, we may acquire a target company
that has engaged US Tiger, or another affiliate of our sponsor, as a financial advisor. Any fee in connection with such engagement
may be conditioned upon the completion of such transactions. This financial interest in the completion of such transactions may
influence the advice such affiliate provides.</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">We may engage US Tiger, or another affiliate of our sponsor, as
a financial advisor in connection with our initial business combination and pay such affiliate a customary financial advisory fee
in an amount that constitutes a market standard financial advisory fee for comparable transactions. Furthermore, we may acquire
a target company that has engaged US Tiger, or another affiliate of our sponsor, as a financial advisor. Pursuant to any such engagement,
the affiliate may earn its fee upon closing of the initial business combination. The payment of such fee would likely be conditioned
upon the completion of the initial business combination. Therefore, our sponsor may 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="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B><I>We may compete with other affiliates of US Tiger or of our
sponsor, directors and officers for acquisition opportunities for our company, which could negatively impact our ability to locate
a suitable business combination.</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Our business strategy may overlap with some of the strategies
of US Tiger and certain of its other affiliates. In order to minimize potential conflicts of interest which may arise from
multiple affiliations, our officers and directors will be required to present all suitable target businesses to Fortune Rise
Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (XYGJ), TradeUP 88 Corp. (TUFU), TradeUP
Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC) prior to presenting
them to us, unless such opportunity is expressly offered to such individual solely in his capacity as an 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 such individual is permitted to refer that opportunity to us without violating another
legal obligation. In addition, US Tiger and its affiliates specialize in financial services and finance for institutional
customers operating in the global financial markets. Acquisition opportunities that may be of interest to us may come to
those other affiliates instead of us or may be pursued by those affiliates. Our affiliates are not restricted from competing
with our business and none of our affiliates are required to refer any such opportunities to us. Our sponsor and its
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="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Since our sponsor, executive officers and directors
will lose their entire investment in us if our initial business combination is not completed (other than with respect to public
shares they may acquire during or after this offering), and because our sponsor, officers and directors who have an interest in
founder shares may profit substantially from a business combination even under circumstances where our public shareholders would
experience losses in connection with their investment, a conflict of interest may arise in determining whether a particular business
combination target is appropriate for our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 3, 2022, our sponsor entered into
a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B
ordinary shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Prior to the initial investment in
the company of $25,000 by the sponsor, the company had no assets, tangible or intangible. The per share price of the founder shares
was determined by dividing the amount contributed to the company by the number of founder shares issued. If we increase or decrease
the size of this offering, we will effect a share capitalization or a share surrender or redemption or other appropriate mechanism,
as applicable, with respect to our Class&nbsp;B ordinary shares immediately prior to the consummation of this offering in such
amount as to maintain the number of founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding
ordinary shares upon the consummation of this offering (not including the private placement shares). The founder shares will be
worthless if we do not complete an initial business combination. In addition, our sponsor has committed, pursuant to a written
agreement, to purchase an aggregate of 330,000 private placement units, at a price of $10.00 per unit, in a private placement that
will close simultaneously with the closing of this offering. If we do not consummate an initial business within 15 months from
the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months, as applicable)</FONT>, the private placement
warrants will expire worthless.</P>

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


<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The personal and financial interests of our executive
officers and directors 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 and may result
in a misalignment of interests between the holders of our founder shares and our officers and directors, on the one hand, and our
public shareholders, on the other. In particular, because the founder shares were purchased at approximately $0.012 per share,
the holders of our founder shares (including members of our management team that directly or indirectly own founder shares) could
make a substantial profit after our initial business combination even if our public shareholders lose money on their investment
as a result of a decrease in the post-combination value of their Class&nbsp;A ordinary shares (after accounting for any adjustments
in connection with an exchange or other transaction contemplated by the business combination). For example, a holder of 1,000 founder
shares would have paid approximately $12.00 to obtain such shares. At the time of an initial business combination, such holder
would be able to convert such founder shares into 1,000 shares of Class&nbsp;A ordinary shares, and would receive the same consideration
as a public shareholder for the same number of Class&nbsp;A ordinary shares. If the value of the Class&nbsp;A ordinary shares on
a post-combination basis (after accounting for any adjustments in connection with an exchange or other transaction contemplated
by the business combination) were to decrease to $5.00 per Class&nbsp;A ordinary share, the holder of our founder shares would
obtain a profit of approximately $4,988 on account of the 1,000 founder shares that the holder had converted into Class&nbsp;A
ordinary shares in connection with the initial business combination. By contrast, a public shareholder holding 1,000 Class&nbsp;A
ordinary shares would lose approximately $5,000.00 in connection with the same transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, this risk may become more acute as
the 12-month anniversary of the closing of this offering nears, which is the deadline for our consummation of an initial business
combination.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Risks Associated with Acquiring and Operating a Business in
Foreign Countries</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">If we pursue a target company with operations or opportunities
outside of the United States for our initial business combination, we may face additional burdens in connection with investigating,
agreeing to and completing such initial business combination, and if we effect such initial business combination, we would be subject
to a variety of additional risks that may negatively impact our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we pursue a target a company with operations
or opportunities outside of the United States for our initial business combination, we would be subject to risks associated with
cross-border business combinations, including in connection with investigating, agreeing to and completing our initial business
combination, conducting due diligence in a foreign jurisdiction, having such transaction approved by any local governments, regulators
or agencies and changes in the purchase price based on fluctuations in foreign exchange rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we effect our initial business combination
with such a company, 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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>costs and difficulties inherent in managing cross-border business operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>rules and regulations regarding currency redemption;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>exchange listing and/or delisting requirements;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>tariffs and trade barriers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>regulations related to customs and import/export matters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>local or regional economic policies and market conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>unexpected changes in regulatory requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>longer payment cycles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>tax issues, including complex withholding or other tax regimes which may apply in connection with our business combination
or to our structure following our business combination, variations in tax laws as compared to the United States, and potential
changes in the applicable tax laws in the United States and/or relevant non-U.S. jurisdictions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>currency fluctuations and exchange controls;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>rates of inflation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>challenges in collecting accounts receivable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>cultural and language differences;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>employment regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>underdeveloped or unpredictable legal or regulatory systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>corruption;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>protection of intellectual property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>social unrest, crime, strikes, riots and civil disturbances;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>regime changes and political upheaval;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>terrorist attacks, natural disasters and wars; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>deterioration of political relations with the United States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may not be able to adequately address these
additional risks. If we were unable to do so, we may be unable to complete such initial business combination, or, if we complete
such combination, our operations might suffer, either of which may adversely impact our business, financial condition and results
of operations.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Following our initial business combination, our
management may 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 United States securities 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">After our initial business combination, substantially
all of our assets may be located in a foreign country and substantially all of our revenue may be derived from our operations in
any such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic,
political and social conditions and government policies, developments and conditions in the country in which we operate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The economic, political and social conditions,
as well as government policies, of the country in which our operations are located could affect our business. Economic growth could
be uneven, both geographically and among various sectors of the economy and such growth may not be sustained in the future. If
in the future such country&rsquo;s economy experiences a downturn or grows at a slower rate than expected, there may be less demand
for spending in certain industries. A decrease in demand for spending in certain industries could materially and adversely affect
our ability to find an attractive target business with which to consummate our initial business combination and if we effect our
initial business combination, the ability of that target business to become profitable.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Exchange rate fluctuations and currency policies may
cause a target business&rsquo; ability to succeed in the international markets to be diminished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event we acquire a non-U.S. target, all
revenues and income would likely be received in a foreign currency, and 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may reincorporate in another jurisdiction in connection
with our initial business combination, and the laws of such jurisdiction may govern some or all of our future material agreements
and we may not be able to enforce our legal rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with our initial business combination,
we may relocate the home jurisdiction of our business from the Cayman Islands to another jurisdiction. If we determine to do this,
the laws of such jurisdiction may govern some or all of our future material agreements. 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.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We are subject to changing law and regulations regarding
regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are subject to rules and regulations by various
governing bodies, including, for example, the SEC, which are charged with the protection of investors and the oversight of companies
whose securities are publicly traded, and to new and evolving regulatory measures under applicable law. Our efforts to comply with
new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative
expenses and a diversion of management time and attention from seeking a business combination target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Moreover, because these laws, regulations and
standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available.
This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions
to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes,
we may be subject to penalty and our business may be harmed.</P>

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


<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Risks Relating to Taxation</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B><I>Transactions in connection with or in anticipation
of our initial business combination and our structure thereafter may not be tax-efficient to our shareholders and warrant holders.
As a result of our business combination, our tax obligations may be more complex, burdensome and uncertain.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although we will attempt to structure transactions
in connection with our initial business combination in a tax-efficient manner, tax structuring considerations are complex, the
relevant facts and law are uncertain and may change, and we may prioritize commercial and other considerations over tax considerations.
For example, in anticipation of or as a result of our initial business combination and subject to requisite shareholder approval,
we may enter into one or more transactions that require shareholders and/or warrant holders to recognize gain or income for tax
purposes or otherwise increase their tax burden. We do not intend to make any cash distributions to shareholders or warrant holders
to pay taxes in connection with our business combination or thereafter. Accordingly, a shareholder or a warrant holder may be required
to satisfy any liability resulting from any such transactions with cash from its own funds or by selling all or a portion of such
holder&rsquo;s shares or warrants. In addition, we may effect a business combination with a target company in another jurisdiction
(including, but not limited to, the jurisdiction in which the target company or business is located). As a result, shareholders
and warrant holders may be subject to additional income, withholding or other taxes with respect to their ownership of us after
our initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may, in connection with our initial business
combination and subject to requisite shareholder approval under the Companies Act, 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 in any other jurisdictions in which the shareholder or warrant holder is subject
to tax. 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="text-indent: 0.5in; font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">An investment in our securities, and certain subsequent
transactions with respect to our securities, may result in uncertain or adverse U.S. federal income tax consequences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An investment in our securities, and certain subsequent
transactions with respect to our securities, may result in uncertain U.S. federal income tax consequences for an investor. For
instance, because there are no authorities that directly address the U.S. federal income tax implications of instruments similar
to the units we are issuing in this offering, the allocation an investor makes with respect to the purchase price of a unit between
the Class&nbsp;A ordinary shares and the one-half of one warrant to purchase one Class&nbsp;A ordinary share included in each unit
could be challenged by the Internal Revenue Service (&ldquo;IRS&rdquo;) or courts. Furthermore, the U.S. federal income tax consequences
of a cashless exercise of warrants is unclear under current law. Finally, it is unclear whether the redemption rights with respect
to our Class A ordinary shares suspend the running of a U.S. Holder&rsquo;s (as defined below in &ldquo;Taxation &mdash; United States
Federal Income Tax Considerations &mdash; General&rdquo;) holding period for purposes of determining whether any gain or loss realized
by such holder on the sale or exchange of Class&nbsp;A ordinary shares is long-term capital gain or loss and for determining whether
any dividend we pay would be considered &ldquo;qualified dividends&rdquo; eligible for favorable U.S. federal income tax treatment.
See the section of this prospectus captioned &ldquo;Taxation &mdash; United States Federal Income Tax Considerations&rdquo; for a
summary of the U.S. federal income tax considerations of an investment in our securities. Prospective investors are urged to consult
with and rely on their tax advisors with respect to these and other tax consequences when purchasing, holding or disposing of our
securities.</P>

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


<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">We may be a passive foreign investment company, or &ldquo;PFIC,&rdquo;,
which could result in adverse U.S. federal income tax consequences to U.S. investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we are a PFIC for any taxable
year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the section of this prospectus
captioned &ldquo;Taxation &mdash; United States Federal Income Tax Considerations &mdash; General&rdquo;) of our Class&nbsp;A ordinary
shares or warrants, such U.S. Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional
reporting requirements. Our PFIC status for our current and subsequent taxable years may depend on, among other things, whether
we qualify for the PFIC start-up exception, the timing of our initial business combination, the amount of our passive income and
assets in the year of the business combination, and the amount of passive income and assets of the acquired business (see the section
of this prospectus captioned &ldquo;Taxation &mdash; United States Federal Income Tax Considerations &mdash; U.S. Holders &mdash; Passive
Foreign Investment Company Rules&rdquo;). Our actual status as a PFIC for our current taxable year or any subsequent taxable year
will not be determinable until after the end of such taxable year (and in the case of our start-up year, possibly not until after
the close of the second taxable year following our start-up year). Accordingly, we cannot assure you that we will not be a PFIC
in our current taxable year or in any future taxable year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we determine we are a PFIC for any taxable
year we will endeavor to provide, upon written request, to a U.S. Holder such information as the IRS may require, including a PFIC
annual information statement, in order to enable the U.S. Holder to make and maintain a &ldquo;qualified electing fund&rdquo; (&ldquo;QEF&rdquo;)
election in respect of our Class&nbsp;A ordinary shares, but there can be no assurance that we will timely provide such required
information and, any such election would be unavailable with respect to our warrants. The rules dealing with PFICs and with the
QEF election are very complex and are affected by various factors in addition to those described in this prospectus. Accordingly,
U.S. investors are strongly urged to consult with and rely solely upon their own tax advisors regarding the application of the
PFIC rules to them in their particular circumstances. For a more detailed discussion of the tax consequences of PFIC classification
to U.S. Holders, see the section of this prospectus captioned &ldquo;Taxation &mdash; United States Federal Income Tax Considerations &mdash; U.S.
Holders &mdash; Passive Foreign Investment Company Rules.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a recently incorporated exempted company,
incorporated under the laws of the Cayman Islands 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 initial
business combination. If we fail to complete our initial business combination, we will never generate any operating revenues.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Past performance by our management team or their respective
affiliates may not be indicative of future performance of an investment in us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Information regarding performance is presented
for informational purposes only. Any past experience or performance of our management team and their respective affiliates is not
a guarantee of either (i)&nbsp;our ability to successfully identify and execute a transaction or (ii)&nbsp;success with respect
to any business combination that we may consummate. You should not rely on the historical record of our management team or their
respective affiliates as indicative of the future performance of an investment in us or the returns we will, or are likely to,
generate going forward. Our management has no experience in operating special purpose acquisition companies.</P>

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


<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">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 &ldquo;emerging growth companies&rdquo; or &ldquo;smaller reporting companies,&rdquo; this could make our securities less attractive
to investors and may make it more difficult to compare our performance with other public companies.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Further, Section&nbsp;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 accounting standards used.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additionally, we are a &ldquo;smaller reporting
company&rdquo; as defined in Item&nbsp;10(f)(1) of Regulation&nbsp;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)&nbsp;the market value of our ordinary shares
held by non-affiliates exceeds $250&nbsp;million as of the prior June&nbsp;30, or (2)&nbsp;our annual revenues exceeded $100&nbsp;million
during such completed fiscal year and the market value of our ordinary shares held by non-affiliates exceeds $700&nbsp;million
as of the prior June&nbsp;30. 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: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_003"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS AND</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some of the statements contained 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;intends,&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. These risks and uncertainties include, but
are not limited to, the following risks, uncertainties and other factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our ability to select an appropriate target business or businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our ability to complete our initial business combination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our expectations around the performance of a prospective target business or businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our pool of prospective target businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our ability to consummate an initial business combination due to the uncertainty resulting from the recent COVID-19 pandemic;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the ability of our officers and directors to generate a number of potential business combination opportunities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our public securities&rsquo; potential liquidity and trading;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the lack of a market for our securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the trust account not being subject to claims of third parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our financial performance following this offering; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the other risk and uncertainties discussed in &ldquo;Risk Factors&rdquo; and elsewhere in this prospectus.</TD></TR></TABLE>

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

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


<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_004"></A>USE OF PROCEEDS</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">We are offering 7,500,000 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 shares will be used as set forth in the following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Without <BR> Over-<BR> Allotment <BR> Option</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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Over-<BR> Allotment <BR> Option Fully <BR> Exercised</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-weight: bold; font-style: italic; text-align: left">Gross proceeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Gross proceeds from units offered to public<SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">75,000,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">86,250,000</TD><TD STYLE="white-space: nowrap; 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">Gross proceeds from private shares offered in the private placement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,300,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,525,000</TD><TD STYLE="white-space: nowrap; 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">Total gross proceeds</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">78,300,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">89,775,000</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic"><B><I>Offering expenses<SUP>(2)</SUP></I></B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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="text-align: left; padding-bottom: 1pt">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">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,500,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,725,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">300,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">300,000</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="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SEC/FINRA expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,434</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,434</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="text-align: left">Nasdaq listing and filing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Director and officer liability insurance premiums</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">500,000</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="text-align: left">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">193,566</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">193,566</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="text-align: left; padding-bottom: 1pt">Total offering expenses (excluding underwriting commissions)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,150,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,150,000</TD><TD STYLE="white-space: nowrap; 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">Proceeds after offering expenses</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">75,650,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">86,900,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Held in trust account<SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75,000,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">86,250,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">% of public offering size</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">650,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">650,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">The following table shows the use of the approximately $650,000
of net proceeds not held in the trust account:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% 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: 74%; text-align: left">Legal, accounting, due diligence, travel, and other expenses in connection with&nbsp;any business combination<SUP>(5)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">400,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">61.5</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal and accounting fees related to regulatory reporting obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Working capital to cover miscellaneous expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">150,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23.1</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">650,000</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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%"></TD><TD STYLE="width: 0.25in; text-align: left">(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>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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%"></TD><TD STYLE="width: 0.25in; text-align: left">(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 $400,000 as described in this prospectus. This amount will
be repaid upon completion of this offering out of the $1,150,000 of 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.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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%"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Upon completion of our initial business combination, $2,625,000
(or $3,018,750 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>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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%"></TD><TD STYLE="width: 0.25in; text-align: left">(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>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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%"></TD><TD STYLE="width: 0.25in; text-align: left">(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: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Of the $78,300,000 in proceeds we receive from
this offering and the sale of the private placement units described in this prospectus, or $89,775,000 if the underwriters&rsquo;
over-allotment option is exercised in full, $75,000,000 ($10.00 per unit), or $86,250,000 if the underwriters&rsquo; over-allotment
option is exercised in full ($10.00 per unit), will be deposited into a non-interest bearing U.S. based trust account with Wilmington Trust, National Association acting as trustee, including $2,625,000 or up to $3,018,750 if the underwriters&rsquo;
over-allotment option is exercised in full, of deferred underwriting commissions. The proceeds held in the trust account will be
invested only in U.S. government treasury obligations with a maturity of 185 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. government treasury obligations.
We will not be permitted to withdraw any of the principal or interest held in the trust account, except with respect to interest
earned on the funds held in the trust account that may be released to us to pay our franchise and income taxes, if any, until the
earliest of (i)&nbsp;the completion of our initial business combination, (ii)&nbsp;the redemption of our public shares if we have
not consummated an initial business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>, subject to
applicable law, or (iii)&nbsp;the redemption of our public shares properly submitted in connection with a shareholder vote to approve
an amendment to our amended and restated memorandum and articles of association (A)&nbsp;that would modify the substance or timing
of our obligation to provide holders of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of
this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with respect to any other provision
relating to the rights of holders of our Class&nbsp;A ordinary shares. Based on current interest rates, we expect that interest
income earned on the trust account (if any) will be sufficient to pay our franchise and income taxes.</P>

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


<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">We will have until 15 months from the closing
of this offering to consummate an initial business combination. However, if we anticipate that we may not be able to consummate
our initial business combination within 15 months, we will, by resolution of our board if requested by our sponsor, extend the
period of time to consummate a business combination by up to two times, each time by an additional three months (for a total of
21 months to complete a business combination), subject to the sponsor depositing additional funds into the trust account as set
out below. In connection with any such extension, public shareholders will not be offered the opportunity to vote on or redeem
their shares. Pursuant to the terms of our amended and restated memorandum and articles of association and the trust agreement
to be entered into between us and Wilmington Trust, National Association on the date of this prospectus, in order to extend
the time available for us to consummate our initial business combination for an additional month, our sponsor or its affiliates
or designees must deposit into the trust account $250,000, or up to $287,500 if the underwriter&rsquo;s over-allotment option is
exercised in full ($0.0333 per share in either case), up to an aggregate of $1,500,000, or $0.20 per share, on or prior to the
date of the deadline. We will issue a press release announcing each extension at least three days prior to the deadline. In addition,
we will issue a press release the day after the deadline, announcing whether the funds have been timely deposited. Our sponsor
and its affiliates or designees are obligated to fund the trust account in order to extend the time for us to complete our initial
business combination, but our sponsor will not be obligated to extend such time. In addition to the foregoing arrangements, we
may extend the period of time to consummate a business combination by a shareholder vote to amend our amended and restated memorandum
and articles of association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 initial business combination.
If our initial business combination is paid for using equity or debt, 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 the redemption of our public shares,
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-business combination company, 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. There is no limitation
on our ability to raise funds privately or through loans in connection with our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that amounts not held in trust, together
with funds available to us from loans from our sponsor, its affiliates or members of our management team will be sufficient to
pay the costs and expenses to which such proceeds are allocated. 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 sponsor or an affiliate of our
sponsor or certain of our officers and directors although they are under no obligation to advance funds to us in such circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to the closing of this offering, our sponsor
has agreed to loan us up to $400,000 to be used for a portion of the expenses of this offering. To date, we have no borrowings
under the promissory note with our sponsor. These loans are non-interest bearing, unsecured and are due at the earlier of September
30, 2022 and 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="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we may repay
such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans may 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 $1,500,000 of such loans may be convertible into private placement 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. Except as set forth above, the
terms of such loans, 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 sponsor, its affiliates
or any members of our management team 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.</P>

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


<!-- Field: Page; Sequence: 83; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_005"></A>DIVIDEND POLICY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not paid any cash dividends on our ordinary
shares to date and do not intend to pay cash dividends prior to the completion of 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 after completion of our initial business combination. The payment of any cash dividends after our initial business combination
will be within the discretion of our board of directors at such time. If we increase the size of this offering, we will effect
a share capitalization or other appropriate mechanism immediately prior to the consummation of this offering in such amount as
to maintain the number of founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding ordinary
shares upon the consummation of this offering (not including the private placement shares). Further, if we incur any indebtedness
in connection with a 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: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_006"></A>DILUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The difference between the public offering price
per Class&nbsp;A ordinary share, assuming no value is attributed to the warrants included in the units we are offering pursuant
to this prospectus or the private placement warrants, and the pro forma net tangible book value per Class&nbsp;A ordinary share
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 placement warrants, 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
ordinary shares which may be redeemed for cash), by the number of issued and outstanding Class&nbsp;A ordinary shares.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">At February 7, 2022, our net tangible book deficit was $225,010,
or approximately ($0.10) per ordinary share. After giving effect to the sale of 7,500,000 Class&nbsp;A ordinary shares included
in the units we are offering by this prospectus (or 8,625,000 Class&nbsp;A ordinary shares if the underwriters&rsquo; over-allotment
option is exercised in full), the sale of the private placement units and the deduction of underwriting commissions and estimated
expenses of this offering, our pro forma net tangible book deficit at February 7, 2022 would have been ($1,956,333) or ($0.89)
per share (or ($2,350,083) or ($0.94) per share if the underwriters&rsquo; over-allotment option is exercised in full), representing
an immediate decrease in net tangible book value (as decreased by the value of 7,500,000 Class&nbsp;A ordinary shares that may
be redeemed for cash, or 8,625,000 Class&nbsp;A ordinary shares if the underwriters&rsquo; over-allotment option is exercised in
full) of ($0.79) per share (or ($0.84) per share if the underwriters&rsquo; over-allotment option is exercised in full) to our
sponsor as of the date of this prospectus. Total dilution to public shareholders from this offering will be $10.89 per share (or
$10.94 if the underwriters&rsquo; over-allotment option is exercised in full).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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: 74%">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10.00</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10.00</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net tangible book value before this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.10</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.10</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Decrease attributable to public shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.79</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.84</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pro forma net tangible book value after this offering and the sale of the private placement units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.89</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.94</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Dilution to public shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.89</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.94</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Percentage of dilution to public shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108.9</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109.4</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
</TABLE>

<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-indent: 0.5in">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 $75,000,000 because holders 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 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 franchise and income taxes, if any, divided by the number of the then-issued and outstanding public shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth information with
respect to our sponsor and the public shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares purchased</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total consideration</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="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center">Average</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">price per-share</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: 35%; text-align: left">Class&nbsp;B Ordinary Shares<SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,875,000</TD><TD STYLE="white-space: nowrap; 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: 10%; text-align: right">19.32</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">25,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0.03</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0.01</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Private Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.40</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,300,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.22</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.00</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="text-align: left; padding-bottom: 1pt">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">7,500,000</TD><TD STYLE="white-space: nowrap; 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">77.28</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75,000,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95.75</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10.00</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; 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">9,705,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">78,325,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Assumes no exercise of the underwriters&rsquo; over-allotment
option and the corresponding forfeiture of 281,250 Class&nbsp;B ordinary shares held by our sponsor.</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The pro forma net tangible book value per share
after this offering (assuming that the underwriters do not exercise their over-allotment option) is calculated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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>Numerator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Net tangible book value before this offering</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(225,010</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(225,010</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net proceeds from this offering and sale of the private placement warrants<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75,650,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">86,900,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Plus: Offering costs accrued or paid in advance, excluded from tangible book value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">243,677</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">243,677</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="text-align: left">Less: Deferred underwriting commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,625,000</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3,018,750</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: Proceeds held in trust subject to redemption<SUP>(2)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,000,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(86,250,000</TD><TD STYLE="white-space: nowrap; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,956,333</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,350,083</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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="text-align: left">Ordinary shares issued and outstanding prior to this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,156,250</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,156,250</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ordinary shares forfeited if over-allotment is not exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(281,250</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</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="text-align: left">Ordinary shares included in the units offered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,625,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Ordinary shares included in the private placement 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">330,000</TD><TD STYLE="white-space: nowrap; 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">352,500</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="text-align: left; padding-bottom: 1pt">Less: Ordinary 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">(7,500,000</TD><TD STYLE="white-space: nowrap; 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">(8,625,000</TD><TD STYLE="white-space: nowrap; 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">2,205,000</TD><TD STYLE="white-space: nowrap; 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">2,508,750</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Expenses applied against gross proceeds include offering
expenses of $1,150,000 and underwriting commissions of $1,500,000 (if the underwriter&rsquo;s over-allotment option is not exercised)
or $1,725,000 (if the underwriters&rsquo; over-allotment option is exercised) (in all cases excluding the deferred underwriting
commissions). See &ldquo;Use of Proceeds.&rdquo;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">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 sponsor, directors, executive officers, advisors or their affiliates may purchase public shares or warrants in privately
negotiated transactions or in the open market either prior to or following the completion of our initial business combination.
In the event of any such purchases of our shares prior to the completion of our initial business combination, the number of Class&nbsp;A
ordinary shares subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible
book value per share. See &ldquo;Proposed Business &mdash; Effecting Our Initial Business Combination &mdash; Permitted purchases
and other transactions with respect to our securities.&rdquo;</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_007"></A>CAPITALIZATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth our capitalization
at February 7, 2022, and as adjusted to give effect to the filing of our amended and restated memorandum and articles of association,
the sale of our units in this offering and the private placement warrants and the application of the estimated net proceeds derived
from the sale of such securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">February 7, 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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As adjusted<SUP>(1)</SUP></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-align: left; padding-bottom: 1pt">Note payable-related party<SUP>(2)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 1pt">Deferred underwriting commissions</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,625,000</TD><TD STYLE="width: 1%; 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: 1pt">Class&nbsp;A ordinary shares, $0.0001 par value, 200,000,000 shares authorized; none and 7,500,000 shares subject to possible redemption, actual and as adjusted, respectively<SUP>(3)</SUP></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">&mdash;</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">75,000,000</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">Preference shares, $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">Class&nbsp;A ordinary shares, $0.0001 par value, 200,000,000 shares authorized; none and 330,000 shares issued and outstanding, actual and as adjusted, respectively<SUP>(4)(5)</SUP></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">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Class&nbsp;B ordinary shares, $0.0001 par value, 20,000,000 shares authorized; 2,156,250 and 1,875,000 shares issued and outstanding, actual and as adjusted, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188</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">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,784</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">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">(6,333</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">(1,956,554</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">Total shareholders&rsquo; equity (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">18,667</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">(1,956,333</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">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">18,667</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">75,668,667</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Assumes no exercise of the underwriters&rsquo; over-allotment
option and the corresponding forfeiture of 281,250 Class&nbsp;B ordinary shares held by our sponsor.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Our sponsor has agreed to loan us up to $400,000 to be
used for a portion of the expenses of this offering. As of February 7, 2022, we had no borrowings under the promissory note with
our sponsor.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">Upon the completion of our initial business combination,
we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal
to the aggregate amount then on deposit in the trust account calculated 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 franchise and income taxes, if any, divided by the number of the then-issued and outstanding public shares, subject
to the limitations described herein whereby redemptions cannot cause our net tangible assets to be less than the amount required
such that our Class&nbsp;A ordinary shares will not become a &ldquo;penny stock&rdquo; and any limitations (including, but not
limited to, cash requirements) created by the terms of the proposed business combination.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(5)</TD><TD STYLE="text-align: justify">All of the 7,500,000 Class A ordinary shares sold as part
of the units in the offering contain a redemption feature which allows for the redemption of such public shares in connection
with our liquidation, if there is a shareholder vote or tender offer in connection with the business combination and in connection
with certain amendments to our amended and restated memorandum and articles of association. In accordance with SEC and its guidance
on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control
of a company require common stock subject to redemption to be classified outside of permanent equity. Given that the 7,500,000
Class A ordinary shares sold as part of the units in the offering will be issued with other freestanding instruments (i.e., public
warrants), the initial carrying value of ordinary shares classified as temporary equity will be the allocated proceeds determined
in accordance with ASC 470-20. Our ordinary shares are subject to ASC480-10-S99. If it is probable that the equity instrument
will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date
of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption
date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount
of the instrument to equal the redemption value at the end of each reporting period. We have elected to recognize the changes
immediately. The accretion or remeasurement will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in
absence of retained earnings, additional paid-in capital).</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 87; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_008"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND<BR>
RESULTS OF OPERATIONS</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a blank check company incorporated on January
5, 2022 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses or entities. 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. However, we will not complete our initial business combination with a target that is headquartered in China
(including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau). We intend to effectuate
our initial business combination using cash from the proceeds of this offering and the sale of the private placement units, our
shares, debt or a combination of cash, equity and debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The issuance of additional shares in a business
combination:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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 ordinary shares resulted in the issuance of Class&nbsp;A ordinary shares on a greater than one-to-one
basis upon conversion of the Class&nbsp;B ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>may subordinate the rights of holders of Class&nbsp;A ordinary shares if preference shares are issued with rights senior to
those afforded our Class&nbsp;A ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>could cause a change in control if a substantial number of our Class&nbsp;A ordinary shares 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of
a person seeking to obtain control of us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>may adversely affect prevailing market prices for our units, Class&nbsp;A ordinary shares and/or warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>may not result in adjustment to the exercise price of our warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Similarly, if we issue debt or otherwise incur
significant debt, it could result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such
financing while the debt is outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>our inability to pay dividends on our Class&nbsp;A ordinary shares;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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 Class&nbsp;A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate
purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements,
execution of our strategy and other purposes; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>other disadvantages compared to our competitors who have less debt.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As indicated in the accompanying financial statements,
as of February 7, 2022, we had no cash and a working capital deficit of approximately $225,010. Further, we expect to incur significant
costs in the pursuit of our initial business combination. We cannot assure you that our plans to raise capital or to complete our
initial business combination will be successful.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Results of Operations and Known Trends or Future Events</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Liquidity and Capital Resources</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our liquidity needs have been satisfied prior
to the completion of this offering through (i)&nbsp;$25,000 paid by our sponsor to cover certain of our offering costs in exchange
for the issuance of the founder shares to our sponsor and (ii)&nbsp;the receipt of loans to us of up to $400,000 by our sponsor
under an unsecured promissory note. To date, we have no borrowings under the promissory note with our sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We estimate that the net proceeds from (i)&nbsp;the
sale of the units in this offering, after deducting estimated offering expenses of $1,150,000, underwriting commissions of $1,500,000
(excluding deferred underwriting commissions of $2,625,000, or $3,018,750 if the underwriters&rsquo; over-allotment option is exercised
in full), and (ii)&nbsp;the sale of the private placement units for a purchase price of $3,300,000 will be $75,650,000 (or $86,900,000
if the underwriters&rsquo; over-allotment option is exercised in full). Of this amount, $75,000,000 (or $86,250,000 if the underwriters&rsquo;
over-allotment option is exercised in full) will be held in the trust account, which includes the deferred underwriting commissions
described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The proceeds held in the trust account will be
invested only in U.S. government treasury obligations with a maturity of 185 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. government treasury obligations.
With current treasury returns, we anticipate immaterial funds from the trust account investments. The remaining $650,000 will not
be held in the trust account. In the event that our offering expenses exceed our estimate of $1,150,000, 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 $1,150,000,
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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 89; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 taxes payable and deferred
underwriting commissions), to complete our initial business combination. We may withdraw interest income (if any) to pay income
taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held
in the trust account. We expect the interest income earned on the amount in the trust account (if any) will be sufficient to pay
our franchise and income taxes. To the extent that our equity 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to the completion of our initial business
combination, we will have available to us $650,000 of proceeds held outside the trust account, as well as certain funds from loans
from our sponsor, its affiliates or members of our management team. We will use these funds to primarily 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 prior to our initial business
combination, other than funds available from loans from our sponsor, its affiliates or members of our management team. 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 initial business combination. In order to fund working capital deficiencies or finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we may repay
such loaned amounts out of the proceeds of the trust account released to us. 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 $1,500,000 of such loans may be convertible into units
of the post-business combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical
to the private placement units. The terms of such loans, 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 sponsor, its affiliates or our management team 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We expect our primary liquidity requirements during
that period to include approximately $400,000 for legal, accounting, due diligence, travel and other expenses associated with structuring,
negotiating and documenting successful business combinations; $100,000 for legal and accounting fees related to regulatory reporting
obligations; and $150,000 for administrative and support services.</P>

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

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


<!-- Field: Page; Sequence: 90; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Moreover, we may need to obtain additional financing
to complete our initial business combination, either because the transaction requires more cash than is available from the proceeds
held in our trust account, or because we become obligated to redeem a significant number of our public shares upon completion of
the business combination, in which case we may issue additional securities or incur debt in connection with such business combination.
If we have not consummated our initial business combination within the required time period because we do not have sufficient funds
available to us, we will be forced to cease operations and liquidate the trust account.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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, 2022. Only in the event that we are
deemed to be a large accelerated filer or an accelerated filer and no longer qualify as an emerging growth company would we be
required to comply with the independent registered public accounting firm attestation requirement on internal control over financial
reporting. 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 &ldquo;emerging
growth companies&rdquo; 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to the closing of this offering, we have
not completed an assessment, nor have our independent registered public accounting firm tested our systems, of our 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 initial business
combination may have internal controls that need improvement in areas such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>reconciliation of accounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>evidence of internal review and approval of accounting transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>documentation of processes, assumptions and conclusions underlying significant estimates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>documentation of accounting policies and procedures.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Once our management&rsquo;s report on internal
controls is complete, we will retain our independent registered public accounting firm to audit and render an opinion on such report
when required by Section&nbsp;404 of the Sarbanes-Oxley Act. The independent registered public accounting firm 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 91; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Quantitative and Qualitative Disclosures about Market Risk</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The proceeds held in the trust account will be
invested only in U.S. government treasury obligations with a maturity of 185 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. 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.
However, if the interest rates of U.S. Treasury obligations become negative, we may have less interest income available to us for
payment of taxes, and a decline in the value of the assets held in the trust account could reduce the principal below the amount
initially deposited in the trust account.</P>

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">On February 3, 2022, our sponsor
entered into a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250
founder shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Of the 2,156,250 founder shares issued
and outstanding, 281,250 of such founder shares held by our sponsor are subject to forfeiture in the event the underwriter&rsquo;s
over-allotment option is not exercised in full, as further described herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The number of founder shares issued and outstanding
was determined based on the expectation that the founder shares would represent 20% of the issued and outstanding ordinary shares
upon the completion of this offering. Our initial shareholders will collectively own 20% of our issued and outstanding ordinary
shares after this offering (assuming they do not purchase any units in this offering). If we increase or decrease the size of this
offering, we will effect a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable
with respect to our founder shares immediately prior to the closing of this offering in such amount as to maintain the ownership
of founder shares by our initial shareholders at 20% of our issued and outstanding ordinary shares upon the completion of this
offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our management team, and our sponsor and 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 by us to them 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor has agreed to loan us up to $400,000
to be used for a portion of the expenses of this offering. To date, we have no borrowings under the promissory note with our sponsor.
Any loans under the promissory note will be non-interest bearing, unsecured and will be due at the earlier of September 30, 2022
and the closing of this offering. Such loans will be repaid upon the completion 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in order to fund working capital
deficiencies or finance transaction costs in connection with an intended initial business combination, our management team and
our sponsor and/or any of their respective affiliates 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. 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 $1,500,000
of such loans may be convertible into units of the post-business combination entity at a price of $10.00 per unit at the option
of the lender. Such units would be identical to the private placement units. The terms of such loans, 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 management
team, or our sponsor or any of their respective affiliates, if any, 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.</P>

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


<!-- Field: Page; Sequence: 92; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor has committed to purchase an aggregate
of 330,000 (or 352,500 if the underwriter&rsquo;s over-allotment option is exercised in full) private placement units at a price
of $10.00 per unit, for aggregate proceeds of $3,300,000 (or $3,525,000 if the underwriter&rsquo;s over-allotment option is exercised
in full) in the private placement that will close simultaneously with the closing of this offering. Each private placement unit
consists of one Class&nbsp;A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof
to purchase one Class&nbsp;A ordinary share at a price of $11.50 per share, subject to adjustment as provided herein. The placement
units (including the private placement shares and private placement warrants) 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. The private
placement 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to a registration and shareholder rights
agreement with our initial shareholders, we may be required to register certain securities for sale under the Securities Act. Our
sponsors, holders of private placement warrants and holders of warrants issued upon conversion of working capital loans, 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. However, the registration rights agreement provides that we will not be required to effect or permit any registration
or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions,
as described herein. We will bear the costs and expenses of filing any such registration statements. Please see &ldquo;Certain
Relationships and Related Party Transactions.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Off-balance Sheet Arrangements; Commitments and Contractual
Obligations; Quarterly Results</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of February 7, 2022, we did not have any off-balance
sheet arrangements as defined in Item&nbsp;303(a)(4)(ii) 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 not conducted any operations to date.</P>

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

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">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) provide an auditor&rsquo;s attestation report on our system of internal controls over financial reporting pursuant
to Section&nbsp;404 of the Sarbanes-Oxley Act, (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&rsquo;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 chief executive officer&rsquo;s compensation to median employee compensation. These exemptions will apply for a period of five
years following the completion of our initial public 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 93; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_009"></A>PROPOSED BUSINESS</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a blank check company incorporated as a
Cayman Islands exempted company 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. We have not selected any specific 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 with respect to an initial business combination
with us. We are focused on identifying unique business concepts with high-performing organizations that have both aspirations to
accelerate growth and create enduring value within the technology, hospitality or consumer services sector.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Our Management Team and Board of Directors</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Lei Huang, <I>Chief Executive Officer </I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Huang currently serves as the Chief
Executive Officer of US Tiger and is a member of the board of directors of its parent company, UP Fintech Holding Limited
(Nasdaq: TIGR) and is Co-Chief Executive Officer of TradeUP Global Corporation (Nasdaq: TUGC), a special purpose acquisition
company incorporated in January 2021 and TradeUP 88 Corp. (Nasdaq: TUFU), a special purpose acquisition company incorporated in
April 2021 which is currently seeking Nasdaq listing. Mr. Huang also serves as the Chief Executive Officer and is a member of the board of directors
of Fortune Rise Acquisition Corporation (Nasdaq: FRLA), a special purpose acquisition company incorporated in January 2021 and TradeUP Securities, a broker/dealer company incorporated in December 2021.
Mr. Huang also serves as a member of the board of directors of MDLand International Corporation. Prior to joining US Tiger, Mr. Huang was the Chief Executive Officer of Haitong Securities USA LLC, and also served as
Chief Compliance Officer and Operation Manager of CICC US Securities, Inc. from 2010 through 2018. Prior to that, Mr. Huang
served as a Compliance Officer at Morgan Stanley, Lehman Brothers and Barclays. Mr. Huang also formerly served as a
Regulatory Supervisor at the National Association of Securities Dealers.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Huang earned an M.S. degree in Global Financial Analysis from
Bentley University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>You (&ldquo;Patrick&rdquo;) Sun, <I>Chief Financial Officer</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Sun is an experienced banking and asset management professional.
Since August 2020, Mr. Sun has served as the Chief Financial Officer of Lake Crystal Energy LLC, an oil and gas company. As the
Chief Financial Officer, Mr. Sun evaluates and sources potential investments in oil and gas assets. He also oversees all financial
functions of the company. Prior to this role, from August 2014 to December 2019, Mr. Sun served as a Vice President and an E&amp;P
Analyst of Seaport Global Securities LLC, a full-service investment bank, capital markets advisory and research platform based in New York.
From July 2008 to May 2012, Mr. Sun served as Vice President of the Pacific Securities Co., Ltd., a Chinese investment bank and
brokerage firm.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Sun earned an MBA from Washington University in St. Louis, Olin
Business School, and a B.S. degree in Mechanics from Peking University.</P>

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


<!-- Field: Page; Sequence: 94; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Mao will serve as our Director
upon the effectiveness of our registration statement on Form&nbsp;S-1, of which this prospectus forms a part. Mr. Mao is a
founding and managing partner of Citta Capital (&ldquo;Citta&rdquo;), a firm focused on investing in early growth stage
technology startups in Enterprise/SaaS, Blockchain, ESG, AI applications, cloud computing and healthcare technology. As of
December 31, 2021, Citta has a diverse portfolio of companies that includes Kintsugi (a leading AI based mental health
diagnostics company), Openprise, Inc. (automation solutions), Sequoia Games, Inc. (combining the latest technology with
professional sports), SetPoint (clinical stage neuro treatment), Zeit Medical (early heart stroke detection with FDA
breakthrough destination), and Ryu Games (Web3.0 Gamify). Prior to that, Mr. Mao was a Partner at WestSummit Capital
(&ldquo;WSC&rdquo;), a leading global technology growth capital venture firm. At WSC, Mr. Mao led deal sourcing and investment activities in the areas of Enterprise, Cloud, Big Data, AI, robotics, and
digital media. WSC was a lead investor of a number of unicorns including Unity, Cloudwise, Twitch, Mirantis, Couchbase, GigaDevice,
VeriSilicon and Movidius. Previously, Mr. Mao worked in Internet, mobile/wireless, digital media, telecom, semiconductor and
enterprise software industries. He has also co-authored five U.S. patents. He has over 20 years of working experience in
private equity and technology sectors, including enterprise software, Internet, mobile applications, digital media,
intelligent hardware, advanced manufacturing/materials, medical devices and clean tech. Prior to WSC, Mr. Mao was Managing
Director of Cagan McAfee Capital Partners, a leading technology-focused private equity firm based in Silicon Valley, during
which Mr. Mao was instrumental in helping portfolio companies raise growth capital, formalize effective business strategy and
close large M&amp;A transactions. Previously, Mr. Mao was General Manager of Asia Pacific Development (&ldquo;APAC&rdquo;) for Advanced Fibre Communications (acquired by Tellabs), member of
the original founding team and General Manager of APAC for Turin Networks (acquired by Dell), and Vice President and General
Manager of APAC for Cortina Systems, Inc. (acquired by Inphi Corporation). Mr. Mao has led and participated in numerous successful
corporate investments and cross border M&amp;A transactions which have resulted in billions of dollars of value for
investors. Mr. Mao is currently also a director of US Digital Mining Corp.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Mao earned an MBA from the University of Southern
California, an M.S. degree in Electrical and Computer Engineering and a B.S. degree in Applied Physics from the University of
Waterloo.</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"><B>Kevin D. Vassily, <I>Director</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Vassily will serve as our Director upon the effectiveness
of our registration statement on Form&nbsp;S-1, of which this prospectus forms a part. Mr.&nbsp;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. Mr. Vassily is also a member of the board of directors of Fortune Joy International Acquisition Corporation
(Nasdaq: XYGJ), a special purpose acquisition company incorporated in August 2021 which is currently seeking Nasdaq listing. Prior
to this role, from 2019 to January&nbsp;2021, Mr.&nbsp;Vassily served as Vice President of Market Development for Facteus, a financial
analytics company focused on the asset management industry. From March&nbsp;2019 through 2020, he served as an advisor at Woodseer,
a financial technology firm providing global dividend forecasts. From 2018 through its acquisition in 2020, Mr.&nbsp;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 November&nbsp;2019, Mr.&nbsp;Vassily
has served as a director of Zhongchao Inc., a provider of healthcare information, education and training services to healthcare
professionals and the public in China. Since July&nbsp;2018, Mr.&nbsp;Vassily has also served as an advisor at Prometheus Fund,
a&nbsp;Shanghai-based merchant bank &amp; private equity firm focused on the &ldquo;green&rdquo; economy. From 2015 through 2018,
Mr.&nbsp;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, where he was responsible for a complete
product overhaul 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. In this role, he was responsible for establishing the firm&rsquo;s presence and relevance covering
Asia Technology. From 2003 to 2006, he served as a Senior Research Analyst in the semiconductor technology group at Susquehanna
International Group, where he was responsible for research in semiconductor and related technologies. From 2001 to 2003, Mr.&nbsp;Vassily
served as a Vice President and Senior Research Analyst for semiconductor capital equipment at Thomas Weisel Partners, where he
was responsible for publishing research and maintaining financial models on each of the companies under coverage. Mr.&nbsp;Vassily
began his career on Wall Street in 1998 as a Research Associate covering the semiconductor industry at Lehman Brothers.<BR>
<BR>
</P>


<!-- Field: Page; Sequence: 95; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Vassily earned a B.A. degree from Denison University and
an MBA from Dartmouth College, Tuck School of Business.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">Together, we believe our directors
and the rest of our management team bring additional expertise that will enhance our ability to identify and execute our initial
business combination, and may enhance our ability to execute upon various value creation initiatives after successful completion
of our business combination.</FONT></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">Notwithstanding our management
team&rsquo;s past experiences, including investments and transactions in which they have participated and businesses with which
they have been associated, past performance is not a guarantee (i)&nbsp;that we will be able to identify a suitable candidate for
our initial business combination or (ii)&nbsp;that we will provide an attractive return to our shareholders from any business combination
we may consummate. 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. In order to minimize potential conflicts of
interest which may arise from multiple affiliations, our officers and directors who are also officers and directors of any other
entities will be required to present all suitable target businesses to such entities prior to presenting them to us, unless 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 such individual is permitted to refer that opportunity to us without violating another legal obligation. You
should not rely on the historical record of our management&rsquo;s performance as indicative of our future performance. See &ldquo;Risk
Factors &mdash;  Past performance by our management team or their respective affiliates may not be indicative of future performance
of an investment in us.&rdquo; For a list of our executive officers, directors and entities for which a conflict of interest may
or does exist between such officers, directors and the company, please refer to &ldquo;Management &mdash; Conflicts of Interest.&rdquo;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Business Strategy and Competitive Strengths</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Our business strategy is to identify and complete
our initial business combination with a company within the technology, hospitality or consumer services sector. Our selection process
will leverage our team&rsquo;s broad and deep relationship network, unique industry experiences and proven deal sourcing capabilities
to access a broad spectrum of differentiated opportunities. This network has been developed through our team&rsquo;s extensive
experience and demonstrated success in both investing in and operating businesses in our target sectors and across a variety of
industries.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Upon completion of this offering, members of our team will communicate
with their networks of relationships to articulate the parameters for our search for a target company and a potential business
combination and begin the process of pursuing and reviewing potential opportunities.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">We believe that our management team is well
positioned to identify attractive business combination opportunities with a compelling industry backdrop and an opportunity for
transformational growth. Our team&rsquo;s objectives are to generate attractive returns for shareholders and enhance value through
improving operational performance of the acquired company. We expect to favor opportunities with certain industry and business
characteristics. Key industry characteristics include compelling long-term growth, attractive competitive dynamics, consolidation
opportunities and low risk of technological obsolescence. Key business characteristics include high barriers to entry, significant
streams of recurring revenue, opportunity for operational improvement, attractive steady-state margins, high incremental margins
and attractive free cash flow characteristics. See the section entitled &ldquo;Proposed Business&rdquo; for further information
on such key industry and business characteristics we intend to address in our search for and growth of a target business.</P>

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


<!-- Field: Page; Sequence: 96; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Consistent with our business strategy, we have identified the following
general criteria and guidelines that we believe are important in evaluating prospective target businesses. We will use these criteria
and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business combination with a
target business that does not meet these criteria and guidelines. We intend to seek to acquire businesses that we believe:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>are fundamentally sound but are underperforming their potential;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>exhibit unrecognized value or other characteristics that we believe have been misevaluated by the marketplace;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>are at an inflection point where we believe we can drive improved financial performance;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>offer opportunities to enhance financial performance through organic initiatives and/or inorganic growth opportunities that we identify in our analysis and due diligence;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>can benefit from our team&rsquo;s knowledge of the target sectors, proven collection of operational strategies and tools, and past experiences in profitably and rapidly scaling businesses;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>are valued attractively relative to their existing cash flows and potential for operational improvement; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>offer an attractive potential return for our shareholders, weighing potential growth opportunities and operational improvements in the target business against any identified downside risks.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">These criteria and guidelines 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 criteria and guidelines as well as other considerations, factors and criteria that our management may deem relevant. However,
we will not complete our initial business combination with a target that is headquartered in China (including Hong Kong or Macau)
or conducts a majority of its business in China (including Hong Kong and Macau). 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 and guidelines in our shareholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents
that we would file with the SEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In evaluating a prospective target business, we
expect to conduct a thorough due diligence review which will encompass, among other things, meetings with incumbent management,
document reviews, inspection of facilities, as well as a review of financial, operational, legal and other information which will
be made available to us. We will also utilize our management team&rsquo;s expertise in analyzing and evaluating operating plans,
financial projections and determining the appropriate return expectations given the risk profile of the target business as well
as the suitability of the target to become a public company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Members of our management team and board of directors
may, directly or indirectly, own founder shares and/or private placement units following this offering and, accordingly, may have
a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. In particular, because the founder shares were purchased at approximately $0.012 per share, the
holders of our founder shares (including our management team that directly or indirectly own founder shares) could make a substantial
profit after our initial business combination even if our public shareholders lose money on their investment as a result of a decrease
in the post-combination value of their ordinary shares (after accounting for any adjustments in connection with an exchange or
other transaction contemplated by the business combination). Further, such 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.</P>

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


<!-- Field: Page; Sequence: 97; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nasdaq rules require that we must complete one
or more business combinations with a total aggregate fair market value of at least 80% of the value of the assets held in the trust
account (excluding any deferred underwriters&rsquo; fees and taxes payable on the interest income earned on the trust account)
at the time of our signing of a definitive agreement in connection with our initial business combination. We refer to this as the
80% of net assets test. If our board of directors determines that it 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 or an independent valuation
or appraisal firm, with respect to the satisfaction of such criteria. In addition, pursuant to Nasdaq rules, any initial business
combination must be approved by a majority of our independent directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="background-color: white">We will
have until 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we will, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination by up to two times, each time by an additional
three months (for a total of 21 months to complete a business combination), subject to the sponsor depositing additional funds
into the trust account as set out below. In connection with any such extension, public shareholders will not be offered the opportunity
to vote on or redeem their shares. Pursuant to the terms of our amended and restated memorandum and articles of association and
the trust agreement to be entered into between us and </FONT>Wilmington Trust, National Association <FONT STYLE="background-color: white">on
the date of this prospectus, in order to extend the time available for us to consummate our initial business combination for an
additional month, our sponsor or its affiliates or designees must deposit into the trust account $250,000, or up to $287,500 if
the underwriter&rsquo;s over-allotment option is exercised in full ($0.0333 per share in either case), up to an aggregate of $1,500,000,
or $0.20 per share, on or prior to the date of the deadline. We will issue a press release announcing each extension at least three
days prior to the deadline. In addition, we will issue a press release the day after the deadline, announcing whether the funds
have been timely deposited. Our sponsor and its affiliates or designees are obligated to fund the trust account in order to extend
the time for us to complete our initial business combination, but our sponsor will not be obligated to extend such time. In addition
to the foregoing arrangements, we may extend the period of time to consummate a business combination by a shareholder vote to amend
our amended and restated memorandum and articles of association.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We anticipate structuring our initial business
combination so that the post-transaction company in which our public shareholders&rsquo; own shares will own or acquire 100% of
the outstanding 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, 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 a controlling interest in the target business sufficient for it 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 our initial business combination may collectively own a minority
interest in the post-transaction company, depending on valuations ascribed to the target and us in our initial business combination
transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all
of the outstanding shares of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a
result of the issuance of a substantial number of new shares, our shareholders immediately prior to our initial business combination
could own less than a majority of our issued and outstanding shares after our initial business combination. 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 taken into account for purposes of the 80% of net assets
test. If our initial 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. In addition, we have agreed not to enter into a definitive agreement regarding
an initial business combination without the prior consent of our sponsor. If our securities are not then listed on Nasdaq for whatever
reason, we would no longer be required to meet the foregoing 80% of net asset test.</P>

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


<!-- Field: Page; Sequence: 98; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent we effect our initial business combination
with a company or business that may be financially unstable or in its early stages of development or growth, we may be affected
by numerous risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in
a particular target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with a company that is affiliated with our sponsor or any of our officers or directors, we, or
a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We currently do not have any specific business
combination under consideration. Our officers and directors have neither individually selected nor considered a target business
nor have they had any substantive discussions regarding possible target businesses among themselves or with our underwriters or
other advisors. Our management team is regularly 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) contacted any prospective target business
or had any substantive discussions, formal or otherwise, with respect to a business combination transaction with our company. Additionally,
we have not, nor has anyone on our behalf, taken any substantive measure, directly or indirectly, to identify or locate any suitable
acquisition candidate for us, nor have we engaged or retained any agent or other representative to identify or locate any such
acquisition candidate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, certain of our officers and directors
presently have, and any of them in the future may have, additional fiduciary and contractual duties to other entities. As a result,
if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which
the officer or director has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman
Islands law, the officer or director will need to honor such fiduciary or contractual obligations to present such business combination
opportunity to such entity, before we can pursue such opportunity. If these other entities decide to pursue any such opportunity,
we may be precluded from pursuing the same. However, we do not expect these duties to materially affect our ability to complete
our initial business combination. Our amended and restated memorandum and articles of association will provide that, to the fullest
extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the
extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities
or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate
in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and
us, on the other. Our officers and directors would continue to be subject to all other fiduciary duties owed to us and our shareholders
and no other waivers of their respective fiduciary obligations have been provided to any such officers and directors. We do not
have any plan for any waiver of the fiduciary duties of our officers and directors post-business combination.</P>

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


<!-- Field: Page; Sequence: 99; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our officers and directors are not required to
commit any specified amount of time to our affairs, and, accordingly, will have conflicts of interest in allocating management
time among various business activities, including identifying potential business combinations and monitoring the related due diligence.
We do not believe, however, that any such potential conflicts would materially affect our ability to complete our initial business
combination.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Status as a Public Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 with us. In a business combination transaction
with us, the owners of the target business may, for example, exchange their stock, shares or other equity interests in the target
business for our Class&nbsp;A ordinary shares (or shares of a new holding company) or for a combination of our Class&nbsp;A ordinary
shares and cash, allowing us to tailor the consideration to the specific needs of the sellers. We believe target businesses will
find this method a more expeditious and cost effective method to becoming a public company than the typical initial public offering.
The typical initial public offering process takes a significantly longer period of time than the typical business combination transaction
process, and there are significant expenses in the initial public offering process, including underwriting discounts and commissions,
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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 have negative valuation consequences. Once public, we believe the target business would then have greater
access to capital, an additional means of providing management incentives consistent with shareholders&rsquo; interests and the
ability to use its shares as currency for acquisitions. Being a public company 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While we believe that our structure and our management
team&rsquo;s backgrounds will make us an attractive business partner, some potential target businesses may view our status as a
blank check company, such as our lack of an operating history and our ability to seek shareholder approval of any proposed initial
business combination, negatively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are an &ldquo;emerging growth company,&rdquo;
as defined in Section&nbsp;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 &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: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will remain an emerging growth company until
the earlier of (1)&nbsp;the last 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 ordinary shares that are held by non-affiliates exceeds
$700&nbsp;million as of the prior June&nbsp;30th, 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 100; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With funds available for a business combination
initially in the amount of $72,375,000, after payment of the estimated non-reimbursed expenses of this offering and $2,625,000
of deferred underwriting fees (or $83,231,250 after payment of the estimated expenses of this offering and $3,018,750 of deferred
underwriting fees if the underwriters&rsquo; over-allotment option is exercised in full), 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 ratio. Because we are able to complete our initial 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: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Effecting Our Initial Business Combination</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 effectuate our initial business
combination using cash from the proceeds of this offering and the sale of the private placement units, our equity, 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If our initial business combination is paid for
using equity or debt, 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 redemptions of our Class&nbsp;A ordinary shares, 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-business combination company, 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not selected any business combination
target and we have not, nor has anyone on our behalf, initiated any substantive discussions with any business combination target.
Additionally, we have not engaged or retained any agent or other representative to identify or locate any suitable acquisition
candidate, to conduct any research or take any measures, directly or indirectly, to locate or contact a target business, other
than our officers and directors. Accordingly, there is no current basis for investors in this offering to evaluate the possible
merits or risks of the target business with which we may ultimately complete our initial business combination. Although our management
will assess the risks inherent in a particular target business with which we may combine, we cannot assure you that this assessment
will result in our identifying all risks that a target business may encounter. Furthermore, some of those risks may be outside
of our control, meaning that we can do nothing to control or reduce the chances that those risks will adversely affect a target
business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may need to obtain additional financing to
complete our initial business combination, either because the transaction requires more cash than is available from the proceeds
held in our trust account, or because we become obligated to redeem a significant number of our public shares upon completion of
the business combination, in which case we may issue additional securities or incur debt in connection with such business combination.
There are no prohibitions on our ability to issue securities or incur debt in connection with our initial business combination.
We are not currently a party to any arrangement or understanding with any third party with respect to raising any additional funds
through the sale of securities, the incurrence of debt or otherwise.</P>

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


<!-- Field: Page; Sequence: 101; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Sources of target businesses</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We expect our officers and directors, as well
as their affiliates, to 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. In addition, we expect to receive a number of proprietary
deal flow opportunities that would not otherwise necessarily be available to us as a result of the business relationships of our
officers and directors. We further anticipate that target business candidates may be brought to our attention from various unaffiliated
sources, including investment market participants, private equity groups, investment banking firms, consultants, accounting firms
and large business enterprises. Target businesses may be brought to our attention by such unaffiliated sources as a result of being
solicited by us through calls or mailings. These sources may also introduce us to target businesses in which they think we may
be interested on an unsolicited basis, since some of these sources will have read this prospectus and know what types of businesses
we are targeting. While we do not presently anticipate engaging the services of professional firms or other individuals that specialize
in business acquisitions on any formal basis, we may engage these firms or other individuals in the future, in which event we may
pay a finder&rsquo;s fee, consulting fee or other compensation to be determined in an arm&rsquo;s length negotiation based on the
terms of the transaction. We will engage a finder only to the extent our management determines that the use of a finder may bring
opportunities to us that may not otherwise be available to us or if finders approach us on an unsolicited basis with a potential
transaction that our management determines is in our best interest to pursue. Payment of finder&rsquo;s fees is customarily tied
to completion of a transaction, in which case any such fee will be paid out of the funds held in the trust account. In no event,
however, will our sponsor or any of our existing officers or directors, or their respective affiliates be paid by us any finder&rsquo;s
fee, consulting 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). Some of our officers and directors may enter into
employment or consulting agreements with the post-business combination 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with a company that is affiliated with our sponsor or any of our officers or directors, we, or
a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may, at our option, pursue an Affiliated Joint
Transaction jointly with one or more entities affiliated with US Tiger and/or one or more investors in funds or separate accounts
managed by or affiliated with US Tiger. Any such parties would co-invest only if (i)&nbsp;permitted by applicable regulatory and
other legal limitations; (ii)&nbsp;we and US Tiger considered a transaction to be mutually beneficial to us as well as the affiliated
entity; and (iii)&nbsp;other business reasons exist to do so, such as the strategic merits of including such co-investors, the
need for additional capital beyond the amount held in our trust account to fund the initial business combination and/or the desire
to obtain committed capital for closing the initial business combination. An Affiliated Joint Transaction may be effected through
a co-investment with us in the target business at the time of our initial business combination, or we could raise additional proceeds
to complete the initial business combination by issuing to such parties a class of equity or equity-linked securities. We refer
to this potential future issuance, or a similar issuance to other specified purchasers, as a &ldquo;specified future issuance&rdquo;
throughout this prospectus. The amount and other terms and conditions of any such specified future issuance would be determined
at the time thereof. We are not obligated to make any specified future issuance and may determine not to do so. This is not an
offer for any specified future issuance. Pursuant to the anti-dilution provisions of our Class&nbsp;B ordinary shares, any such
specified future issuance would result in an adjustment to the conversion ratio such that our initial shareholders and their permitted
transferees, if any, would retain their aggregate percentage ownership of founder shares at 20% of the sum of the total number
of all ordinary shares issued and outstanding upon completion of this offering plus all shares issued in the specified future issuance,
unless the holders of a majority of the then-issued and outstanding Class&nbsp;B ordinary shares agreed to waive such adjustment
with respect to the specified future issuance at the time thereof. We cannot determine at this time whether a majority of the holders
of our Class&nbsp;B ordinary shares at the time of any such specified future issuance would agree to waive such adjustment to the
conversion ratio. They may waive such adjustment due to (but not limited to) the following: (i)&nbsp;closing conditions which are
part of the agreement for our initial business combination; (ii)&nbsp;negotiation with Class&nbsp;A shareholders on structuring
an initial business combination; (iii)&nbsp;negotiation with parties providing financing which would trigger the anti-dilution
provisions of the Class&nbsp;B ordinary shares; or (iv)&nbsp;as part of the Affiliated Joint Transaction. If such adjustment is
not waived, the specified future issuance would not reduce the percentage ownership of holders of our Class&nbsp;B ordinary shares,
but would reduce the percentage ownership of holders of our Class&nbsp;A ordinary shares. If such adjustment is waived, the specified
future issuance would reduce the percentage ownership of holders of both classes of our ordinary shares.</P>

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


<!-- Field: Page; Sequence: 102; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain of our officers and directors presently
have, and any of them in the future may have, additional, fiduciary or contractual obligations to other entities, including entities
that are affiliates of our sponsor, pursuant to which such officer or director is or will be required to present a business combination
opportunity to such entity. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity
which is suitable for an entity to which the officer or director has then-current fiduciary or contractual obligations, the officer
or director will honor such fiduciary or contractual obligations to present such business combination opportunity to such entity,
subject to their fiduciary duties under Cayman Islands law. We may, at our option, pursue an Affiliated Joint Transaction opportunity
with an entity to which US Tiger or an officer or director has a fiduciary or contractual obligation. 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 initial business combination by making a specified future issuance to any such entity. See &ldquo;Management &mdash; Conflicts
of Interest.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Evaluation of a target business and structuring of our
initial business combination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In evaluating a prospective target business, we
expect to conduct an extensive due diligence review which may encompass, as applicable and among other things, meetings with incumbent
management and employees, document reviews, interviews of customers and suppliers, inspection of facilities and a review of financial
and other information about the target and its industry. We will also utilize management team&rsquo;s expertise in analyzing and
evaluating operating plans and financial projections. If we determine to move forward with a particular target, we will proceed
to structure and negotiate the terms of the business combination transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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, and negotiation
with, a prospective target business with which our initial 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. The company will not pay any consulting
fees to members of our management team, or their respective affiliates, for services rendered to or in connection with our initial
business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Lack of business diversification</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. By completing our initial business combination with only a single entity, our lack of diversification may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Limited ability to evaluate the target&rsquo;s management
team</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although we intend to closely scrutinize the management
of a prospective target business when evaluating the desirability of effecting our initial business combination with that business,
our assessment of the target business&rsquo;s 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, if any, in the target business cannot presently be stated with any certainty. The determination as to whether
any of the members of our management team will remain with the combined company will be made at the time of our initial business
combination. While it is possible that one or more of our directors will remain associated in some capacity with us following our
initial business combination, it is unlikely that any of them will devote their full efforts to our affairs after our initial 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.</P>

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


<!-- Field: Page; Sequence: 103; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We cannot assure you that any of our key personnel
will remain in senior management or advisory positions with the combined company. The determination as to whether any of our key
personnel 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Following a business combination, we may seek
to recruit additional managers to supplement the incumbent management 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: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Shareholders may not have the ability to approve our
initial business combination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may conduct redemptions without a shareholder
vote pursuant to the tender offer rules of the SEC subject to the provisions of our amended and restated memorandum and articles
of association. However, we will seek shareholder approval if it is required by applicable law or stock exchange listing requirement,
or we may decide to seek shareholder approval for business or other reasons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Nasdaq&rsquo;s listing rules, shareholder
approval would typically be required for our initial business combination if, for example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>we issue ordinary shares that will be equal to or in excess of 20% of the number of our ordinary shares then-issued and outstanding
(other than in a public offering);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>any of our directors, officers or substantial security holder (as defined by the Nasdaq rules) has a 5% or greater interest,
directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance of ordinary
shares could result in an increase in issued and outstanding ordinary shares or voting power of 1% or more (or 5% or more if the
related party involved is classified as such solely because such person is a substantial security holder); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the issuance or potential issuance of ordinary shares will result in our undergoing a change of control.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The decision as to whether we will seek shareholder
approval of a proposed business combination in those instances in which shareholder approval is not required by law will be made
by us, solely in our discretion, and will be based on business and reasons, which include a variety of factors, including, but
not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the expected cost of holding a shareholder vote;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the risk that the shareholders would fail to approve the proposed business combination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>other time and budget constraints of the company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>additional legal complexities of a proposed business combination that would be time-consuming and burdensome to present to
shareholders.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 104; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Permitted purchases and other transactions with respect
to our securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 sponsor, directors, executive officers, advisors or their affiliates may purchase public shares or warrants in
privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination.
Additionally, at any time at or prior to our initial business combination, subject to applicable securities laws (including with
respect to material nonpublic information), our sponsor, directors, executive officers, advisors or their affiliates may enter
into transactions with investors and others to provide them with incentives to acquire public shares, vote their public shares
in favor of our initial business combination or not redeem their public shares. 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 public shares or warrants in such transactions. If they engage in such
transactions, they will be restricted from making 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 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. After the consummation of this offering, we will adopt
an insider trading policy which will require insiders to: (i)&nbsp;refrain from purchasing securities during certain blackout periods
and when they are in possession of any material non-public information; and (ii)&nbsp;to clear all trades with a designated officer
prior to execution. We cannot currently determine whether our insiders will make such purchases pursuant to a Rule&nbsp;10b5-1
plan, as it will be dependent upon several factors, including but not limited to, the timing and size of such purchases. Depending
on such circumstances, our insiders may either make such purchases pursuant to a Rule&nbsp;10b5-1 plan or determine that such a
plan is not necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that our sponsor, directors, officers,
advisors or their affiliates purchase shares in privately negotiated transactions from public shareholders who have already elected
to exercise their redemption rights or submitted a proxy to vote against our initial business combination, such selling shareholders
would be required to revoke their prior elections to redeem their shares and any proxy to vote against our initial business combination.
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 be required to comply
with such rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The purpose of any such transaction could be to
(i)&nbsp;vote in favor of the business combination and thereby increase the likelihood of obtaining shareholder approval of the
business combination, (ii)&nbsp;reduce the number of public warrants outstanding or vote such warrants on any matters submitted
to the warrant holders for approval in connection with our initial business combination or (iii)&nbsp;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 initial
business combination, where it appears that such requirement would otherwise not be met. Any such purchases of our securities may
result in the completion of our initial business combination that may not otherwise have been possible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, if such purchases are made, the public
&ldquo;float&rdquo; of our Class&nbsp;A ordinary shares or public warrants 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor, officers, directors and/or their
affiliates anticipate that they may identify the shareholders with whom our sponsor, officers, directors or their affiliates may
pursue privately negotiated transactions by either the shareholders contacting us directly or by our receipt of redemption requests
submitted by shareholders (in the case of Class&nbsp;A ordinary shares) following our mailing of tender offer or proxy materials
in connection with our initial business combination. To the extent that our sponsor, officers, directors, advisors or their affiliates
enter into a private transaction, they would identify and contact only potential selling or redeeming shareholders who have expressed
their election to redeem their shares for a pro rata share of the trust account or vote against our initial business combination,
whether or not such shareholder has already submitted a proxy with respect to our initial business combination but only if such
shares have not already been voted at the general meeting related to our initial business combination. Our sponsor, executive officers,
directors, advisors or their affiliates will select which shareholders to purchase shares from based on the negotiated price and
number of shares and any other factors that they may deem relevant, and will be restricted from purchasing shares if such purchases
do not comply with Regulation&nbsp;M under the Exchange Act and the other federal securities laws.</P>

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


<!-- Field: Page; Sequence: 105; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor, officers, directors and/or their
affiliates will be restricted from making purchases of shares if the purchases would violate Section&nbsp;9(a)(2) or Rule&nbsp;10b-5
of the Exchange Act. We expect any such purchases would be reported by such person pursuant to Section&nbsp;13 and Section&nbsp;16
of the Exchange Act to the extent such purchasers are subject to such reporting requirements.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Redemption rights for public shareholders upon completion
of our initial business combination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide our public shareholders with the
opportunity to redeem all or a portion of their Class&nbsp;A ordinary shares upon the completion of our initial business combination
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two
business days prior to the consummation of the initial business combination, including interest earned on the funds held in the
trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of then-issued
and outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated
to be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be
reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement
that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the
completion of our initial business combination with respect to our warrants. Further, we will not proceed with redeeming our public
shares, even if a public shareholder has properly elected to redeem its shares, if a business combination does not close. Our sponsor
and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their
redemption rights with respect to any founder shares and public shares held by them in connection with (i)&nbsp;the completion
of our initial business combination and (ii)&nbsp;a shareholder vote to approve an amendment to our amended and restated memorandum
and articles of association (A)&nbsp;that would modify the substance or timing of our obligation to provide holders of our Class&nbsp;A
ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with
respect to any other provision relating to the rights of holders of our Class&nbsp;A ordinary shares.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Limitations on redemptions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association will provide that in no event will we redeem our public shares in an amount that would cause our net tangible assets
to be less than $5,000,001 either prior to or upon consummation of an initial business combination (so that we do not then become
subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules). However, 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 Class&nbsp;A ordinary
shares 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 Class&nbsp;A ordinary shares submitted for redemption will be returned to the holders thereof.</P>

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


<!-- Field: Page; Sequence: 106; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Manner of conducting redemptions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide our public shareholders with the
opportunity to redeem all or a portion of their Class&nbsp;A ordinary shares upon the completion of our initial business combination
either (i)&nbsp;in connection with a general 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
requirement or whether we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder
approval under SEC rules). Asset acquisitions and share purchases would not typically require shareholder approval while direct
mergers with our company where any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek
to amend our amended and restated memorandum and articles of association would typically require shareholder approval. We currently
intend to conduct redemptions in connection with a shareholder vote unless shareholder approval is not required by applicable law
or stock exchange listing requirement or we choose to conduct redemptions pursuant to the tender offer rules of the SEC for business
or other reasons. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with
the Nasdaq rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we held a shareholder vote to approve our initial
business combination, we will, pursuant to our amended and restated memorandum and articles of association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation&nbsp;14A of the Exchange 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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>file proxy materials with the SEC.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we seek shareholder approval of our initial
business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands Law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares
and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders&rsquo; founder
shares and private placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are voted and
the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial
business combination at the meeting in order to have our initial business combination approved. However, assuming only the minimum
number of shares representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are voted, and assuming
the over-allotment option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding shares are voted
and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an
initial business combination at the meeting in order to have our initial business combination approved. Each public shareholder
may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all.
In addition, our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they
have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with
(i)&nbsp;the completion of a business combination and (ii)&nbsp;a shareholder vote to approve an amendment to our amended and restated
memorandum and articles of association (A)&nbsp;that would modify the substance or timing of our obligation to provide holders
of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from the closing
of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the
period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the
Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with respect to any other provision relating to the rights of holders
of our Class&nbsp;A ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we conduct redemptions pursuant to the tender
offer rules of the SEC, we will, pursuant to our amended and restated memorandum and articles of association:</P>

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


<!-- Field: Page; Sequence: 107; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>conduct the redemptions pursuant to Rule&nbsp;13e-4 and Regulation&nbsp;14E of the Exchange Act, which regulate issuer tender
offers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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
of the Exchange Act, which regulates the solicitation of proxies.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the public announcement of our initial business
combination, if we elect to conduct redemptions pursuant to the tender offer rules, we and our sponsor will terminate any plan
established in accordance with Rule&nbsp;10b5-1 to purchase Class&nbsp;A ordinary shares in the open market, in order to comply
with Rule&nbsp;14e-5 under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event 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&nbsp;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 the number of public
shares we are permitted to redeem. If public shareholders tender more shares than we have offered to purchase, we will withdraw
the tender offer and not complete such initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Limitation on redemption upon completion of our initial
business combination if we seek shareholder approval</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender
offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo;
(as defined under Section&nbsp;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, which we refer to as &ldquo;Excess Shares,&rdquo; without our prior consent.
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, our sponsor 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 without our prior consent, we believe we will limit the ability of a small group of shareholders
to unreasonably attempt to block our ability to complete our initial 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">However, we would not be restricting our shareholders&rsquo;
ability to vote all of their shares (including Excess Shares) for or against our initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Tendering share certificates in connection with a tender
offer or redemption rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Public shareholders seeking to exercise their
redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo; will be required to either
tender their certificates (if any) to our transfer agent prior to the date set forth in the proxy solicitation or tender offer
materials, as applicable, mailed to such holders, or to deliver their shares to the transfer agent electronically using The Depository
Trust Company&rsquo;s DWAC (Deposit/ Withdrawal At Custodian) System (the &ldquo;DWAC System&rdquo;), at the holder&rsquo;s option,
in each case up to two business days prior to the initially scheduled vote to approve the business combination. The proxy solicitation
or tender offer materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business
combination will indicate the applicable delivery requirements, which will include the requirement that a beneficial holder must
identify itself in order to validly redeem its shares. 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 business days prior to the initially scheduled
vote on the proposal to approve 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 period in which to exercise redemption rights,
it is advisable for shareholders to use electronic delivery of their public shares.</P>

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


<!-- Field: Page; Sequence: 108; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 a fee of approximately $80.00 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 the shareholder could monitor the price of the company&rsquo;s
shares in the market. If the price rose above the redemption price, the shareholder 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 general 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 shareholder&rsquo;s election to redeem is irrevocable once the business combination
is approved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any request to redeem such shares, once made,
may be withdrawn at any time up to two business days prior to the initially scheduled vote on the proposal to approve the business
combination, unless otherwise agreed to by us. 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 initial business combination.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If our initial proposed business combination is
not completed, we may continue to try to complete a business combination with a different target until 15 months from the closing
of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the
period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the
Shareholder Extension Period, as applicable)</FONT>.</P>

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


<!-- Field: Page; Sequence: 109; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Redemption of public shares and liquidation if no initial
business combination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association will provide that we will have only 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>to consummate
an initial business combination. If we have not consummated an initial business combination within 15 months from the closing of
this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period
of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder
Extension Period, as applicable)</FONT>, 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 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 franchise and income taxes, if any (less up to $100,000 of interest
to pay dissolution expenses) divided by the number of the then-issued and outstanding public shares, which redemption will completely
extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidation distributions,
if any); and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands 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 consummate an initial business combination
within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of
this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable)</FONT>. Our amended and restated memorandum and articles
of association will provide that, if we wind up for any other reason prior to the consummation of our initial business combination,
we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible
but not more than ten business days thereafter, subject to applicable Cayman Islands law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor and each member of our management
team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions
from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within
15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this
offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable), </FONT>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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor, executive officers, directors and
director nominees have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended
and restated memorandum and articles of association (A)&nbsp;that would modify the substance or timing of our obligation to provide
holders of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from the closing
of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the
period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the
Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with respect to any other provision relating to the rights of holders
of our Class&nbsp;A ordinary shares, unless we provide our public shareholders with the opportunity to redeem their public shares
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 franchise
and income taxes, if any, divided by the number of the then-issued and outstanding public shares. However, we may not redeem our
public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either prior to or upon consummation
of an initial business combination (so that we do not then become 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, we would not proceed with the amendment or the related redemption of our public shares at such
time. This redemption right shall apply in the event of the approval of any such amendment, whether proposed by our sponsor, any
executive officer, director or director nominee, or any other person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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
$650,000 held outside the trust account plus up to $100,000 of funds from the trust account available to us to pay dissolution
expenses, although we cannot assure you that there will be sufficient funds for such purpose.</P>

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


<!-- Field: Page; Sequence: 110; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we were to expend all of the net proceeds of
this offering and the sale of the private placement 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 $10.00. 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 less than $10.00. 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although we will seek to have all vendors, service
providers (other than our independent registered public accounting firm), prospective target businesses and 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, 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. 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. In order to protect the amounts held in the trust account, 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 (other than our independent registered public accounting firm), or a prospective target business with which we have
discussed entering into a transaction agreement, reduce the amounts in the trust account to below the lesser of (i)&nbsp;$10.00
per public share and (ii)&nbsp;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 $10.00 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 our tax obligations, <I>provided</I> 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 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. However, we have not asked our
sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient
funds to satisfy its indemnity obligations and we believe that our sponsor&rsquo;s only assets are securities of our company. Therefore,
we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors 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: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that the proceeds in the trust account
are reduced below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;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 $10.00 per public share due to reductions in the value
of the trust assets, in each case net of the amount of interest which may be withdrawn to pay our income tax obligations, 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 in any particular instance. 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 $10.00 per public share.</P>

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


<!-- Field: Page; Sequence: 111; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 following this offering and the sale of the private placement units with which
to pay any such potential claims (including costs and expenses incurred in connection with our liquidation, currently estimated
to be no more than approximately $100,000). 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, however such liability will not be greater than the amount of funds from our trust account received by any such shareholder.
In the event that our offering expenses exceed our estimate of $1,150,000, 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 $1,150,000, 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we file a bankruptcy or winding-up petition
or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the proceeds held in the trust account
could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy or insolvency estate and subject
to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy or insolvency claims
deplete the trust account, we cannot assure you we will be able to return $10.00 per public share to our public shareholders. Additionally,
if we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is
not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy or
insolvency laws as either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent conveyance.&rdquo; As a result, a bankruptcy
or insolvency 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, and 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 initial
business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months
from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail
in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>, (ii)&nbsp;in connection with
a shareholder vote to amend our amended and restated memorandum and articles of association (A)&nbsp;to modify the substance or
timing of our obligation to provide holders of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of
this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with respect to any other provision
relating to the rights of holders of our Class&nbsp;A ordinary shares, or (iii)&nbsp;if they redeem their respective shares for
cash upon the completion of the initial business combination. Public shareholders who redeem their Class&nbsp;A ordinary shares
in connection with a shareholder vote described in clause&nbsp;(ii) in the preceding sentence shall not be entitled to funds from
the trust account upon the subsequent completion of an initial business combination or liquidation if we have not consummated an
initial business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to
21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>, with respect
to such Class&nbsp;A ordinary shares so redeemed. 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 described above. These provisions of our amended and restated memorandum and articles of association, like all provisions
of our amended and restated memorandum and articles of association, may be amended with a shareholder vote.</P>

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


<!-- Field: Page; Sequence: 112; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Comparison of redemption or purchase prices in connection with
our initial business combination and if we fail to complete our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 have not consummated an initial business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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: bottom; width: 25%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Redemptions in<BR>
connection with our<BR>
initial business<BR>
combination</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other permitted<BR>
purchases of public<BR>
shares by our affiliates</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Redemptions if we fail<BR>
to complete an initial<BR>
business combination</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Calculation of redemption price</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="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 calculated as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.00 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of the then-issued and outstanding public shares, subject to the limitation that no redemptions will take place if all of the redemptions would cause our net tangible assets to be less than $5,000,001 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>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">If we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or their affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following completion of our initial business combination. There is no limit to the prices that our sponsor, directors, officers, advisors or their affiliates may pay in these transactions. If they engage in such transactions, they will be restricted from making 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 Exchange Act. After the consummation of this offering, we will adopt an insider trading policy which will require insiders to: (i)&nbsp;refrain from purchasing securities during certain blackout periods and when they are in possession of any material non-public information; and (ii)&nbsp;to clear all trades with a designated officer prior to execution. We cannot currently determine whether our insiders will make such purchases pursuant to a Rule&nbsp;10b5-1 plan, as it will be dependent upon several factors, including but not limited to, the timing and size of such purchases. Depending on such circumstances, our insiders may either make such purchases pursuant to a Rule&nbsp;10b5-1 plan or determine that such a plan is not necessary. 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 be required to comply with such rules.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">If we have not consummated an initial business combination within 15 months from the closing of this offering (or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable), 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 $10.00 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-issued and outstanding public shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 113; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: bottom; width: 25%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Redemptions in<BR>
connection with our<BR>
initial business<BR>
combination</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other permitted<BR>
purchases of public<BR>
shares by our affiliates</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Redemptions if we fail<BR>
to complete an initial<BR>
business combination</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Impact to remaining shareholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="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 the deferred underwriting commissions and taxes payable.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">If the permitted purchases described above are made, there will be no impact to our remaining shareholders because the purchase price would not be paid by us.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share for the shares held by our sponsor, who will be our only remaining shareholder after such redemptions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Comparison of this offering to those of blank check companies
subject to Rule 419</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 (assuming no deferral of any underwriting commissions or discounts), 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: 0; text-indent: 0in">&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: bottom; width: 32%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms of our offering</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms under a Rule&nbsp;419 offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Escrow of offering proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$75,000,000 of the net proceeds of this offering and the sale of the private placement units will be deposited into a trust account located in the United States with Wilmington Trust, National Association acting as trustee.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$66,150,000 of the offering proceeds, would be required to 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></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 114; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: bottom; width: 32%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms of our offering</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms under a Rule&nbsp;419 offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Investment of net proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$75,000,000 of the net proceeds of this offering and the sale of the private placement units held in trust may be invested only in U.S. government treasury obligations with a maturity of 185 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. government treasury obligations.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="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 States.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Receipt of interest on escrowed funds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Interest income (if any) on proceeds from the trust account to be paid to shareholders is reduced by (i)&nbsp;any income taxes paid or payable and (ii)&nbsp;in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 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>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Interest income 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>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Limitation on fair value or net assets of target business</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The Nasdaq rules require that 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 the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the trust account) at the time of signing the agreement to enter into the initial business combination. If our securities are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% of net asset test.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="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="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Trading of securities issued</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The units are expected to begin trading on or promptly after the
        date of this prospectus. The Class&nbsp;A ordinary shares and warrants comprising the units will begin separate trading on the
        52nd 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.</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">We will file the Current Report on Form&nbsp;8-K promptly after
        the closing of this offering. If the 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 over-allotment option. The units will automatically separate into their component parts and will not be traded
        after completion of our initial business combination.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">No trading of the units or the underlying Class&nbsp;A ordinary shares 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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 115; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: bottom; width: 32%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms of our offering</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms under a Rule&nbsp;419 offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Exercise of the warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination and twelve months from the closing of this offering.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="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>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Election to remain an investor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">We will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of the then-issued and outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by applicable law or stock exchange listing requirement to hold a shareholder vote. If we are not required by applicable law or stock exchange listing requirement and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, 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&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 proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval of our initial business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. Our amended and restated memorandum and articles of association will require that at least five days&rsquo; notice will be given of any such general meeting.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="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 business days and no more than 45 business days from the effective date of a post-effective amendment to the company&rsquo;s registration statement, to decide if he, she or it elects to remain a shareholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45th 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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 116; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: bottom; width: 32%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms of our offering</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms under a Rule&nbsp;419 offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Business combination deadline</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">If we have not consummated an initial business combination within 15 months from the closing of this offering (or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable), 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 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 franchise and income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-issued and outstanding public shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">If an acquisition has not been completed within 15 months after the effective date of the company&rsquo;s registration statement, funds held in the trust or escrow account are returned to investors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Release of funds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Except for the withdrawal of interest income (if any) to pay our
        franchise and income taxes, if any, none of the funds held in trust will be released from the trust account until the earliest
        of:</P>
        <P STYLE="text-indent: -20pt; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        completion of our initial business combination,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 117; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: bottom; width: 32%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms of our offering</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Terms under a Rule&nbsp;419 offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="text-indent: -20pt; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the redemption
        of our public shares if we have not consummated an initial business combination within 15 months from the closing of this offering
        (or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as
        described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable), subject
        to applicable law, and</P>
        <P STYLE="text-indent: -20pt; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt">(iii)&nbsp;&nbsp;&nbsp;the
        redemption of our public shares properly submitted in connection with a shareholder vote to approve an amendment to our amended
        and restated memorandum and articles of association (A)&nbsp;that would modify the substance or timing of our obligation to provide
        holders of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from the closing
        of this offering (or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business
        combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
        or (B)&nbsp;with respect to any other provision relating to the rights of holders of our Class&nbsp;A ordinary shares.</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In identifying, evaluating and selecting a target
business for our initial 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, leveraged buyout funds, public companies 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 us. 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: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our executive offices are located at 437 Madison
Avenue, 27<SUP>th</SUP> Floor, New York, New York 10022.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We currently have one executive officer. This
individual is not obligated to devote any specific number of hours to our matters but he intends to devote as much of his time
as he deems necessary to our affairs until we have completed our initial business combination. The amount of time he 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 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: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 118; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Periodic reporting and financial information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will register our units, Class&nbsp;A ordinary
shares 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide shareholders with audited financial
statements of the prospective target business as part of the proxy solicitation or tender offer materials, as applicable, sent
to shareholders. These financial statements may be required to be prepared in accordance with, or reconciled to, U.S. GAAP, or
IFRS, depending on the circumstances, and the historical financial statements may be required to be audited in accordance with
the standards of the 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 statements in time for us to disclose such statements in accordance with federal
proxy rules and complete our initial business combination within the prescribed time frame. We cannot assure you that any particular
target business identified by us as a potential acquisition candidate will have financial statements prepared in accordance with
the requirements outlined above, or that the potential target business will be able to prepare its financial statements in accordance
with the requirements outlined above. To the extent that these requirements 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: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will be required to evaluate our internal control
procedures for the fiscal year ending December&nbsp;31, 2022 as required by the Sarbanes-Oxley Act. Only in the event we are deemed
to be a large accelerated filer or an accelerated filer and no longer qualify as an emerging growth company, will we not be required
to comply with the independent registered public accounting firm attestation requirement on our internal control over financial
reporting. A target business 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to the effectiveness of the registration
statement of which this prospectus forms a part, 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 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&nbsp;15 to suspend our reporting or other obligations
under the Exchange Act prior or after the consummation of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a Cayman Islands exempted company. Exempted
companies are Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted from complying
with certain provisions of the Companies Act. As an exempted company, we have applied for and received a tax exemption undertaking
from the Cayman Islands government that, in accordance with Section&nbsp;6 of the Tax Concessions Act (As Revised) of the Cayman
Islands, for a period of 20 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any
tax to be levied on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to
be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable
(i)&nbsp;on or in respect of our shares, debentures or other obligations or (ii)&nbsp;by way of the withholding in whole or in
part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or
interest or other sums due under a debenture or other obligation of us.</P>

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


<!-- Field: Page; Sequence: 119; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are an &ldquo;emerging growth company,&rdquo;
as defined in Section&nbsp;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 &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: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will remain an emerging growth company until
the earlier of (1)&nbsp;the last 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 ordinary shares that are held by non-affiliates exceeds
$700&nbsp;million as of the prior June&nbsp;30th, 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additionally, we are a &ldquo;smaller reporting
company&rdquo; as defined in Item&nbsp;10(f)(1) of Regulation&nbsp;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)&nbsp;the market value of our ordinary shares
held by non-affiliates exceeds $250&nbsp;million as of the prior June&nbsp;30, or (2)&nbsp;our annual revenues exceeded $100&nbsp;million
during such completed fiscal year and the market value of our ordinary shares held by non-affiliates exceeds $700&nbsp;million
as of the prior June&nbsp;30.</P>

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

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

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

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


<!-- Field: Page; Sequence: 120; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_010"></A>MANAGEMENT</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Officers, Directors and Director Nominees</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our officers, directors and director nominees
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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: 41%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B>*</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lei Huang</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">51</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>You (&ldquo;Patrick&rdquo;) Sun</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">35</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jim Mao</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">54</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kevin Vassily</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">56</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Age as of the date of this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Management and Board of Directors</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Lei Huang, <I>Chief Executive Officer </I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Huang currently serves as the Chief
Executive Officer of US Tiger and is a member of the board of directors of its parent company, UP Fintech Holding Limited
(Nasdaq: TIGR) and is Co-Chief Executive Officer of TradeUP Global Corporation (Nasdaq: TUGC), a special purpose acquisition
company incorporated in January 2021 and TradeUP 88 Corp. (Nasdaq: TUFU), a special purpose acquisition company incorporated
in April 2021 which is currently seeking Nasdaq listing. Mr. Huang also serves as the Chief Executive Officer and is a member of the board of directors
of Fortune Rise Acquisition Corporation (Nasdaq: FRLA), a special purpose acquisition company incorporated in January 2021 and TradeUP Securities, a broker/dealer company incorporated in December 2021.
Mr. Huang also serves as a member of the board of directors of MDLand International Corporation. Prior to joining US Tiger, Mr. Huang was the Chief Executive Officer of Haitong Securities USA LLC, and also served as
Chief Compliance Officer and Operation Manager of CICC US Securities, Inc. from 2010 through 2018. Prior to that, Mr. Huang
served as a Compliance Officer at Morgan Stanley, Lehman Brothers and Barclays. Mr. Huang also formerly served as a
Regulatory Supervisor at the National Association of Securities Dealers.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Huang earned an M.S. degree in Global Financial Analysis from
Bentley University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>You (&ldquo;Patrick&rdquo;) Sun, <I>Chief Financial Officer</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Sun is an experienced banking and asset management professional.
Since August 2020, Mr. Sun has served as the Chief Financial Officer of Lake Crystal Energy LLC, an oil and gas company. As the
Chief Financial Officer, Mr. Sun evaluates and sources potential investments in oil and gas assets. He also oversees all financial
functions of the company. Prior to this role, from August 2014 to December 2019, Mr. Sun served as a Vice President and an E&amp;P
Analyst of Seaport Global Securities LLC, a full-service investment bank, capital markets advisory and research platform based in New York.
From July 2008 to May 2012, Mr. Sun served as Vice President of the Pacific Securities Co., Ltd., a Chinese investment bank and
brokerage firm.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Sun earned an MBA from Washington University in St. Louis, Olin
Business School, and a B.S. degree in Mechanics from Peking University.</P>

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


<!-- Field: Page; Sequence: 121; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Mao will serve as our Director upon
the effectiveness of our registration statement on Form&nbsp;S-1, of which this prospectus forms a part. Mr. Mao is a founding
and managing partner of Citta Capital (&ldquo;Citta&rdquo;), a firm focused on investing in early growth stage technology startups
in Enterprise/SaaS, Blockchain, ESG, AI applications, cloud computing and healthcare technology.  As of December 31, 2021, Citta has a diverse portfolio of companies that includes Kintsugi (a leading AI based mental health
diagnostics company), Openprise, Inc. (automation solutions), Sequoia Games, Inc. (combining the latest technology with professional
sports), SetPoint (clinical stage neuro treatment), Zeit Medical (early heart stroke detection with FDA breakthrough destination),
and Ryu Games (Web3.0 Gamify). Prior to that, Mr.
Mao was a Partner at WestSummit Capital (&ldquo;WSC&rdquo;), a leading global technology growth capital venture firm. At WSC, Mr. Mao led deal sourcing and investment activities in the areas of Enterprise, Cloud, Big Data, AI, robotics, and
digital media. WSC was a lead investor of a number of unicorns including Unity, Cloudwise, Twitch, Mirantis, Couchbase, GigaDevice,
VeriSilicon and Movidius. Previously, Mr. Mao worked in Internet, mobile/wireless, digital media, telecom, semiconductor and
enterprise software industries. He has also co-authored five U.S. patents. He has over
20 years of working experience in private equity and technology sectors, including enterprise software, Internet, mobile applications,
digital media, intelligent hardware, advanced manufacturing/materials, medical devices and clean tech. Prior to WSC, Mr. Mao was
Managing Director of Cagan McAfee Capital Partners, a leading technology-focused private equity firm based in Silicon Valley,
during which Mr. Mao was instrumental in helping portfolio companies raise growth capital, formalize effective business strategy
and close large M&amp;A transactions. Previously, Mr. Mao was General Manager of Asia Pacific Development (&ldquo;APAC&rdquo;) for Advanced Fibre Communications (acquired by Tellabs), member of
the original founding team and General Manager of APAC for Turin Networks (acquired by Dell), and Vice President and General Manager
of APAC for Cortina Systems, Inc. (acquired by Inphi Corporation). Mr. Mao has led and participated in numerous successful corporate
investments and cross border M&amp;A transactions which have resulted in billions of dollars of value for investors. Mr. Mao is
currently also a director of US Digital Mining Corp.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Mao earned an MBA from the University of Southern
California, an M.S. degree in Electrical and Computer Engineering and a B.S. degree in Applied Physics from the University of
Waterloo.</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"><B>Kevin D. Vassily, <I>Director</I></B></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Vassily will serve as our Director upon the effectiveness
of our registration statement on Form&nbsp;S-1, of which this prospectus forms a part. Mr.&nbsp;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. Mr. Vassily is also a member of the board of directors of Fortune Joy International Acquisition Corporation
(Nasdaq: XYGJ), a special purpose acquisition company incorporated in August 2021 which is currently seeking Nasdaq listing. Prior
to this role, from 2019 to January&nbsp;2021, Mr.&nbsp;Vassily served as Vice President of Market Development for Facteus, a financial
analytics company focused on the asset management industry. From March&nbsp;2019 through 2020, he served as an advisor at Woodseer,
a financial technology firm providing global dividend forecasts. From 2018 through its acquisition in 2020, Mr.&nbsp;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 November&nbsp;2019, Mr.&nbsp;Vassily
has served as a director of Zhongchao Inc., a provider of healthcare information, education and training services to healthcare
professionals and the public in China. Since July&nbsp;2018, Mr.&nbsp;Vassily has also served as an advisor at Prometheus Fund,
a&nbsp;Shanghai-based merchant bank &amp; private equity firm focused on the &ldquo;green&rdquo; economy. From 2015 through 2018,
Mr.&nbsp;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, where he was responsible for a complete
product overhaul 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. In this role, he was responsible for establishing the firm&rsquo;s presence and relevance covering
Asia Technology. From 2003 to 2006, he served as a Senior Research Analyst in the semiconductor technology group at Susquehanna
International Group, where he was responsible for research in semiconductor and related technologies. From 2001 to 2003, Mr.&nbsp;Vassily
served as a Vice President and Senior Research Analyst for semiconductor capital equipment at Thomas Weisel Partners, where he
was responsible for publishing research and maintaining financial models on each of the companies under coverage. Mr.&nbsp;Vassily
began his career on Wall Street in 1998 as a Research Associate covering the semiconductor industry at Lehman Brothers.<BR>
<BR>
</P>


<!-- Field: Page; Sequence: 122; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.&nbsp;Vassily earned a B.A. degree from Denison University and
an MBA from Dartmouth College, Tuck School of Business.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Number and terms of office of officers and directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the effectiveness of the registration statement
of which this prospectus forms a part, we expect that our board of directors will consist of  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;members. Holders of our
founder shares will have the right to elect all of our directors prior to consummation of our initial business combination and
holders of our public shares will not have the right to vote on the appointment of directors during such time. These provisions
of our amended and restated memorandum and articles of association may only be amended if approved by holders of at least 90% of
our issued and outstanding ordinary shares entitled to vote thereon. Each of our directors will hold office for a two-year term.
Subject to any other special rights applicable to the shareholders, any vacancies on our board of directors may be filled by the
affirmative vote of a majority of the remaining directors of our board or by a majority of the holders of our ordinary shares (or,
prior to our initial business combination, a majority of the holders of our founder shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to an agreement to be entered into on
or prior to the closing of this offering, our sponsor, upon and following consummation of an initial business combination, will
be entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities
covered by the registration and shareholder rights agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 amended and restated memorandum and articles of association as it deems appropriate.
Our amended and restated memorandum and articles of association will provide that our officers may consist of one or more chair
of the board, chief executive officer, president, chief financial officer, vice presidents, secretary, treasurer and such other
offices as may be determined by the board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nasdaq listing standards require that a majority
of our board of directors be independent. Although Nasdaq may consider us to be a &ldquo;controlled company&rdquo;, in which case
we would not be obligated to comply with this listing requirement, we do intend to comply with this requirement. Our board of directors
has determined that   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; are &ldquo;independent directors&rdquo; as defined in the Nasdaq listing standards. We expect a majority
of our board of directors to be comprised of independent directors within 15 months from the date of listing to comply with the
majority independent board requirement in Rule&nbsp;5605(b) of the Nasdaq listing rules. 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 123; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Executive Officer and Director Compensation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">None of our executive officers or directors have
received any cash compensation for services rendered to us. Our sponsor, executive officers and directors, or 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 by us to our sponsor, executive officers or directors, or their affiliates. Any such
payments prior to an initial business combination will be made using funds held outside the trust account. Other than quarterly
audit committee review of such reimbursements, we do not expect to have any additional controls in place governing our reimbursement
payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with our activities on
our behalf in connection with identifying and consummating an initial business combination. Other than these payments and reimbursements,
no compensation of any kind, including finder&rsquo;s and consulting fees, will be paid by the company to our sponsor, executive
officers and directors, or their respective affiliates, prior to completion of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 proxy solicitation materials or tender
offer 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 executive officer and director compensation. Any compensation to be paid to our executive
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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We do not intend to take any action to ensure
that members of our management team maintain their positions with us after the consummation of our initial business combination,
although it is possible that some or all of our executive officers and directors may negotiate employment or consulting arrangements
to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements
to retain their positions with us may influence our management&rsquo;s motivation in identifying or selecting a target business
but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination
will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements
with our executive officers and directors that provide for benefits upon termination of employment.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Committees of the Board of Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the effectiveness of the registration statement
of which this prospectus forms a part, our board of directors will have one standing committee: an audit committee. Subject to
phase-in rules and a limited exception, the rules of Nasdaq and Rule&nbsp;10A-3 of the Exchange Act require that the audit committee
of a listed company be comprised solely of independent directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the effectiveness of the registration statement
of which this prospectus forms a part, we will establish an audit committee of the board of directors.   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will serve as
members of our audit committee. Our board of directors has determined that each of   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are independent under the Nasdaq listing
standards and applicable SEC rules.   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will serve as the Chair 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
within one year of the listing of our Class&nbsp;A ordinary shares. Each member of the audit committee is financially literate
and our board of directors has determined that   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;qualify 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: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The audit committee is responsible for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>meeting with our independent registered public accounting firm regarding, among other issues, audits, and adequacy of our accounting
and control systems;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 124; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>monitoring the independence of the independent registered public accounting firm;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit
partner responsible for reviewing the audit as required by law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>inquiring and discussing with management our compliance with applicable laws and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting
firm, including the fees and terms of the services to be performed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>appointing or replacing the independent registered public accounting firm;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>determining the compensation and oversight of the work of the independent registered public accounting firm (including resolution
of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or
issuing an audit report or related work;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal
accounting controls or reports which raise material issues regarding our financial statements or accounting policies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>monitoring compliance on a quarterly basis with the terms of this offering and, if any noncompliance is identified, immediately
taking all action necessary to rectify such noncompliance or otherwise causing compliance with the terms of this offering; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>reviewing and approving all payments made to our existing shareholders, executive officers or directors and their respective
affiliates. Any payments made to members of our audit committee will be reviewed and approved by our board of directors, with the
interested director or directors abstaining from such review and approval.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Compensation committee interlocks and insider participation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">None of our executive officers currently serves,
and in the past year has not served, as a member of the compensation committee of any entity that has one or more executive officers
serving on our board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the effectiveness of the registration statement
of which this prospectus forms a part, we will have adopted a Code of Ethics applicable to our directors, officers and employees.
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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain of our officers are employed by US Tiger
or its affiliates. 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 will not have any duty to offer acquisition opportunities to us,
US Tiger may become aware of a potential transaction that is an attractive opportunity for us, which US Tiger may decide to share
with us. In addition, our officers and directors may have a duty to offer acquisition opportunities to other entities to which
they owe duties or clients of affiliates of our sponsor.</P>

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


<!-- Field: Page; Sequence: 125; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a result, affiliates of our sponsor and their
respective clients may compete with us for acquisition 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.
In addition, investment ideas generated within US Tiger, including by any of our officers and other persons who may make decisions
for the company, may be suitable both for us and for affiliates of our sponsor or any of their respective clients, and will be
directed initially to such persons rather than to us. None of US Tiger nor members of our management team who are also employed
by US Tiger or any of its affiliates have any obligation to present us with any opportunity for a potential business combination
of which they become aware unless it is offered to them solely in their capacity as a director or officer of the Company and after
they have satisfied their contractual and fiduciary obligations to other parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may, at our option, pursue an Affiliated Joint
Transaction opportunity with any such fund or other investment vehicle, but such parties would co-invest only if permitted by applicable
regulatory and other legal limitations and to the extent considered appropriate. 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 initial business
combination by making a specified future issuance to any such fund or vehicle. US Tiger and 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. We believe, however, that the fiduciary duties or contractual obligations of US Tiger
and our officers or directors will not materially affect our ability to complete our initial business combination. We may, at our
option, pursue an Affiliated Joint Transaction opportunity with an entity to which US Tiger or an officer or director has a fiduciary
or contractual obligation. 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 initial business combination by making a specified future issuance to any
such entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor, officers, directors, US Tiger and
their affiliates may participate in the formation of, or become an officer or director of, any other blank check company prior
to completion of our initial business combination. In particular, certain of our executive officers and directors also serve as
executive officers or directors of Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (XYGJ),
TradeUP 88 Corp. (TUFU), and TradeUP Global Corporation (Nasdaq: TUGC), each of which is focused on searching for businesses that
may provide significant opportunities for attractive investor returns in industries similar to the industries in which our search
is focused. As a result, our sponsor, officers or directors could have conflicts of interest in determining whether to present
business combination opportunities to us or to any other blank check company with which they may become involved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Cayman Islands law, directors and officers
owe the following fiduciary duties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>duty to not improperly fetter the exercise of future discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>duty to exercise powers fairly as between different sections of shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal
interests; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>duty to exercise independent judgment.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 126; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to the above, directors also owe a
duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person
having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions
as are carried out by that director in relation to the company and the general knowledge skill and experience of that director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As set out above, directors have a duty not to
put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result
of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in
advance by the shareholders <I>provided</I> that there is full disclosure by the directors. This can be done by way of permission
granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at general
meetings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">US Tiger will own approximately 50,000 founder
shares prior to the offering. Our sponsor has committed to transfer such shares to US Tiger at the original purchase price as
designee of Mr. Huang. We may utilize Mr. Huang&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 Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (Nasdaq:
XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), TradeUP Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC).
If we engage US Tiger to assist with marketing of our business combination, we may compete with Fortune Rise Acquisition Corp.
(Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), TradeUP Acquisition
Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC) for business opportunities. Certain of our officers and directors
presently have, and any of them in the future may have additional, fiduciary and contractual duties to other entities. As a result,
if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which
the officer or director has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman
Islands law, the officer or director will need to honor such fiduciary or contractual obligations to present such business combination
opportunity to such entity, before we can pursue such opportunity. If these other entities decide to pursue any such opportunity,
we may be precluded from pursuing the same. However, we do not expect these duties to materially affect our ability to complete
our initial business combination. Our amended and restated memorandum and articles of association provide that, to the fullest
extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the
extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities
or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate
in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and
us, on the other.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Below is a table summarizing the entities to which
our executive officers and directors currently have fiduciary duties, contractual obligations or other material management relationships:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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: 18%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Individual</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Entity</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Entity&rsquo;s business</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; 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">Lei Huang</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">US Tiger Securities, Inc.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Bybit FINTEC US Limited LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">TradeUP Securities</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">MDL and International Corp.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">TradeUP Global Corporation</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">TradeUP 88 Corp.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Fortune Rise Acquisition
        Corp.</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Investment Bank</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Finance</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Broker/Dealer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Health Technology</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">SPAC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">SPAC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">SPAC</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Director</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer and Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Director</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Co-Chief Executive Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Co-Chief Executive Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Chief Executive Officer and
        Director</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">You (&ldquo;Patrick&rdquo;) Sun</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Lake Crystal Energy LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Oil and Gas</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Jim Mao</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Citta Capital Management LLC</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Venture Capital Firm</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Chief Executive Officer, Director and Managing
        Partner</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">US Digital Mining Group, LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Finance</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Kevin Vassily</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">iPower Inc.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Zhongchao Inc.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Fortune Joy International
        Acquisition Corp.</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Hydroponic Equipment Retailer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Internet Technology Company</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">SPAC</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer and
        Director</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Director</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Director</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>Our executive officers and directors are not required to, and will not, commit their full time to our affairs, 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. We do not intend to have any full-time employees prior to the completion of our initial business combination. Each
of our executive officers is engaged in several other business endeavors for which he may be entitled to substantial compensation,
and our executive officers are not obligated to contribute any specific number of hours per week to our affairs.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 127; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>Our sponsor subscribed for founder shares prior to the date of this prospectus and will purchase private placement units in
a transaction that will close simultaneously with the closing of this offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed
to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i)&nbsp;the
completion of our initial business combination and (ii)&nbsp;a shareholder vote to approve an amendment to our amended and restated
memorandum and articles of association (A)&nbsp;that would modify the substance or timing of our obligation to provide holders
of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from the closing
of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the
period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the
Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with respect to any other provision relating to the rights of holders
of our Class&nbsp;A ordinary shares. Additionally, our sponsor has agreed to waive its rights to liquidating distributions from
the trust account with respect to its founder shares if we fail to complete our initial business combination within the prescribed
time frame. If we do not complete our initial business combination, the private placement warrants will expire worthless. Except
as described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their
founder shares until the earliest of (A)&nbsp;one year after the completion of our initial business combination and (B)&nbsp;subsequent
to our initial business combination, (x)&nbsp;if the closing price of our Class&nbsp;A ordinary shares equals or exceeds $12.00
per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y)&nbsp;the
date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public
shareholders having the right to exchange their ordinary shares for cash, securities or other property. Except as described herein,
the private placement units will not be transferable until 30 days following the completion of our initial business combination.
Because each of our executive officers and director nominees will own ordinary shares or warrants directly or indirectly, they
may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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 is 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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>Our sponsor, officers and directors may sponsor, form, or participate in other blank check companies similar to ours during
the period in which we are seeking an initial business combination. Any such companies may present additional conflicts of interest
in pursuing an acquisition target, particularly in the event there is overlap among investment mandates.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with a company that is affiliated with our sponsor or any of our officers or directors, we, or
a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Furthermore, in no event will our sponsor or any
of our existing officers or directors, or their respective affiliates, be paid by us any finder&rsquo;s fee, consulting fee or
other compensation prior to, or for any services they render in order to effectuate, the completion of our initial business combination.</P>

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


<!-- Field: Page; Sequence: 128; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We cannot assure you that any of the above mentioned
conflicts will be resolved in our favor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we seek shareholder approval of our initial
business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares
and public shares in favor of our initial business combination.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Limitation on Liability and Indemnification of Officers and
Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cayman Islands law does not limit the extent to
which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors, except
to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against willful default, willful neglect, civil fraud or the consequences of committing a crime. Our amended and restated memorandum
and articles of association will provide for indemnification of our officers and directors to the maximum extent permitted by law,
including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful
neglect. We will enter into agreements with our directors and officers to provide contractual indemnification in addition to the
indemnification provided for in our amended and restated memorandum and articles of association. We expect to 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our officers and directors have agreed to waive
any right, title, interest or claim of any kind in or to any monies in the trust account, and have agreed to waive any right, title,
interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will
not seek recourse against the trust account for any reason whatsoever (except to the extent they are entitled to funds from the
trust account due to their ownership of public shares). Accordingly, any indemnification provided will only be able to be satisfied
by us if (i) we have sufficient funds outside of the trust account or (ii) we consummate an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our indemnification obligations may discourage
shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also
may have the effect of reducing the likelihood of derivative litigation against our 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 our officers and directors pursuant to these indemnification
provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that these provisions, the 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: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 129; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_011"></A>PRINCIPAL SHAREHOLDERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth information regarding
the beneficial ownership of our ordinary shares as of the date of this prospectus, and as adjusted to reflect the sale of our Class&nbsp;A
ordinary shares 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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>each person known by us to be the beneficial owner of more than 5% of our issued and outstanding ordinary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>each of our executive officers, directors and director nominees that beneficially owns ordinary shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>all our executive officers and directors as a group.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise indicated, we believe that all
persons named in the table have sole voting and investment power with respect to all of our ordinary shares beneficially owned
by them. The following table does not reflect record or beneficial ownership of the private placement warrants as these warrants
are not exercisable within 60 days of the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 3, 2022, our sponsor entered into
a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B
ordinary shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Prior to the initial investment in
the company of $25,000 by the sponsor, the company had no assets, tangible or intangible. The per share price of the founder shares
was determined by dividing the amount contributed to the company by the number of founder shares issued. The post-offering percentages
in the following table assume that the underwriter does not exercise their over-allotment option and that there are 9,705,000 ordinary
shares issued and outstanding after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&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="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Before offering</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">After offering</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-weight: bold">Name and address of beneficial owner<SUP>(1)</SUP></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number
    of <BR> shares <BR> beneficially <BR> owned<SUP>(2)</SUP></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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Approximate <BR> percentage <BR> of issued and <BR> outstanding <BR> ordinary <BR> shares</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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number
    of <BR> shares <BR> beneficially <BR> owned<SUP>(5)</SUP></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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Approximate <BR> percentage <BR> of issued and <BR> outstanding <BR> ordinary <BR> shares</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: 48%; text-align: left">Denali Global Investments LLC (our sponsor)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,026,250<FONT STYLE="font-size: 10pt"><SUP></SUP></FONT></TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left"><SUP>(3)(4)</SUP>&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">94</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,745,000</TD><TD STYLE="white-space: nowrap; 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: 10%; text-align: right">18</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lei Huang<SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>You (&ldquo;Patrick&rdquo;) Sun</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jim Mao</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Kevin Vassily</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">All officers, directors and director nominees as a group (5 individuals)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,156,250</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,875,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.3</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">Less than one percent.</TD>
</TR></TABLE>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Unless otherwise noted, the business address of each of
our shareholders is 437 Madison Avenue, 27<SUP>th</SUP> Floor, New York, New York 10022.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Interests shown consist solely of founder shares, classified
as Class&nbsp;B ordinary shares. Such shares will automatically convert into Class&nbsp;A ordinary shares at the time of our initial
business combination as described in the section entitled &ldquo;Description of Securities.&rdquo;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">The shares reported above are held in the name of our sponsor.
Jiandong Xu is the manager and controlling member of our sponsor. As such, each of the sponsor and Jiandong Xu may be deemed to
share beneficial ownership of the ordinary shares held directly by our sponsor. Jiandong Xu disclaims any beneficial ownership
of the ordinary shares held directly by our sponsor, and disclaims any beneficial ownership of such shares other than to the extent
of any pecuniary interest each may have therein, directly or indirectly.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">Includes up to 281,250 founder shares that will be surrendered
to us for no consideration by our sponsor depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(5)</TD><TD STYLE="text-align: justify">Excludes 281,250 founder shares that will be surrendered
to us for no consideration by our sponsor assuming no exercise of the underwriters&rsquo; over-allotment option.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(6)</TD><TD STYLE="text-align: justify">US Tiger is the record holder of the shares of common stock
reported hereto. Mr. Huang is also the CEO of US Tiger and, at Mr. Huang&rsquo;s request, the sponsor has agreed to transfer 50,000
shares directly to US Tiger.</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 130; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Immediately after this offering, our initial shareholders
will beneficially own approximately 20% of the then issued and outstanding ordinary shares (not including the private placement
shares and assuming they do not purchase any units in this offering) and will have the right to appoint all of our directors prior
to our initial business combination. Holders of our public shares will not have the right to appoint any directors to our board
of directors prior to our initial business combination. Because of this ownership block, our sponsor may be able to effectively
influence the outcome of all other matters requiring approval by our shareholders, including amendments to our amended and restated
memorandum and articles of association and approval of significant corporate transactions including our initial business combination.
If we increase or decrease the size of this offering, we will effect a share capitalization or a share surrender or redemption
or other appropriate mechanism, as applicable, with respect to our Class&nbsp;B ordinary shares immediately prior to the consummation
of this offering in such amount as to maintain the number of founder shares, on an as-converted basis, at approximately 20% of
our issued and outstanding ordinary shares upon the consummation of this offering (not including the private placement shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor has agreed (a) to vote any founder
shares and public shares held by it in favor of any proposed business combination and (b) not to redeem any founder shares or public
shares held by it in connection with a shareholder vote to approve a proposed initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor, our officers, our directors and US
Tiger are deemed to be our &ldquo;promoters&rdquo; as such term is defined under the federal securities laws.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Transfers of Founder Shares and Private Placement Units</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The founder shares, private placement units, private
placement shares, private placement warrants and any Class&nbsp;A ordinary shares issued upon conversion or exercise thereof are
each subject to transfer restrictions pursuant to lock-up provisions in the agreement entered into by our sponsor and management
team. Our sponsor and each member of our management team have agreed not to transfer, assign or sell any of their founder shares
until the earliest of (A)&nbsp;one year after the completion of our initial business combination and (B)&nbsp;subsequent to our
initial business combination, (x)&nbsp;if the closing price of our Class&nbsp;A ordinary shares equals or exceeds $12.00 per share
(as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y)&nbsp;the date
on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders
having the right to exchange their ordinary shares for cash, securities or other property. The private placement units and the
securities within the units are not transferable or salable until 30 days after the completion of our initial business combination.
The foregoing restrictions are not applicable to transfers (a)&nbsp;to our officers or directors, any affiliates or family members
of any of our officers or directors, any members or partners of our sponsor or their affiliates, any affiliates of our sponsor,
or any employees of such affiliates; (b)&nbsp;in the case of an individual, by gift to a member of one of the individual&rsquo;s
immediate family or to a trust, the beneficiary of which is a member of the individual&rsquo;s immediate family, 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 any forward purchase agreement or similar arrangement or in connection with
the consummation of a business combination at prices no greater than the price at which the founder shares, private placement units
or Class&nbsp;A ordinary shares, as applicable, were originally purchased; (f)&nbsp;by virtue of our sponsor&rsquo;s organizational
documents upon liquidation or dissolution of our sponsor; (g)&nbsp;to the Company for no value for cancellation in connection with
the consummation of our initial business combination; (h)&nbsp;in the event of our liquidation prior to the completion of our initial
business combination; or (i)&nbsp;in the event of our completion of a liquidation, merger, share exchange or other similar transaction
which results in all of our public shareholders having the right to exchange their Class&nbsp;A ordinary shares for cash, securities
or other property after our completion of our initial business combination; <I>provided</I>, however, that in the case of clauses&nbsp;(a)
through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions
and the other restrictions contained in the letter agreement.</P>

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


<!-- Field: Page; Sequence: 131; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_012"></A>CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 3, 2022, our sponsor entered into
a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B
ordinary shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Prior to the initial investment in
the company by the 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 issued and outstanding shares upon completion
of this offering (not including the private placement shares). If we increase or decrease the size of this offering, we will effect
a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable, with respect to our Class&nbsp;B
ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares,
on an as-converted basis, at approximately 20% of the issued and outstanding ordinary shares upon the consummation of this offering
(not including the private placement shares). Up to 281,250 founder shares are subject to forfeiture by our sponsor depending on
the extent to which the underwriters&rsquo; over-allotment option is exercised. The founder shares (including the Class&nbsp;A
ordinary shares issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold
by the holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our chief executive officer, Lei Huang, is also
the chief executive officer of US Tiger, a representative to the underwriters to this offering. As a result, US Tiger is
deemed to have a &ldquo;conflict of interest&rdquo; under FINRA Rule 5121(f)(5). Accordingly, our initial public offering will
be made in compliance with FINRA Rule 5121, 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 EF Hutton 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 EF Hutton
against certain liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under
the Securities Act. EF Hutton will not receive any additional fees 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor has committed, pursuant to a written
agreement, to purchase an aggregate of 330,000 private placement units (or 352,500 placement units if the underwriters exercise
their over-allotment option in full), at a price of $10.00 per unit ($3,300,000, or $3,525,000 if the underwriters exercise their
over-allotment option in full) in a private placement that will occur simultaneously with the closing of this offering. Each private
placement warrant entitles the holder to purchase one Class&nbsp;A ordinary share at $11.50 per share, subject to adjustment. The
placement units (including the private placement shares and private placement warrants) 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As more fully discussed in the section of this
prospectus entitled &ldquo;Management &mdash; 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 the officer or director has then-current
fiduciary or contractual obligations, the officer or director 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
that may take priority over their duties to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may engage US Tiger, or another affiliate of
our sponsor, as a financial advisor in connection with our initial business combination and pay such affiliate a customary financial
advisory fee in an amount that constitutes a market standard financial advisory fee for comparable transactions. Furthermore, we
may acquire a target company that has engaged US Tiger, or another affiliate of our sponsor, as a financial advisor, and such target
company may pay such affiliate a financial advisory fee in connection with our initial business combination.</P>

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


<!-- Field: Page; Sequence: 132; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No compensation of any kind, including finder&rsquo;s
and consulting fees, will be paid to our sponsor, officers and directors, or their respective affiliates, for services rendered
prior to or in connection with the completion of an initial business combination. However, 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 by us to our sponsor, officers, directors 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to the consummation of this offering, our
sponsor has agreed to loan us up to $400,000 to be used for a portion of the expenses of this offering. To date, we have no borrowings
under the promissory note with our sponsor. These loans are non-interest bearing, unsecured and are due at the earlier of September
30, 2022 and 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in order to finance transaction costs
in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor 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 may repay such loaned amounts out of the proceeds of the trust account released to us. 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 $1,500,000 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. The
terms of such loans by our officers and directors, 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 sponsor, its affiliates or our management team 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.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will enter into a registration and shareholder
rights agreement pursuant to which our sponsor will be entitled to certain registration rights with respect to the private placement
units, the warrants issuable upon conversion of working capital loans (if any) and the Class&nbsp;A ordinary shares issuable upon
exercise of the foregoing and upon conversion of the founder shares, and, upon consummation of our initial business combination,
to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by
the registration and shareholder rights agreement, which is described under the section of this prospectus entitled &ldquo;Description
of Securities &mdash; Registration and Shareholder Rights.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Policy for Approval of Related Party Transactions</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">The audit committee of our board of directors will adopt a charter,
providing for the review, approval and/or ratification of &ldquo;related party transactions,&rdquo; which are those transactions
required to be disclosed pursuant to Item&nbsp;404 of Regulation&nbsp;S-K as promulgated by the SEC, by the audit committee. At
its meetings, the audit committee shall be provided with the details of each new, existing, or proposed related party transaction,
including the terms of the transaction, any contractual restrictions that the company has already committed to, the business purpose
of the transaction, and the benefits of the transaction to the company and to the relevant related party. Any member of the committee
who has an interest in the related party transaction under review by the committee shall abstain from voting on the approval of
the related party transaction, but may, if so requested by the chair of the committee, participate in some or all of the committee&rsquo;s
discussions of the related party transaction. Upon completion of its review of the related party transaction, the committee may
determine to permit or to prohibit the related party transaction.</P>

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


<!-- Field: Page; Sequence: 133; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_013"></A>DESCRIPTION OF SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a Cayman Islands exempted company and our
affairs will be governed by our amended and restated memorandum and articles of association, the Companies Act and the common law
of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, which will be adopted prior
to the consummation of this offering, we will be authorized to issue 200,000,000 Class&nbsp;A ordinary shares and 20,000,000 Class&nbsp;B
ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. Immediately after this offering, there will be
192,170,000 and 18,125,000 (assuming in each case that the underwriters have not exercised their over-allotment option) authorized
but unissued Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares, respectively, available for issuance which amount does
not take into account shares reserved for issuance upon exercise of outstanding warrants or shares issuable upon conversion of
the Class&nbsp;B ordinary shares, if any. The following description summarizes the material terms of our shares as set out more
particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain
all the information that is important to you.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each unit has an offering price of $10.00 and
consists of one Class&nbsp;A ordinary share and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase
one Class&nbsp;A ordinary share 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 the company&rsquo;s Class&nbsp;A
ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Class&nbsp;A ordinary shares and warrants
comprising the units are expected to begin separate trading on the 52nd 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 Class&nbsp;A ordinary
shares 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
Class&nbsp;A ordinary shares 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In no event will the Class&nbsp;A ordinary shares
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 and the sale of the private placement
warrants. We will file a Current Report on Form&nbsp;8-K which includes this audited balance sheet promptly after the completion
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additionally, the units will automatically separate
into their component parts and will not be traded after completion of our initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to the date of this prospectus, there were
2,156,250 Class&nbsp;B ordinary shares issued and outstanding, all of which were held of record by our initial shareholders, so
that our initial shareholders will own approximately 20% of our issued and outstanding shares after this offering and the expiration
of the underwriters&rsquo; option to purchase additional units. Upon the closing of this offering, 9,705,000 of our ordinary shares
will be issued and outstanding (assuming no exercise of the underwriters&rsquo; over-allotment option) including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>7,500,000 Class&nbsp;A ordinary shares underlying the units issued as part of this offering;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 134; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>330,000 Class&nbsp;A ordinary shares underlying the private placement units being sold in the private placement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>1,875,000 Class&nbsp;B ordinary shares held by our sponsor.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we increase or decrease the size of this offering,
we will effect a share capitalization or a compulsory redemption or redemption or other appropriate mechanism, as applicable, with
respect to our Class&nbsp;B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain
the number of founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding ordinary shares upon
the consummation of this offering (not including the private placement shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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&nbsp;A
ordinary shares and holders of Class&nbsp;B ordinary shares will vote together as a single class on all matters submitted to a
vote of our shareholders except as required by law. Unless specified in our amended and restated memorandum and articles of association,
or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority
of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain
actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least two-thirds of our ordinary
shares that are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending
our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another
company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with
only one class of directors being appointed in each year. There is no cumulative voting with respect to the appointment of directors,
with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors.
Our 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 our initial business combination, (i)&nbsp;only holders of our founder shares will have the right
to vote on the appointment of directors and (ii)&nbsp;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
our Class&nbsp;B ordinary shares will have ten votes for every Class&nbsp;B ordinary share and holders of our Class&nbsp;A ordinary
shares will have one vote for every Class&nbsp;A ordinary share. These provisions of our amended and restated memorandum and articles
of association may only be amended by a special resolution passed by not less than 90% of our ordinary shares who attend and vote
at our general meeting which shall include the affirmative vote of a simple majority of our Class&nbsp;B ordinary shares. Holders
of our 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 our founder shares may remove a
member of the board of directors for any reason. In connection with our initial business combination, we 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: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because our amended and restated memorandum and
articles of association will authorize the issuance of up to 200,000,000 Class&nbsp;A ordinary shares, 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 Class&nbsp;A
ordinary shares which we will be 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 initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with the Nasdaq corporate governance
requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our
listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint
directors. We may not hold an annual general meeting to appoint new directors prior to the consummation of our initial business
combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by
a nominee chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination,
holders of a majority of our founder shares may remove a member of the board of directors for any reason.</P>

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


<!-- Field: Page; Sequence: 135; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide our public shareholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior
to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not
previously released to us to pay our franchise and income taxes, if any, divided by the number of the then-issued and outstanding
public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00
per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by
the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement that
a beneficial owner must identify itself in order to valid redeem its shares. Our sponsor and each member of our management team
have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any
founder shares and public shares held by them in connection with (i)&nbsp;the completion of our initial business combination and
(ii)&nbsp;a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A)&nbsp;that
would modify the substance or timing of our obligation to provide holders of our Class&nbsp;A ordinary shares the right to have
their shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up
to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with
respect to any other provision relating to the rights of holders of our Class&nbsp;A ordinary shares. 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 applicable law or stock exchange listing requirements, if a shareholder
vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for
business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions
pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business
combination. Our amended and restated memorandum and articles of association 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, a shareholder approval of the transaction is required by applicable law or stock
exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank
check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to
the tender offer rules. If we seek shareholder approval of our initial business combination, we will complete our initial business
combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote
of a majority of the shareholders who attend and vote at a general meeting of the company. However, the participation of our sponsor,
officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this prospectus), if any,
could result in the approval of our initial business combination even if a majority of our public shareholders vote, or indicate
their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued
and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum
is obtained. Our amended and restated memorandum and articles of association will require that at least five days&rsquo; notice
will be given of any general meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender
offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo;
(as defined under Section&nbsp;13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares,
without our prior consent. However, we would not be restricting our shareholders&rsquo; ability to vote all of their shares (including
Excess Shares) for or against our initial business combination. Our shareholders&rsquo; inability to redeem the Excess Shares will
reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material
loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption
distributions with respect to the Excess Shares if we complete our initial business combination. 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
shares in open market transactions, potentially at a loss.</P>

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


<!-- Field: Page; Sequence: 136; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we seek shareholder approval of our initial
business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares
and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders&rsquo; founder
shares and private placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are voted and
the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial
business combination at the meeting in order to have our initial business combination approved. However, assuming only the minimum
number of shares representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are voted, and assuming
the over-allotment option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding shares are voted
and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an
initial business combination at the meeting in order to have our initial business combination approved. Additionally, each public
shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or
vote at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to our amended and restated memorandum
and articles of association, if we have not consummated an initial business combination within 15 months from the closing of this
offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period of
time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder
Extension Period, as applicable)</FONT>, 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 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 franchise and income taxes, if any (less up to $100,000 of interest
to pay dissolution expenses) divided by the number of the then-issued and outstanding public shares, which redemption will completely
extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidation distributions,
if any); and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law
to provide for claims of creditors and the requirements of other applicable law. Our sponsor and each member of our management
team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions
from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within
15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this
offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable)</FONT>, 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. Our amended and restated memorandum and articles of association will provide that, if we wind
up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures
with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter,
subject to applicable Cayman Islands law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event of a liquidation, dissolution or
winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having
preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund
provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem
their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes,
if any, divided by the number of the then-issued and outstanding public shares, 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 137; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The founder shares are designated as Class B ordinary
shares and, except as described below, are identical to the Class A ordinary shares included in the units being sold in this offering,
and holders of founder shares have the same shareholder rights as public shareholders, except that: (a) the founder Class B ordinary
shares will automatically convert into our Class A ordinary shares at the time of our initial business combination, (b) the founder
shares are subject to certain transfer restrictions, as described in more detail below; (c) prior to our 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 our founder
shares may remove a member of the board of directors for any reason; (d) 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 our founder shares have ten votes for every founder share and, as a result, our initial shareholders will be able to
approve any such proposal without the vote of any other shareholder; (e) our sponsor and each member of our management team have
entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder
shares and public shares held by them in connection with (i) the completion of our initial business combination and (ii) a shareholder
vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance
or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering (or up to 21 months from the closing of this offering, if we extend the period
of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder
Extension Period, as applicable) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary
shares. Additionally, our sponsor has agreed to waive its rights to liquidating distributions from the trust account with respect
to its founder shares if we fail to complete our initial business combination within the prescribed time frame. If we do not complete
our initial business combination, the private placement warrants will expire worthless. Except as described herein, our sponsor
and our directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until the earliest
of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination,
(x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary
shares for cash, securities or other property. Except as described herein, the private placement units will not be transferable
until 30 days following the completion of our initial business combination. Because each of our executive officers and director
nominees will own ordinary shares or warrants directly or indirectly, they may have a conflict of interest in determining whether
a particular target business is an appropriate business with which to effectuate our initial business combination; and (f) the
founder shares are entitled to registration rights. If we seek shareholder approval of our initial business combination, we will
complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which
requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such
case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of
our initial business combination.</P>

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


<!-- Field: Page; Sequence: 138; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The founder shares are designated as Class B ordinary
shares and will automatically convert into Class A ordinary shares at the time of our initial business combination at a ratio such
that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted
basis, approximately 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of this offering,
plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class
A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement
units issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans. In no
event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Except as described herein, our sponsor and each
member of our management team have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A)
one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if
the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share
capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange
or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares
for cash, securities or other property. We refer to such transfer restrictions throughout this prospectus as the lock-up. Any permitted
transferees would be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers
with respect to any founder shares.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Prior to our initial business combination, only
holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not
be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business
combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions
of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less
than 90% of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple
majority of our Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any
vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders
of our public shares will vote together as a single class, with each share entitling the holder to one vote.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Cayman Islands law, we must keep a register
of members and there will be entered therein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the names and addresses of the members, together with a statement of the shares held by each member and such statement shall
confirm (i) the amount paid or agreed to be considered as paid on the shares of each member, (ii) the number and category of shares
held by each member, and (iii) whether each relevant category of shares held by a member carries voting rights under the articles
of association of the company, and if so, whether such voting rights are conditional;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the date on which the name of any person was entered on the register as a member; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the date on which any person ceased to be a member.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 139; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Cayman Islands law, the register of members
of our company is prima facie evidence of the matters set out therein (i.e., the register of members will raise a presumption of
fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter
of Cayman Islands law to have legal title to the shares as set against its name in the register of members. Upon the closing of
this public offering, the register of members will be immediately updated to reflect the issue of shares by us. Once our register
of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares
set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court
for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has
the power to order that the register of members maintained by a company should be rectified where it considers that the register
of members does not reflect the correct legal position. If an application for an order for rectification of the register of members
were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands
court.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Preference Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association will authorize the issuance of up to 1,000,000 preference shares and provide that preference shares may be issued
from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations,
powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions
thereof, applicable to the shares of each series. Our board of directors will be able to, without shareholder approval, issue preference
shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary
shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder
approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management.
We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference
shares, we cannot assure you that we will not do so in the future. No preference shares are being issued or registered in this
offering.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Warrants</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Public shareholders&rsquo; warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each whole warrant entitles the registered holder
to purchase one Class&nbsp;A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time
commencing on the later of one year from the closing of this offering and 30 days after the completion of our initial business
combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder may
exercise its warrants only for a whole number of Class&nbsp;A ordinary shares. This means only a whole warrant may be exercised
at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants
will trade. Accordingly, unless 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will not be obligated to deliver any Class&nbsp;A
ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class&nbsp;A ordinary shares underlying the warrants is then effective and
a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration,
or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class&nbsp;A
ordinary share upon exercise of a warrant unless the Class&nbsp;A ordinary share issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event
will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised
warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class&nbsp;A
ordinary share underlying such unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 140; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have agreed that as soon as practicable,
but in no event later than 20 business days, after the closing of our initial business combination, we will use our commercially
reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class&nbsp;A
ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to
become effective within 60 business days after the closing of our initial business combination, and to maintain the effectiveness
of such registration statement and a current prospectus relating to those Class&nbsp;A ordinary shares until the warrants expire
or are redeemed, as specified in the warrant agreement; provided that if our Class&nbsp;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&nbsp;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 &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9) of the Securities Act and, in the event we so
elect, we will not be required to file or maintain in effect a registration statement, and we will use our 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&nbsp;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 we will have failed to maintain an effective registration statement, exercise warrants on
a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9) of the Securities Act or another exemption, and we will
use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption
is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class&nbsp;A
ordinary shares equal to the quotient obtained by dividing (x)&nbsp;the product of the number of Class&nbsp;A ordinary shares underlying
the warrants, multiplied by the excess of the &ldquo;fair market value&rdquo; (defined below) less the exercise price of the warrants
by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo; as used in this paragraph means the volume weighted average
price of the Class&nbsp;A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice
of exercise is received by the warrant agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Redemption of warrants when the price per
Class&nbsp;A ordinary share equals or exceeds $16.50.</I> Once the warrants become exercisable, we may redeem the outstanding warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>in whole and not in part;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>at a price of $0.01 per warrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>upon a minimum of 30 days&rsquo; prior written notice of redemption to each warrant holder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>if, and only if, the closing price of the Class&nbsp;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;&mdash; Warrants &mdash; Public
Shareholders&rsquo; Warrants &mdash; Anti-dilution adjustments&rdquo;) 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).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will not redeem the warrants as described
above unless a registration statement under the Securities Act covering the issuance of the Class&nbsp;A ordinary shares issuable
upon exercise of the warrants is then effective and a current prospectus relating to those Class&nbsp;A ordinary shares 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 even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder
will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class&nbsp;A
ordinary shares may fall below the $16.50 redemption trigger price (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;&mdash; Warrants &mdash; Public Shareholders&rsquo;
Warrants &mdash; Anti-dilution adjustments&rdquo;) 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 141; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 Class&nbsp;A ordinary shares 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 Class&nbsp;A ordinary shares equal to the quotient obtained by dividing (x)&nbsp;the product of the number of Class&nbsp;A ordinary
shares underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &ldquo;fair market
value&rdquo; (defined below) by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo; shall mean the average volume
weighted average last reported sale price of the Class&nbsp;A ordinary shares 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 Class&nbsp;A ordinary shares
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.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Redemption procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 4.9% or 9.8% (as specified by the holder) of the Class&nbsp;A ordinary shares
issued and outstanding immediately after giving effect to such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Anti-dilution adjustments. </I>If the number
of issued and outstanding Class&nbsp;A ordinary shares is increased by a capitalization or share dividend payable in Class&nbsp;A
ordinary shares, or by a sub-division of ordinary shares or other similar event, then, on the effective date of such capitalization
or share dividend, share sub-division or similar event, the number of Class&nbsp;A ordinary shares issuable on exercise of each
warrant will be increased in proportion to such increase in the issued and outstanding ordinary shares. A rights offering made
to all or substantially all holders of ordinary shares entitling holders to purchase Class&nbsp;A ordinary shares at a price less
than the &ldquo;historical fair market value&rdquo; (as defined below) will be deemed a share dividend of a number of Class&nbsp;A
ordinary shares equal to the product of (i)&nbsp;the number of Class&nbsp;A ordinary shares actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class&nbsp;A
ordinary shares) and (ii)&nbsp;one minus the quotient of (x)&nbsp;the price per Class&nbsp;A ordinary share paid in such rights
offering and (y)&nbsp;the historical fair market value. For these purposes, (i)&nbsp;if the rights offering is for securities convertible
into or exercisable for Class&nbsp;A ordinary shares, in determining the price payable for Class&nbsp;A ordinary shares, there
will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or
conversion and (ii)&nbsp;&ldquo;historical fair market value&rdquo; means the volume weighted average price of Class&nbsp;A ordinary
shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class&nbsp;A
ordinary shares 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially
all of the holders of the Class&nbsp;A ordinary shares on account of such Class&nbsp;A ordinary shares (or other securities into
which the warrants are convertible), other than (a)&nbsp;as described above, (b)&nbsp;any cash dividends or cash distributions
which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class&nbsp;A ordinary
shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted
to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment
to the exercise price or to the number of Class&nbsp;A ordinary shares issuable on exercise of each warrant) but only with respect
to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c)&nbsp;to satisfy
the redemption rights of the holders of Class&nbsp;A ordinary shares in connection with a proposed initial business combination,
(d)&nbsp;to satisfy the redemption rights of the holders of Class&nbsp;A ordinary shares in connection with a shareholder vote
to amend our amended and restated memorandum and articles of association (A)&nbsp;to modify the substance or timing of our obligation
to provide holders of our Class&nbsp;A ordinary shares the right to have their shares redeemed 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 15 months from
the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we
extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended
by the Shareholder Extension Period, as applicable) </FONT>or (B)&nbsp;with respect to any other provision relating to the rights
of holders of our Class&nbsp;A ordinary shares, 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 (but not less than zero), effective
immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other
assets paid on each Class&nbsp;A ordinary share in respect of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 142; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the number of issued and outstanding Class&nbsp;A
ordinary shares is decreased by a consolidation, combination, reverse share sub-division or reclassification of Class&nbsp;A ordinary
shares or other similar event, then, on the effective date of such consolidation, combination, reverse share sub-division, reclassification
or similar event, the number of Class&nbsp;A ordinary shares issuable on exercise of each warrant will be decreased in proportion
to such decrease in issued and outstanding Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever the number of Class&nbsp;A ordinary
shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted
by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x)&nbsp;the numerator of which will
be the number of Class&nbsp;A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment
and (y)&nbsp;the denominator of which will be the number of Class&nbsp;A ordinary shares so purchasable immediately thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, if (x)&nbsp;we issue additional
Class&nbsp;A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial
business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or
effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor
or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior
to such issuance) (the &ldquo;Newly Issued Price&rdquo;), (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 volume weighted average trading
price of our Class&nbsp;A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which
we consummate our initial business combination (such price, the &ldquo;Market Value&rdquo;) is below $9.20 per share, the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price and the $16.50 per share redemption trigger price described above under &ldquo;&mdash; Redemption of warrants when
the price per Class&nbsp;A ordinary share equals or exceeds $16.50&rdquo; will be adjusted (to the nearest cent) to be equal to
165% of the higher of the Market Value and the Newly Issued Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The warrants will be issued in registered form
under a warrant agreement between VStock Transfer, LLC, as warrant agent, and us. The warrant agreement provides that the terms
of the warrants may be amended without the consent of any holder for the purpose of (i)&nbsp;curing any ambiguity or correct any
mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant
agreement set forth in this prospectus, or defective provision, (ii)&nbsp;amending the provisions relating to cash dividends on
ordinary shares as contemplated by and in accordance with the warrant agreement or (iii)&nbsp;adding or changing any provisions
with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary
or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that
the approval by the holders of a majority of the then-outstanding warrants is required to make any change that adversely affects
the interests of the registered holders. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The warrant holders do not have the rights or
privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class&nbsp;A ordinary
shares. After the issuance of Class&nbsp;A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote
for each share held of record on all matters to be voted on by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. 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 the number of Class&nbsp;A ordinary shares
to be issued to the warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 143; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have agreed that, subject to
applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement
will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any
such action, proceeding or claim. See &ldquo;Risk Factors &mdash; 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.&rdquo; This provision applies to
claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal
district courts of the United States of America are the sole and exclusive forum.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Private placement units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The private placement units (including the private
placement shares, the private placement warrants and Class&nbsp;A ordinary shares issuable upon exercise of such warrants) will
not be transferable or salable until 30 days after the completion of our initial business combination (except, among other limited
exceptions as described under &ldquo;Principal Shareholders &mdash; Transfers of Founder Shares and Private Placement Units,&rdquo;
to our officers and directors and other persons or entities affiliated with our sponsor). Holders of our placement units are entitled
to certain registration rights. If we do not consummate an initial business combination within 15 months from the closing of this
offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period of
time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder
Extension Period, as applicable)</FONT>, the proceeds from the sale of the private placement units held in the trust account will
be used to fund the redemption of our public shares (subject to the requirements of applicable law) and the private placement units
(and the underlying securities) will expire worthless. Further, if we seek shareholder approval, we will complete our initial business
combination only if we receive an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority
of the shareholders who attend and vote at a general meeting of the company. In such case, our initial holders, sponsor and each
member of our management team have agreed to vote their founder shares, placement shares and any public shares purchased during
or after this offering in favor of our initial business combination. Otherwise, the placement units are identical to the units
sold in this offering.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Private placement warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as described below, the private
placement 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 placement warrants (including the Class&nbsp;A ordinary shares issuable upon exercise of the
private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial
business combination (except pursuant to limited exceptions as described under &ldquo;Principal Shareholders &mdash;
Transfers of Founder Shares and Private Placement Warrants,&rdquo; to our officers and directors and other persons or
entities affiliated with the initial purchasers of the private placement warrants). Any amendment to the terms of the private
placement warrants or any provision of the warrant agreement with respect to the private placement warrants will require a
vote of holders of a majority of the number of the then outstanding warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to fund working capital deficiencies
or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such
loans may be convertible into units of the post-business combination entity at a price of $10.00 per unit at the option of the
lender. Such units would be identical to the private placement units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 144; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not paid any cash dividends on our ordinary
shares to date and do not intend to pay cash dividends prior to the completion of 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 after completion of our initial business combination. The payment of any cash dividends after our initial business combination
will be within the discretion of our board of directors at such time. If we increase the size of this offering, we will effect
a share capitalization or other appropriate mechanism immediately prior to the consummation of this offering in such amount as
to maintain the number of founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding ordinary
shares upon the consummation of this offering (not including the private placement shares). Further, if we incur any indebtedness
in connection with a business combination, our ability to declare dividends may be limited by restrictive covenants we may agree
to in connection therewith.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Our Transfer Agent and Warrant Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The transfer agent for our ordinary shares and
warrant agent for our warrants is VStock Transfer, LLC. We have agreed to indemnify VStock Transfer, LLC 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 claims and losses due to any
gross negligence or intentional misconduct of the indemnified person or entity.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Certain Differences in Corporate Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cayman Islands companies are governed by the
Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs
from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences
between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States
and their shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mergers and similar arrangements.</I> In
certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between
a Cayman Islands exempted company and a company incorporated in another jurisdiction (<I>provided</I> that is facilitated by the
laws of that other jurisdiction) so as to form a single surviving company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where the merger or consolidation is between
two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain
prescribed information. That plan or merger or consolidation must then be authorized by either (a)&nbsp;a special resolution (usually
a majority of two-thirds of the voting shares voted at a general meeting) of the shareholders of each company; or (b)&nbsp;such
other authorization, if any, as may be specified in such constituent company&rsquo;s articles of association. No shareholder resolution
is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in
a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent
company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that
the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies
will register the plan of merger or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where the merger or consolidation involves a
foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted
company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements
set out below have been met: (i)&nbsp;that the merger or consolidation is permitted or not prohibited by the constitutional documents
of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and
any requirements of those constitutional documents have been or will be complied with; (ii)&nbsp;that no petition or other similar
proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company
in any jurisdictions; (iii)&nbsp;that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction
and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no scheme, order,
compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the
foreign company are and continue to be suspended or restricted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 145; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where the surviving company is the Cayman Islands
exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect
that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i)&nbsp;that the foreign
company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud
unsecured creditors of the foreign company; (ii)&nbsp;that in respect of the transfer of any security interest granted by the foreign
company to the surviving or consolidated company (a)&nbsp;consent or approval to the transfer has been obtained, released or waived;
(b)&nbsp;the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company;
and (c)&nbsp;the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with;
(iii)&nbsp;that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered
or exist under the laws of the relevant foreign jurisdiction; and (iv)&nbsp;that there is no other reason why it would be against
the public interest to permit the merger or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where the above procedures are adopted, the
Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting
to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a)&nbsp;the shareholder
must give his written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation,
including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized
by the vote; (b)&nbsp;within 20 days following the date on which the merger or consolidation is approved by the shareholders, the
constituent company must give written notice to each shareholder who made a written objection; (c)&nbsp;a shareholder must within
20 days following receipt of such notice from the constituent company, give the constituent company a written notice of his intention
to dissent including, among other details, a demand for payment of the fair value of his shares; (d)&nbsp;within seven days following
the date of the expiration of the period set out in paragraph&nbsp;(b) above or seven days following the date on which the plan
of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company
must make a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair
value and if the company and the shareholder agree the price within 30 days following the date on which the offer was made, the
company must pay the shareholder such amount; and (e)&nbsp;if the company and the shareholder fail to agree a price within such
30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting shareholder)
must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a
list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not
been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares
together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting
shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination
of fair value is reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to
dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer
quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed
on a national securities exchange or shares of the surviving or consolidated company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Moreover, Cayman Islands law has separate statutory
provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement that
generally will be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in
the Cayman Islands as a &ldquo;scheme of arrangement&rdquo; which may be tantamount to a merger. In the event that a merger was
sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures
typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in
number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths
in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by
proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement
must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to
the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies
itself that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority
vote have been complied with;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the shareholders have been fairly represented at the meeting in question;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 146; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the arrangement is such as a businessperson would reasonably approve; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would
amount to a &ldquo;fraud on the minority.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a scheme of arrangement or takeover offer
(as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights
to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to
dissenting shareholders of United States corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Squeeze-out provisions.</I> The Companies
Act also contains a statutory power of compulsory acquisition which may facilitate the &ldquo;squeeze out&rdquo; of dissentient
minority shareholder upon a tender offer. When a takeover offer is made and accepted by holders of 90% of the shares to whom the
offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer
such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this
is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith, collusion
or inequitable treatment of the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Further, transactions similar to a merger, reconstruction
and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share
capital exchange, asset acquisition or control, or through contractual arrangements of an operating business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Shareholders&rsquo; suits.</I> Maples and
Calder (Hong Kong) LLP, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman
Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed
the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to
us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both
on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied
by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a company is acting, or proposing to act, illegally or beyond the scope of its authority;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the act complained of, although not beyond the scope of the authority, could be only effected if duly authorized by more than
the number of votes which have actually been obtained; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>those who control the company are perpetrating a &ldquo;fraud on the minority.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed
or are about to be infringed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Enforcement of civil liabilities.</I> The
Cayman Islands has a less prescriptive body of securities laws as compared to the United States and provides less protection to
investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have been advised by Maples and Calder (Hong
Kong) LLP, our Cayman Islands legal counsel, that there is uncertainty as to whether the courts of the Cayman Islands would (i)
recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil
liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States,
or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon
the federal securities laws of the United States or the securities laws of any state in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 147; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have also been advised by Maples and Calder
(Hong Kong) LLP that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state
courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition
of such judgments), a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands
at common law, without any reexamination of the merits of the underlying dispute, by an action commenced on the foreign judgment
debt in the Grand Court of the Cayman Islands, provided such judgment (i) is given by a foreign court of competent jurisdiction,
(ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (iii) is final,
(iv) is not in respect of taxes, a fine or a penalty, and (v) was not obtained in a manner and is not of a kind the enforcement
of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely
to enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such
judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive
in nature. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. <I>Special
considerations for exempted companies.</I> We are an exempted company with limited liability under the Companies Act. The Companies
Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands
but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements
for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an exempted company&rsquo;s register of members is not open to inspection;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an exempted company does not have to hold an annual general meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an exempted company may issue shares with no par value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually
given for 20 years in the first instance);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an exempted company may register as a limited duration company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an exempted company may register as a segregated portfolio company.</TD></TR></TABLE>

<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-indent: 0.5in">&ldquo;Limited liability&rdquo; means that the liability of each
shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances,
such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in
which a court may be prepared to pierce or lift the corporate veil).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Amended and Restated Memorandum and Articles of Association</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association will contain provisions designed to provide certain rights and protections relating to this offering that will apply
to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution
under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been
approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company&rsquo;s articles
of association) of a company&rsquo;s shareholders entitled to vote and so voting at a general meeting for which notice specifying
the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company&rsquo;s articles
of association, by a unanimous written resolution of all of the company&rsquo;s shareholders. Other than as described above, our
amended and restated memorandum and articles of association will provide that special resolutions must be approved either by at
least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible
under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 148; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our initial shareholders and their permitted
transferees, if any, who will collectively beneficially own approximately 20% of our ordinary shares upon the closing of this offering
(not including the private placement shares and assuming they do not purchase any units in this offering), will participate in
any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner
they choose. Specifically, our amended and restated memorandum and articles of association will provide, among other things, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>If we have not consummated an initial business combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT>, 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 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 franchise and income taxes that were paid by us or are payable by us, if any (less up to $100,000 of interest to pay dissolution
expenses) divided by the number of the then-issued and outstanding public shares, which redemption will completely extinguish public
shareholders&rsquo; rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii)&nbsp;as
promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board
of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands 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: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>Prior to or in connection with our initial business combination, we may not issue 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
our initial business combination or on any other proposal presented to shareholders prior to or in connection with the completion
of an initial business combination or (b)&nbsp;to approve an amendment to our amended and restated memorandum and articles of association
to (x)&nbsp;extend the time we have to consummate a business combination beyond 15 months from the closing of this offering <FONT STYLE="background-color: white">(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>or (y)&nbsp;amend
the foregoing provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>Although we currently do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we,
or a committee of independent directors, will obtain an opinion from independent investment banking firm or another independent
entity that commonly renders valuation opinions 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: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>If a shareholder vote on our initial business combination is not required by applicable law or stock exchange listing requirements
and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant
to Rule&nbsp;13e-4 and Regulation&nbsp;14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing
our initial business combination which contain substantially the same financial and other information about our initial business
combination and the redemption rights as is required under Regulation&nbsp;14A of the Exchange Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>So long as our securities are then listed on Nasdaq, 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 the amount
of deferred underwriting discounts held in trust and taxes payable on the income earned on the trust account) 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 149; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>If our shareholders approve an amendment to our amended and restated memorandum and articles of association (A)&nbsp;that would
modify the substance or timing of our obligation to provide holders of our Class&nbsp;A ordinary shares the right to have their
shares redeemed 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 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up
to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)</FONT> or (B)&nbsp;with
respect to any other provision relating to the rights of holders of our Class&nbsp;A ordinary shares, we will provide our public
shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held
in the trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of
the then-issued and outstanding public shares, subject to the limitations described herein; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>We will not effectuate our initial business combination solely 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, our amended and restated memorandum
and articles of association will provide that under no circumstances will we redeem our public shares in an amount that would cause
our net tangible assets to be less than $5,000,001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Companies Act permits a company incorporated
in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution which requires
the approval of the holders of at least two-thirds of such company&rsquo;s issued and outstanding ordinary shares who attend and
vote at a general meeting or by way of unanimous written resolution. A company&rsquo;s articles of association may specify that
the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands
exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association
provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and
business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions
as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive
any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Anti-money Laundering &mdash; Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any person in the Cayman Islands knows or
suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct or money laundering
or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their
attention in the course of business in the regulated sector or other trade, profession, business or employment, the person will
be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the
Proceeds of Crime Act (As Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii)
a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (As Revised)
of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report
shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment
or otherwise.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Data Protection &mdash; Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have certain duties under the Data Protection
Act (As Revised) of the Cayman Islands (the &ldquo;DPA&rdquo;) based on internationally accepted principles of data privacy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 150; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Privacy Notice</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Introduction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This privacy notice puts our shareholders on
notice that through investment in the company each shareholder will provide us with certain personal information which constitutes
personal data within the meaning of the DPA (&ldquo;personal data&rdquo;). In the following discussion, the &ldquo;company&rdquo;
refers to us and our affiliates and/or delegates, except where the context requires otherwise.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Investor data</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will collect, use, disclose, retain and secure
personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal
course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct
our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only
transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational
information security measures designed to protect against unauthorized or unlawful processing of the personal data and against
the accidental loss, destruction or damage to the personal data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In our use of this personal data, we will be
characterized as a &ldquo;data controller&rdquo; for the purposes of the DPA, while our affiliates and service providers who may
receive this personal data from us in the conduct of our activities may either act as our &ldquo;data processors&rdquo; for the
purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may also obtain personal data from other
public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals
connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information,
signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number,
bank account details, source of funds details and details relating to the shareholder&rsquo;s investment activity.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Who this affects</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you are a natural person, this will affect
you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited
partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in
the company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals
or otherwise advise them of its content.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">How the company may use a shareholder&rsquo;s
personal data</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The company, as the data controller, may collect,
store and use personal data for lawful purposes, including, in particular:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>where this is necessary for the performance of our rights and obligations under any purchase agreements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with
anti-money laundering and FATCA/CRS requirements); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests,
fundamental rights or freedoms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Should we wish to use personal data for other
specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 151; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">Why we may transfer your personal data</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In certain circumstances we may be legally obliged
to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as
the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign
authorities, including tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We anticipate disclosing personal data to persons
who provide services to us and their respective affiliates (which may include certain entities located outside the United States,
the Cayman Islands or the European Economic Area), who will process your personal data on our behalf. This includes our transfer
agent.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0">The data protection measures we take</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any transfer of personal data by us or our duly
authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We and our duly authorized affiliates and/or
delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized
or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We shall notify you of any personal data breach
that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom
the relevant personal data relates.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Certain anti-takeover provisions of our amended and restated
memorandum and articles of association</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association 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 general
meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our authorized but unissued Class&nbsp;A ordinary
shares and preference shares will be available for future issuances without shareholder approval and could be utilized for a variety
of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence
of authorized but unissued and unreserved Class&nbsp;A ordinary shares and preference shares could render more difficult or discourage
an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Securities Eligible for Future Sale</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Immediately after this offering, we will have
9,705,000 Class&nbsp;A ordinary shares (or 11,133,750 Class&nbsp;A ordinary shares if the underwriters&rsquo; over-allotment option
is exercised in full) issued and outstanding. Of these shares, the Class&nbsp;A ordinary shares sold in this offering (7,500,000
Class&nbsp;A ordinary shares if the underwriters&rsquo; over-allotment option is not exercised and 8,625,000 Class&nbsp;A ordinary
shares if the underwriters&rsquo; over-allotment option is exercised in full) will be freely tradable without restriction or further
registration under the Securities Act, except for any Class&nbsp;A ordinary shares purchased by one of our affiliates within the
meaning of Rule&nbsp;144 under the Securities Act. All of the issued and outstanding founder shares (1,875,000 founder shares if
the underwriters&rsquo; over-allotment option is not exercised and 2,156,250 founder shares if the underwriters&rsquo; over-allotment
option is exercised in full) and all of the outstanding private placement units (330,000 private placement units, or 352,500 private
placement units if the underwriters&rsquo; over-allotment option is exercised in full) will be restricted securities under Rule&nbsp;144,
in that they were issued in private transactions not involving a public offering.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Rule&nbsp;144</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to Rule&nbsp;144, a person who has
beneficially owned restricted shares or warrants for at least six months would be entitled to sell their securities <I>provided</I>
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 months
preceding, a sale and (ii)&nbsp;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&nbsp;13 or 15(d) of the Exchange Act during the twelve 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 152; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Persons who have beneficially owned restricted
shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding,
a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period
only a number of securities that does not exceed the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>1% of the total number of ordinary shares then-issued and outstanding, which will equal 78,300 shares immediately after this
offering (or 89,775 shares if the underwriters exercise their over-allotment option in full); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the average weekly reported trading volume of the Class&nbsp;A ordinary shares during the four calendar 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Restrictions on the Use of Rule&nbsp;144 by Shell Companies
or Former Shell Companies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>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: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the issuer of the securities is subject to the reporting requirements of Section&nbsp;13 or 15(d) of the Exchange Act; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the
preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Form&nbsp;8-K
reports; and 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a result, our sponsor will be able to sell
its founder shares and private placement units, as applicable, pursuant to Rule&nbsp;144 without registration one year after we
have completed our initial business combination.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Registration and Shareholder Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The holders of the founder shares, private placement
shares and private placement warrants, including any of those issued upon conversion of working capital loans (and any Class&nbsp;A
ordinary shares issuable upon the exercise of the private placement warrants that may be issued upon conversion of working capital
loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to
or on the effective date of this offering. 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 after our completion of our initial business combination. However, the registration
and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to
become effective until termination of the applicable lockup period, which occurs (i) in the case of the founder shares, as described
in the following paragraph, and (ii) in the case of the private placement units and the respective Class&nbsp;A ordinary shares
underlying such units, 30 days after the completion of our initial business combination. 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 153; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->150<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as described herein, our sponsor and
each member of our management team have agreed not to transfer, assign or sell any of their founder shares until the earliest of
(A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x)
if the closing price of our Class&nbsp;A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary
shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements
of our sponsor with respect to any founder shares. We refer to such transfer restrictions throughout this prospectus as the lock-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, pursuant to the registration and
shareholder rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled
to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by
the registration and shareholder rights agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Listing of Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We intend to apply to have our units listed
on Nasdaq under the symbol &ldquo;DECAU.&rdquo; Once the securities comprising the units begin separate trading, we expect that
the Class&nbsp;A ordinary shares and warrants will be listed on Nasdaq under the symbols &ldquo;DECA&rdquo; and &ldquo;DECAW,&rdquo;
respectively. The units will automatically separate into their component parts and will not be traded following the completion
of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 154; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->151<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_014"></A>TAXATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following summary of certain Cayman Islands
and U.S. federal income tax considerations generally applicable to an investment in our units, each consisting of one Class&nbsp;A
ordinary share and one-half of one warrant, which we refer to collectively as our securities, is based upon laws and relevant interpretations
thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible
tax consequences relating to an investment in our Class&nbsp;A ordinary shares and warrants, such as the tax consequences under
state, local and other tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prospective investors should consult their advisors
on the possible tax considerations generally applicable to investing in our securities under the laws of their country of citizenship,
residence or domicile.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Cayman Islands Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following is a discussion on certain Cayman
Islands income tax consequences of an investment in the securities of the Company. The discussion is a general summary of present
law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor&rsquo;s
particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Under Existing Cayman Islands Laws</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Payments of dividends and capital in respect
of our securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a
dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman
Islands income or corporate tax. The Cayman Islands currently has no income, corporate or capital gains tax and no estate duty,
inheritance tax or gift tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No stamp duty is payable in respect of the issue
of the warrants. An instrument of transfer in respect of a warrant is stampable if executed in or brought into the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No stamp duty is payable in respect of the issue
of our Class&nbsp;A ordinary shares or on an instrument of transfer in respect of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has been incorporated under the
laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for and received an undertaking
from the Financial Secretary of the Cayman Islands in the following form:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Tax Concessions Act</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(As Revised)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Undertaking as to Tax Concessions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with the Tax Concessions Act (As
Revised), the following undertaking is given to Denali Capital Acquisition Corp. (the &ldquo;Company&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1. That no law which is hereafter enacted in
the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2. In addition, that no tax to be levied on
profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">2.1 on or in respect of the shares,
debentures or other obligations of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">2.2 by way of the withholding in whole
or in part of any relevant payment as defined in the Tax Concessions Act (As Revised).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These concessions shall be for a period of 20
years from the 17th day of January 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 155; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->152<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">United States Federal Income Tax Considerations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following discussion summarizes certain
U.S. federal income tax considerations generally applicable to the acquisition, ownership and disposition of our units (each consisting
of one Class&nbsp;A ordinary share and one-half of one warrant) that are purchased in this offering by U.S. Holders (as defined
below) and Non-U.S. Holders (as defined below). Although not entirely clear, we intend to treat, for U.S. federal income tax purposes,
the holder of a unit as the owner of two separate securities (the one underlying Class A ordinary share and one-half of one warrant
that are the components of the unit). See &ldquo;&mdash; Allocation of Purchase Price and Characterization of a Unit&rdquo; below.
This disclosure assumes this treatment is appropriate, in which case, the discussion below with respect to holders of Class&nbsp;A
ordinary shares and warrants should also apply to holders of units (as the deemed owners of the underlying Class&nbsp;A ordinary
shares and warrants that constitute the units).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This discussion is limited to certain U.S. federal
income tax considerations to beneficial owners of our securities who are initial purchasers of a unit pursuant to this offering
and hold the unit and each component of the unit as a capital asset under the U.S. Internal Revenue Code of 1986, as amended (the
&ldquo;Code&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This discussion assumes that the Class&nbsp;A
ordinary shares and warrants are treated as separate instruments for U.S. federal income tax purposes and that any distributions
made (or deemed made) by us on our Class&nbsp;A ordinary shares and any consideration received (or deemed received) by a holder
in consideration for the sale or other disposition of our securities will be in U.S. dollars. 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).
This discussion is general in nature and does not purport to be a complete description of the U.S.&nbsp;federal income tax consequences
that may be relevant to the acquisition, ownership and disposition of a unit by a prospective investor in light of its particular
circumstance or status, or to prospective investors subject to special treatment under the U.S.&nbsp;federal income tax laws, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our sponsor, officers, directors, holders of our Class B ordinary shares or holders of private placement units;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>banks, financial institutions or financial services entities;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>broker-dealers;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>taxpayers that are subject to the mark-to-market method of accounting rules;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>tax-exempt entities;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>S-corporations;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>governments or agencies or instrumentalities thereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>insurance companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>regulated investment companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>real estate investment trusts;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expatriates or former long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons that actually or constructively own 5% or more of any class of our shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive
plans or otherwise as compensation or in connection with services;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons required for U.S. federal income tax purposes to conform the timing of income accruals to their financial statements
under Section&nbsp;451 of the Code;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons that hold our securities as part of a straddle, constructive sale, hedging, wash sale, conversion or other integrated
or similar transaction; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>U.S. Holders (as defined below) whose functional currency is not the U.S. dollar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The discussion below is based upon the provisions
of the Code, the Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as of
the date hereof. Those authorities may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive
basis, so as to result in U.S. federal income tax consequences different from those discussed below. Furthermore, this discussion
does not address any aspect of U.S.&nbsp;federal non-income tax laws, such as gift, estate or Medicare contribution tax laws, or
state, local or non-U.S. tax laws or considerations under any applicable income tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 156; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->153<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not sought 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 affect the accuracy of the statements in this discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As used herein, the term &ldquo;U.S. Holder&rdquo;
means a beneficial owner of units, Class&nbsp;A ordinary shares or warrants that is for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an individual citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized
(or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an estate the income of which is subject to U.S. federal income taxation regardless of its source; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a trust if (A) a court within the United States is able to exercise primary supervision over the administration of the trust
and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (B) it has in effect under
applicable U.S. Treasury regulations a valid election to be treated as a U.S. person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a beneficial owner of our securities is
not described as a U.S.&nbsp;Holder and is not an entity treated as a partnership or other pass-through entity for U.S.&nbsp;federal
income tax purposes, such owner will be considered a &ldquo;Non-U.S. Holder.&rdquo; The U.S.&nbsp;federal income tax consequences
applicable specifically to Non-U.S. Holders are described below under the heading &ldquo;&mdash; Non-U.S. Holders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This discussion does not consider the tax treatment
of partnerships (or other pass-through entities or arrangements classified as a partnership for U.S. federal income tax purposes)
or persons who hold our securities through such entities. If a partnership (or other entity or arrangement classified as a partnership
for U.S. federal income tax purposes) is the beneficial owner of our securities, the U.S. federal income tax treatment of a partner
in the partnership (or other owner in a pass-through entity) generally will depend on the status of the partner (or other owner)
and the activities of the partner (or other owner) and the partnership (or other pass-through entity). Partnerships holding our
securities and partners in such partnerships should consult their own tax advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES
ONLY, IS ONLY A SUMMARY OF CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP, AND DISPOSITION
OF OUR SECURITIES, AND IS NOT A SUBSTITUTE FOR CAREFUL TAX PLANNING. EACH PROSPECTIVE INVESTOR IN OUR SECURITIES SHOULD CONSULT
ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION, OWNERSHIP AND DISPOSITION
OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF U.S. FEDERAL, STATE, LOCAL, AND NON-UNITED STATES TAX LAWS, AS WELL
AS ANY APPLICABLE INCOME TAX TREATY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B><I>Allocation of Purchase Price and Characterization
of a Unit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. We intend to treat, for U.S. federal income tax purposes, the acquisition of a unit as the
acquisition of one Class&nbsp;A ordinary share and one-half of one warrant, a whole one of which is exercisable to acquire one
Class&nbsp;A ordinary share. By purchasing a unit, you agree to adopt such treatment for applicable tax purposes. As a result,
for U.S. federal income tax purposes, each holder of a unit should allocate the purchase price paid by such holder for such unit
between the one Class&nbsp;A ordinary share 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, and should consult his or her tax advisor regarding the determination of value
for these purposes. The price allocated to each Class&nbsp;A ordinary share and one-half of one warrant should constitute the shareholder&rsquo;s
initial tax basis in such share or one-half of one warrant. Any disposition of a unit should be treated for U.S. federal income
tax purposes as a disposition of the Class&nbsp;A ordinary share and one-half of one warrant comprising the unit, and the amount
realized on the disposition should be allocated between the Class&nbsp;A ordinary share and one-half of one warrant based on their
respective relative fair market values at the time of disposition (as determined by the holder based on all relevant facts and
circumstances). Neither the separation of the Class&nbsp;A ordinary share and the one-half of one warrant constituting a unit nor
the combination of halves of one warrant into one whole warrant should be a taxable event for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 157; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->154<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing treatment of the units, the Class&nbsp;A
ordinary shares and warrants and a holder&rsquo;s purchase price allocation are not binding on the 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 tax advisor 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B><I>U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Taxation of Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the PFIC rules discussed below, a
U.S. Holder generally will be required to include in gross income, in accordance with such U.S. Holder&rsquo;s method of accounting
for U.S. federal income tax purposes, as dividends the amount of any distribution paid on our Class&nbsp;A ordinary shares to the
extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income
tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder at the regular corporate rate and will not
be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from
other domestic corporations. Distributions in excess of such earnings and profits generally will be applied against and reduce
the U.S. Holder&rsquo;s basis in its Class&nbsp;A ordinary shares (but not below zero) and, to the extent in excess of such basis,
will be treated as gain from the sale or exchange of such Class&nbsp;A ordinary shares (see &ldquo;&mdash; Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Ordinary Shares and Warrants&rdquo; below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to non-corporate U.S. Holders,
under tax laws currently in effect and subject to certain exceptions (including, but not limited to, dividends treated as investment
income for purposes of investment interest deduction limitations), dividends generally will be taxed at the lower applicable long-term
capital gains rate (see &ldquo;&mdash; Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Ordinary
Shares and Warrants&rdquo; below) only if our Class&nbsp;A ordinary shares are readily tradable on an established securities market
in the United States (such as the Nasdaq) and certain other requirements are met, including that we are not classified as a PFIC
during the taxable year in which the dividend is paid or the preceding taxable year and that the U.S. Holder satisfies certain
holding period requirements. It is unclear whether certain redemption rights with respect to our Class A Ordinary Shares may prevent
a U.S. Holder from satisfying the applicable holding period requirement. If the applicable holding period requirements are not
satisfied, a non-corporate U.S. Holder may be subject to tax on the dividend at regular ordinary income tax rates instead of the
preferential income tax rate that applies to qualified dividend income. U.S. Holders should consult their tax advisors regarding
the availability of such lower rate for any dividends paid with respect to our Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Gain or Loss on Sale, Taxable Exchange or Other Taxable
Disposition of Class&nbsp;A Ordinary Shares and Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the PFIC rules discussed below, a
U.S. Holder generally will recognize capital gain or loss on the sale or other taxable disposition of our Class&nbsp;A ordinary
shares or warrants (including on our dissolution and liquidation if we do not complete our initial business combination within
the required time period). Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder&rsquo;s
holding period for such Class&nbsp;A ordinary shares or warrants exceeds one year. Long-term capital gain realized by a non-corporate
U.S. Holder currently is subject to reduced tax rates. It is unclear, however, whether certain redemption rights described in this
prospectus may suspend the running of the applicable holding period for this purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 158; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->155<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt">The amount of gain or loss recognized by a
U.S. Holder on a sale or other taxable disposition generally will be equal to the difference between (i)&nbsp;the sum of the amount
of cash and the fair market value of any property received on such disposition (or, if the Class&nbsp;A ordinary shares 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 ordinary shares or warrants based upon the then relative fair market values of the Class&nbsp;A ordinary shares
and the warrants included in the units) and (ii)&nbsp;the U.S. Holder&rsquo;s adjusted tax basis in its Class&nbsp;A ordinary shares
or warrants surrendered in the disposition. A U.S. Holder&rsquo;s adjusted tax basis in its Class&nbsp;A ordinary shares and warrants
generally will equal the U.S. Holder&rsquo;s acquisition cost (that is, the portion of the purchase price of a unit allocated to
a Class&nbsp;A ordinary share or one-half of one warrant, as described above under &ldquo;&mdash; Allocation of Purchase Price and
Characterization of a Unit&rdquo;) reduced, in the case of Class A ordinary shares, by any prior distributions treated as a return
of capital. See &ldquo;&mdash; Exercise, Lapse or Redemption of a Warrant&rdquo; below for a discussion regarding a U.S. Holder&rsquo;s
tax basis in the Class&nbsp;A ordinary share acquired pursuant to the exercise of a warrant. The deduction of capital losses is
subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Redemption of Class&nbsp;A Ordinary Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the PFIC rules discussed below, in
the event that a U.S. Holder&rsquo;s Class&nbsp;A ordinary shares are redeemed pursuant to the redemption provisions described
in this prospectus under &ldquo;Description of Securities &mdash; Ordinary Shares&rdquo; or if we purchase a U.S. Holder&rsquo;s
Class&nbsp;A ordinary shares in an open market transaction (referred to herein as a &ldquo;redemption&rdquo;), the treatment of
the redemption for U.S. federal income tax purposes will depend on whether it qualifies as a sale or exchange of the Class&nbsp;A
ordinary shares under Section&nbsp;302 of the Code. If the redemption qualifies as a sale or exchange of Class&nbsp;A ordinary
shares, the U.S. Holder will be treated as described under &ldquo;&mdash; Gain or Loss on Sale, Taxable Exchange or Other Taxable
Disposition of Class&nbsp;A Ordinary Shares and Warrants&rdquo; above. If the redemption does not qualify as a sale or exchange
of Class&nbsp;A ordinary shares, the U.S. Holder will be treated as receiving a distribution with the tax consequences described
above under &ldquo;&mdash; Taxation of Distributions.&rdquo; Whether a redemption qualifies for sale or exchange treatment will
depend largely on the total number of our shares treated as held by the U.S. Holder (including any shares constructively owned
by the U.S. Holder described in the following paragraph) relative to all of our shares issued and outstanding both before and after
such redemption. The redemption of Class&nbsp;A ordinary shares generally will be treated as a sale or exchange of the Class&nbsp;A
ordinary shares (rather than as a distribution) if, within the meaning of Section&nbsp;302 of the Code, such redemption (i)&nbsp;is
&ldquo;substantially disproportionate&rdquo; with respect to the U.S. Holder, (ii)&nbsp;results in a &ldquo;complete termination&rdquo;
of the U.S. Holder&rsquo;s interest in us or (iii)&nbsp;is &ldquo;not essentially equivalent to a dividend&rdquo; with respect
to the U.S. Holder. These tests are explained more fully below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In determining whether any of the foregoing
tests are satisfied, a U.S. Holder takes into account not only our Class&nbsp;A ordinary shares actually owned by the U.S. Holder,
but also our shares that are constructively owned by it. A U.S. Holder may constructively own, in addition to shares owned directly,
shares 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 shares the U.S. Holder has a right to acquire by exercise of an option, which generally would include
Class&nbsp;A ordinary shares which could be acquired pursuant to the exercise of the warrants. In order to meet the substantially
disproportionate test, the percentage of our issued and outstanding voting shares actually and constructively owned by the U.S.
Holder immediately following the redemption of Class&nbsp;A ordinary shares must, among other requirements, be less than 80% of
the percentage of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately before
the redemption. Prior to our initial business combination, the Class&nbsp;A ordinary shares may not be treated as voting shares
for this purpose and, consequently, this substantially disproportionate test may not be applicable. There will be a complete termination
of a U.S. Holder&rsquo;s interest if either (i)&nbsp;all of our shares actually and constructively owned by the U.S. Holder are
redeemed or (ii)&nbsp;all of our shares 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 shares owned by certain family members and the U.S.
Holder does not constructively own any other of our shares. The redemption of the Class&nbsp;A ordinary shares will not be essentially
equivalent to a dividend with respect to a U.S. Holder if it results in a &ldquo;meaningful reduction&rdquo; of the U.S. Holder&rsquo;s
proportionate interest in us. Whether the redemption will result in a meaningful reduction in a U.S. Holder&rsquo;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 &ldquo;meaningful reduction.&rdquo; A U.S. Holder should consult with its
tax advisors as to the tax consequences of a redemption of any Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 159; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->156<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If none of the foregoing tests are satisfied,
then the redemption will be treated as a corporate distribution and the tax effects will be as described under &ldquo;&mdash; Taxation
of Distributions&rdquo; above. After the application of those rules, any remaining tax basis of the U.S. Holder in the redeemed
Class&nbsp;A ordinary shares will be added to the U.S. Holder&rsquo;s adjusted tax basis in its remaining shares. If there are
no remaining shares, a U.S. Holder should consult its own tax advisors as to the allocation of any remaining basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Exercise, Lapse or Redemption of a Warrant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the PFIC rules discussed below and
except as discussed below with respect to the cashless exercise of a warrant, a U.S. Holder generally will not recognize gain or
loss upon the acquisition of a Class&nbsp;A ordinary share on the exercise of a warrant for cash. A U.S. Holder&rsquo;s initial
tax basis in a Class&nbsp;A ordinary share received upon exercise of the warrant generally will equal the sum of the U.S. Holder&rsquo;s
initial investment in the warrant (that is, the portion of the U.S. Holder&rsquo;s purchase price for the units that is allocated
to the warrant, as described above under &ldquo;&mdash; Allocation of Purchase Price and Characterization of a Unit&rdquo;) and
the exercise price. It is unclear whether a U.S. Holder&rsquo;s holding period for the Class&nbsp;A ordinary share will commence
on the date of exercise of the warrant or the day following the date of exercise of the warrant; in either case, the holding period
will not include the period during which the U.S. Holder held the warrant. If a warrant is allowed to lapse unexercised, a U.S.
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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The tax consequences of a cashless exercise
of a warrant are not clear under current law. Subject to the PFIC rules discussed below, a cashless exercise may not be taxable,
either because the exercise is not a realization event or because the exercise is treated as a &ldquo;recapitalization&rdquo; for
U.S. federal income tax purposes. In either situation, a U.S. Holder&rsquo;s tax basis in the Class&nbsp;A ordinary shares received
generally would equal the U.S. Holder&rsquo;s tax basis in the warrants exercised therefor. If the cashless exercise was not a
realization event, it is unclear whether a U.S. Holder&rsquo;s holding period for the Class&nbsp;A ordinary share will commence
on the date of exercise of the warrant or the day following the date of exercise of the warrant. If the cashless exercise were
treated as a recapitalization, the holding period of the Class&nbsp;A ordinary shares would include the holding period of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is also possible that a cashless exercise
may be treated as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. Holder may be deemed to have
surrendered a number of warrants having a value equal to the exercise price paid for the total number of warrants to be exercised.
In each case, subject to the PFIC rules discussed below, the U.S. Holder would recognize capital gain or loss in an amount equal
to the difference between the fair market value of the warrants deemed surrendered and the U.S. Holder&rsquo;s tax basis in such
warrants deemed surrendered. In this case, a U.S. Holder&rsquo;s tax basis in the Class&nbsp;A ordinary shares received would equal
the sum of the U.S. Holder&rsquo;s initial investment in the warrants deemed exercised (i.e., the portion of the U.S. Holder&rsquo;s
purchase price for the units that is allocated to the warrant, as described above under &ldquo;&mdash; Allocation of Purchase Price
and Characterization of a Unit&rdquo;) and the exercise price of such warrants. It is unclear whether a U.S. Holder&rsquo;s holding
period for each Class&nbsp;A ordinary share would commence on the date of exercise of the warrant or the day following the date
of exercise of the warrant.</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-indent: 0.5in">Due to the absence of authority on the U.S.
federal income tax treatment of a cashless exercise, 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, a U.S. Holder should consult its
tax advisor regarding the tax consequences of a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the PFIC rules described below, if
we redeem warrants for cash pursuant to the redemption provisions 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;&mdash; Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Ordinary Shares and Warrants.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 160; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->157<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Possible Constructive Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The terms of each warrant provide for an adjustment
to the number of Class&nbsp;A ordinary shares for which the warrant may be exercised or to the exercise price of the warrant in
certain events. 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 increases such U.S.
Holders&rsquo; proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of Class&nbsp;A
ordinary shares that would be obtained upon exercise or through a decrease to the exercise price) as a result of a distribution
of cash or other property to the holders of our Class&nbsp;A ordinary shares. Such constructive distribution would be subject to
tax as described above under &ldquo;&mdash; Taxation of Distributions&rdquo; 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 and would increase a U.S. Holder&rsquo;s
adjusted tax basis in its warrants to the extent that such distribution is treated as a dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Passive Foreign Investment Company Rules</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A foreign (i.e., non-U.S.) corporation will
be classified as a PFIC for U.S. federal income tax purposes if either (i) at least 75% of its gross income in a taxable year,
including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares
by value, is passive income or (ii) at least 50% of its assets in a taxable year (ordinarily determined based on fair market value
and averaged quarterly over the year), including its pro rata share of the assets of any corporation in which it is considered
to own at least 25% of the shares by value, are held for the production of, or produce, passive income. Passive income generally
includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or
business) and gains from the disposition of passive assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because we are a blank check company, with no
current active business, we believe that it is likely that we will meet the PFIC asset or income test during the taxable years
prior to our acquisition of a company or assets in a business combination (including any short taxable year that might result from
a business combination), which would generally result in us being treated as a PFIC in those taxable years. However, pursuant to
a start-up exception, a corporation will not be a PFIC for the first taxable year the corporation has gross income (the &ldquo;start-up
year&rdquo;), if (1)&nbsp;no predecessor of the corporation was a PFIC; (2)&nbsp;the corporation satisfies the IRS that it will
not be a PFIC for either of the two taxable years following the start-up year; and (3)&nbsp;the corporation is not in fact a PFIC
for either of those years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The applicability of the start-up exception
to us is uncertain and will not be known until after the close of our current taxable year (or possibly not until after the close
of the first two taxable years following our start-up year, as described under the start-up exception), Additionally, it may be
possible that we could be treated as a PFIC for a taxable year prior to the taxable year, which is treated as our start-up year
(within the meaning of the start-up exception). Our actual PFIC status for our current taxable year or any subsequent taxable year,
however, will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect
to our status as a PFIC for our current taxable year or any future taxable year and prospective U.S. Holders are urged to consult
their tax advisors regarding the possible application of the PFIC rules, the potential unavailability of the start-up exception,
and the making of a QEF election (as discussed further below).</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-indent: 0.5in">Although our PFIC status is determined annually,
an initial determination that our company is a PFIC generally will apply for subsequent years to a U.S. Holder who held Class&nbsp;A
ordinary shares or warrants while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent years. If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder
of our Class&nbsp;A ordinary shares or warrants and, in the case of our Class&nbsp;A ordinary shares, the U.S. Holder did not make
either a qualified electing fund (&ldquo;QEF&rdquo;) election for our first taxable year as a PFIC in which the U.S. Holder held
(or was deemed to hold) Class&nbsp;A ordinary shares, a QEF election along with a purging election, or a mark-to-market election,
each as described below, such U.S. Holder generally will be subject to special rules with respect to (i) any gain recognized by
the U.S. Holder on the sale or other disposition of its Class&nbsp;A ordinary shares or warrants (which may include gain realized
by reason of transfers of Class&nbsp;A ordinary shares or warrants that would otherwise qualify as nonrecognition transfers for
U.S. federal income tax purposes) and (ii) any &ldquo;excess distribution&rdquo; made to the U.S. Holder (generally, any distributions
to such U.S. Holder during a taxable year of the U.S. Holder, other than the taxable year in which the U.S. Holder&rsquo;s holding
period on the Class A ordinary shares begins that are greater than 125% of the average annual distributions received by such U.S.
Holder in respect of the Class&nbsp;A ordinary shares during the three preceding taxable years of such U.S. Holder or, if shorter,
the portion of such U.S. Holder&rsquo;s holding period for the Class&nbsp;A ordinary shares before the current taxable year).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 161; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->158<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under these rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the U.S. Holder&rsquo;s gain or excess distribution will be allocated ratably over the U.S. Holder&rsquo;s holding period for
the Class&nbsp;A ordinary shares or warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount allocated to the U.S. Holder&rsquo;s taxable year in which the U.S. Holder recognized the gain or received the excess
distribution, or to the period in the U.S. Holder&rsquo;s holding period before the first day of our first taxable year in which
we are a PFIC, will be taxed as ordinary income;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will
be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder
with respect to the tax attributable to each such other taxable year of the U.S. Holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, if we are determined to be a PFIC,
a U.S. Holder will avoid the PFIC tax consequences described above in respect of our Class&nbsp;A ordinary shares (but not our
warrants) by making a timely and valid QEF election (if eligible to do so) in the first taxable year in which the U.S. Holder held
(or was deemed to hold) Class A ordinary shares in which we are classified as a PFIC. If a U.S. Holder makes a timely QEF election
with respect to our Class A ordinary shares, each year such U.S. Holder will be required to include in income its pro rata share
of our net capital gains (as long-term capital gain) and other earnings and profits (as ordinary income) for our taxable year that
ends with or within the taxable year of the U.S. Holder, regardless of whether or not we make distributions to such U.S. Holder.
A U.S. Holder generally may make a separate election to defer the payment of taxes on undistributed income inclusions under the
QEF rules, but if deferred, any such taxes will be subject to an interest charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is not entirely clear how the various aspects
of the PFIC rules apply to the warrants. However, a U.S. Holder may not make a QEF election with respect to its warrants to acquire
our Class&nbsp;A ordinary shares. As a result, if a U.S. Holder sells or otherwise disposes of such warrants (other than upon exercise
of such warrants) and we were a PFIC at any time during the U.S. Holder&rsquo;s holding period of such warrants, any gain recognized
generally may be treated as an excess distribution, taxed as described above. If a U.S. Holder that exercises such warrants properly
makes a QEF election with respect to the newly acquired Class&nbsp;A ordinary shares (or has previously made a QEF election with
respect to our Class&nbsp;A ordinary shares), the QEF election will apply to the newly acquired Class&nbsp;A ordinary shares. Notwithstanding
such QEF election, the adverse tax consequences relating to PFIC shares discussed above, adjusted to take into account the current
income inclusions resulting from the QEF election, will continue to apply with respect to such newly acquired Class&nbsp;A ordinary
shares (which generally will be deemed to have a holding period for purposes of the PFIC rules that includes the period the U.S.
Holder held the warrants), unless the U.S. Holder makes a purging election under the PFIC rules. Under one type of purging election,
the U.S. Holder is deemed to have sold such shares at their fair market value and any gain recognized on such deemed sale will
be treated as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will have a new
basis and holding period in the Class&nbsp;A ordinary shares acquired upon the exercise of the warrants for purposes of the PFIC
rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The QEF election is made on a shareholder-by-shareholder
basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder generally makes a QEF election by attaching
a completed IRS Form&nbsp;8621 (Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing
Fund), including the information provided in a PFIC Annual Information Statement (discussed below), to a timely filed U.S. federal
income tax return for the tax year to which the election relates. Retroactive QEF elections generally may be made only by filing
a protective statement with such return and if certain other conditions are met or with the consent of the IRS. U.S. Holders should
consult their tax advisors regarding the availability and tax consequences of a retroactive QEF election under their particular
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 162; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->159<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to comply with the requirements of
a QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from us. If we determine we are a PFIC for any taxable
year we will endeavor to provide, upon written request, to a U.S. Holder such information as the IRS may require, including a PFIC
Annual Information Statement, in order to enable the U.S. Holder to make and maintain a QEF election, but there is no assurance
that we will timely provide such required information. There is also no assurance that we will have timely knowledge of our status
as a PFIC in the future or of the required information to be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a U.S. Holder has made a QEF election with
respect to our Class&nbsp;A ordinary shares, and the excess distribution rules discussed above do not apply to such shares (because
of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) such shares
or a purge of the PFIC taint pursuant to a purging election, as described above), any gain recognized on the sale of our Class&nbsp;A
ordinary shares generally will be taxable as capital gain and no additional tax or interest charge will be imposed under the PFIC
rules. As discussed above, if we are a PFIC for any taxable year, a U.S. Holder of our Class&nbsp;A ordinary shares that has made
a QEF election will be taxed currently on its pro rata share of our earnings and profits, whether or not distributed for such year.
A subsequent distribution of such earnings and profits that were previously included in income generally should not be taxable
when distributed to such U.S. Holder. The tax basis of a U.S. Holder&rsquo;s Class A ordinary shares will be increased by amounts
that are included in income, and decreased by amounts distributed but not taxed as dividends, under the above rules. Similar basis
adjustments apply to property if, by reason of holding such property, the U.S. Holder is treated under the applicable attribution
rules as owning shares in a QEF. In addition, if we are not a PFIC for any taxable year, such U.S. Holder will not be subject to
the QEF inclusion regime with respect to our Class&nbsp;A ordinary shares for such taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Alternatively, if we are a PFIC and our Class&nbsp;A
ordinary shares constitute &ldquo;marketable stock,&rdquo; a U.S. Holder may avoid the adverse PFIC tax consequences discussed
above if such U.S. Holder, at the close of the first taxable year in which it holds (or is deemed to hold) our Class&nbsp;A ordinary
shares, makes a mark-to-market election with respect to such shares for such taxable year. Such U.S. Holder generally will include
for each of its taxable years as ordinary income the excess, if any, of the fair market value of its Class&nbsp;A ordinary shares
at the end of such year over its adjusted basis in its Class&nbsp;A ordinary shares. These amounts of ordinary income would not
be eligible for the favorable tax rates applicable to qualified dividend income or long-term capital gains. The U.S. Holder also
will recognize an ordinary loss in respect of the excess, if any, of its adjusted basis of its Class&nbsp;A ordinary shares over
the fair market value of its Class&nbsp;A ordinary shares at the end of its taxable year (but only to the extent of the net amount
of previously included income as a result of the mark-to-market election). The U.S. Holder&rsquo;s basis in its Class&nbsp;A ordinary
shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized on a sale or other taxable
disposition of its Class&nbsp;A ordinary shares will be treated as ordinary income. Any loss recognized on a sale or other taxable
disposition of the Class A ordinary shares will be treated as ordinary loss to the extent of the net amount of previously included
income as a result of the mark-to-market election and thereafter as capital loss. Currently, a mark-to-market election may not
be made with respect to warrants.</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-indent: 0.5in">The mark-to-market election is available only
for &ldquo;marketable stock,&rdquo; generally, stock that is regularly traded on a national securities exchange that is registered
with the Securities and Exchange Commission, including Nasdaq (on which we intend to list the Class&nbsp;A ordinary shares), or
on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate
and sound fair market value. If made, a mark-to-market election would be effective for the taxable year for which the election
was made and for all subsequent taxable years unless the Class&nbsp;A ordinary shares ceased to qualify as &ldquo;marketable stock&rdquo;
for purposes of the PFIC rules or the IRS consented to the revocation of the election. U.S. Holders should consult their tax advisors
regarding the availability and tax consequences of a mark-to-market election with respect to our Class&nbsp;A ordinary shares under
their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we are a PFIC and, at any time, have a foreign
subsidiary that is classified as a PFIC (a &ldquo;lower-tier PFIC&rdquo;), U.S. Holders generally would be deemed to own a portion
of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above
if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC or the U.S. Holders otherwise
were deemed to have disposed of an interest in the lower-tier PFIC. We will endeavor to cause any lower-tier PFIC to provide to
a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the lower-tier PFIC. There
can be no assurance that we will have timely knowledge of the status of any such lower-tier PFIC. In addition, we may not hold
a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to cause the lower-tier PFIC
to provide such required information. U.S. Holders are urged to consult their tax advisors regarding the tax issues raised by lower-tier
PFICs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 163; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->160<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A U.S. Holder that owns (or is deemed to own)
shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form&nbsp;8621 (whether or not a QEF or market-to-market
election is made) and such other information as may be required by the U.S. Treasury Department. If a U.S. Holder does not file
the required IRS Form&nbsp;8621, such person may be subject to substantial penalties, and the statute of limitations on the assessment
and collection of all U.S. federal income taxes of such person for the related tax year may not close before the date which is
three years after the date on which such form is filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The rules dealing with PFICs and with the QEF
and mark-to-market elections are very complex and are affected by various factors in addition to those described above. Accordingly,
U.S. Holders of our Class&nbsp;A ordinary shares and warrants should consult their own tax advisors concerning the application
of the PFIC rules to our securities under their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Tax Reporting</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain U.S. Holders may be required to file
an IRS Form&nbsp;926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer of property (including
cash) to us. Substantial penalties may be imposed on a U.S. Holder that fails to comply with this reporting requirement and the
period of limitations on assessment and collection of U.S. federal income taxes generally will be extended in the event of a failure
to comply. Furthermore, certain U.S. Holders who are individuals and certain entities generally will be required to report information
with respect to such U.S. Holder&rsquo;s investment in &ldquo;specified foreign financial assets&rdquo; on IRS Form&nbsp;8938 (Statement
of Specified Foreign Financial Assets), subject to certain exceptions. Interests in the Company (including our Class&nbsp;A ordinary
shares and warrants) constitute specified foreign financial assets for these purposes. Persons who are required to report specified
foreign financial assets and fail to do so may be subject to substantial penalties and the period of limitations on assessment
and collection of U.S. federal income taxes generally will be extended in the event of a failure to comply. Potential investors
are urged to consult their tax advisors regarding the foreign financial asset and other reporting obligations and their application
to an investment in our Class&nbsp;A ordinary shares and warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B><I>Non-U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This section applies to you if you are a &ldquo;Non-U.S.
Holder.&rdquo; As used herein, the term &ldquo;Non-U.S. Holder&rdquo; means a beneficial owner of our units, Class&nbsp;A ordinary
shares or warrants (other than a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax
purposes) who or that is for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a non-resident alien individual (other than certain former citizens and residents of the United States subject to U.S. tax
as expatriates);</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a foreign corporation; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>an estate or trust that is not a U.S. Holder;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>but generally does not include an individual who is present in the United States for 183 days or more in the taxable year of
the disposition of our units, Class&nbsp;A ordinary shares or warrants. If you are such an individual, you should consult your
tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership and sale or other disposition of our
securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dividends (including constructive dividends)
paid or deemed paid to a Non-U.S. Holder in respect of our Class&nbsp;A ordinary shares generally will not be subject to U.S. federal
income tax, unless the dividends are effectively connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business within
the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed
base that such holder maintains in the United States). In addition, a Non-U.S. Holder generally will not be subject to U.S. federal
income tax on any gain attributable to a sale or other taxable disposition of our Class&nbsp;A ordinary shares or warrants unless
such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable
income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 164; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->161<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dividends (including constructive dividends)
and gains that are effectively connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business in the United States (and,
if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains
in the United States) generally will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable
to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax purposes, also
may be subject to an additional branch profits tax at a 30% rate or a lower applicable income tax treaty rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The characterization for U.S. federal income
tax purposes of the redemption of a Non-U.S. Holder&rsquo;s Class A ordinary shares pursuant to the redemption provisions described
in this prospectus under &ldquo;Description of Securities  &mdash; Ordinary Shares&rdquo; or if we purchase your Class A ordinary
shares in an open-market transaction generally will correspond to the U.S. federal income tax characterization of such a redemption
of a U.S. Holder&rsquo;s Class A ordinary shares, as described under &ldquo;&mdash; U.S. Holders &mdash; Redemption of Class A Ordinary
Shares&rdquo; above, and the consequences of the redemption or repurchase to the Non-U.S. Holder generally will correspond to those
described in the preceding paragraphs above regarding dividends and gain on the sale or other disposition of our Class A ordinary
shares accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The U.S. federal income tax treatment of a
Non-U.S. Holder&rsquo;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 &ldquo;&mdash; U.S.
Holders &mdash; Exercise, Lapse or Redemption 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 in the preceding paragraphs above for a Non-U.S. Holder&rsquo;s
gain on the sale or other disposition of our warrants. The U.S. federal income tax treatment of a redemption of warrants for cash
pursuant to the redemption provisions or if we purchase warrants in an open-market transaction, such redemption or purchase will
generally correspond to those described in the preceding paragraphs above regarding gain on the sale or other disposition of our
warrants. A Non-U.S. Holder is urged to consult its tax advisor regarding the tax consequences of an investment in a unit, receipt
of any dividend (including a constructive dividend), and a sale, redemption or other disposition of our Class&nbsp;A ordinary shares
or warrants.</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 0 0 0.25in"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dividend payments with respect to our Class&nbsp;A
ordinary shares or warrants and proceeds from the sale, exchange or redemption of our Class&nbsp;A ordinary shares or warrants
may be subject to information reporting to the IRS and possible United States backup withholding. Backup withholding will not apply,
however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes other required certifications, or who
is otherwise exempt from backup withholding and establishes such exempt status. Information reporting and backup withholding generally
will not apply to a Non-U.S. Holder who provides certification of its foreign status, under penalties of perjury, on a duly executed
applicable IRS Form&nbsp;W-8 or by otherwise establishing an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Backup withholding is not an additional tax.
Amounts withheld as backup withholding may be credited against a holder&rsquo;s U.S. federal income tax liability, and a holder
generally may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate
claim for refund with the IRS and furnishing any required information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">THE U.S. FEDERAL INCOME TAX DISCUSSION SET FORTH
ABOVE IS INCLUDED FOR GENERAL INFORMATION ONLY AND MAY NOT BE APPLICABLE DEPENDING UPON A HOLDER&rsquo;S PARTICULAR SITUATION.
HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE TAX CONSEQUENCES TO THEM OF THE ACQUISITION, OWNERSHIP AND
DISPOSITION OF OUR UNITS, CLASS A ORDINARY SHARES AND WARRANTS, INCLUDING THE TAX CONSEQUENCES UNDER STATE, LOCAL, ESTATE, FOREIGN
AND OTHER TAX LAWS AND TAX TREATIES AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. OR OTHER TAX LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 165; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->162<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_015"></A>UNDERWRITING (CONFLICT OF INTEREST)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the terms and subject to the conditions
contained in 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 those underwriters, the number of units set forth opposite the underwriter's name below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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; font-weight: bold; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of 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 STYLE="text-align: left">US Tiger Securities, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">EF Hutton, division of Benchmark Investments, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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="width: 87%">Total</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,500,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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-indent: 0.5in">A copy of the underwriting agreement has been
filed as an exhibit to the registration statement of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 the units in this offering if any are purchased, other
than those units covered by the over-allotment option described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because our chief executive officer, Lei Huang,
is also the chief executive officer of US Tiger, all 50,000 founder shares acquired by Mr. Huang will be 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-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Listing of our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have applied to have our units listed on the
Nasdaq under the symbol &ldquo;DECAU.&rdquo; Once the securities comprising the units begin separate trading, we expect that
the Class&nbsp;A ordinary shares and warrants will be listed on the Nasdaq under the symbols &ldquo;DECA&rdquo; and &ldquo;DECAW,&rdquo;
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Over-allotment Option</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have granted to the underwriters a 45-day
option to purchase up to 1,125,000 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. 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: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Commissions and Discounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have been advised by the underwriters that
they propose to offer the units to the public at the initial offering price set forth on the cover page of this prospectus. After
the initial public offering of the units, the underwriters may change the price and other selling terms. 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. Upon execution
of the underwriting agreement, the underwriters will be obligated to purchase the shares at the prices and upon the terms stated
therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 166; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->163<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. Sales
of any units outside the United States may be made by affiliates of the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0; text-indent: 0.5in">&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="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Paid by us</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">No Exercise</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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Full Exercise</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%">Per Unit<SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0.55</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0.55</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,125,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,743,750</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(1)</TD><TD STYLE="text-align: justify">Includes $0.35 per unit, or $2,625,000 in the aggregate (or $3,018,750 in the aggregate if the over-allotment option is exercised
in full), payable to the underwriters for deferred underwriting commissions to be placed in a trust account located in the United
States as described herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We estimate that our non-reimbursed out-of-pocket
expenses for this offering will be approximately $1,150,000. We have agreed to pay for the FINRA-related fees of the underwriters&rsquo;
legal counsel, not to exceed $75,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Transfer and Selling Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We, our sponsor and our officers and directors
have agreed that we will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, without the
prior written consent of the Representatives for a period of 180 days after the date of this prospectus, any units, warrants, ordinary
shares or any other securities convertible into, or exercisable, or exchangeable for, ordinary shares; provided, however, that
we may (1)&nbsp;issue and sell the private placement units; (2)&nbsp;issue and sell the additional units to cover our underwriter&rsquo;s
over-allotment option (if any); (3)&nbsp;register with the SEC pursuant to an agreement to be entered into on or prior to the closing
of this offering, the resale of the private placement units and the ordinary shares underlying the units and the founder shares;
and (4)&nbsp;issue securities in connection with our initial business combination. However, the foregoing shall not apply to the
forfeiture of any founder shares pursuant to their terms or any transfer of founder shares to any current or future independent
director of the company (as long as such current or future independent director is subject to the terms of the letter agreement,
filed herewith, at the time of such transfer; and as long as, to the extent any Section&nbsp;16 reporting obligation is triggered
as a result of such transfer, any related Section&nbsp;16 filing includes a practical explanation as to the nature of the transfer).
The Representatives, in their sole discretion, may release any of the securities subject to these lock-up agreements at any time
without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor and each member of our management
team have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A)&nbsp;one year after the
completion of our initial business combination and (B)&nbsp;subsequent to our initial business combination, (x)&nbsp;if the closing
price of our Class&nbsp;A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
days after our initial business combination, or (y)&nbsp;the date on which we complete a liquidation, merger, share exchange or
other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for
cash, securities or other property (except pursuant to limited exceptions as described under &ldquo;Principal Shareholders &mdash;
Transfers of Founder Shares and Private Placement Units&rdquo;). Any permitted transferees would be subject to the same restrictions
and other agreements of our sponsor and our directors and executive officers with respect to any founder shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The private placement units (including the Class&nbsp;A
ordinary shares underlying the private placement units) will not be transferable, assignable or saleable until 30 days after the
completion of our initial business combination (except pursuant to limited exceptions as described under &ldquo;Principal Shareholders &mdash; Transfers
of Founder Shares and Private Placement Units&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 167; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->164<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have agreed to indemnify the underwriters
against certain liabilities, including civil liabilities under the Securities Act, or contribute to payments that the underwriters
may be required to make in that respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Pricing of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The determination of our per unit offering price
was more arbitrary than would typically be the case if we were an operating company. Among the factors considered in determining
the 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 ordinary shares 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 ordinary shares or warrants will develop and continue after this offering. While these various 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: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Waiver </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters have agreed to waive their
rights to their deferred underwriting commission held in the trust account in the event we do not consummate an initial business
combination within 15 months from the closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the
closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in
this prospectus, or as may be extended by the Shareholder Extension Period, as applicable) </FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Other Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not under any contractual obligation
to engage the underwriters to provide any services for us after this offering and have no present intent to do so. However, the
underwriters may, among other things, introduce us to potential target businesses or assist us in raising additional capital in
the future. If the underwriters provide services to us after this offering, we may pay the underwriters 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 underwriters and no fees for such services will be paid to the underwriters prior to the date that is 60 days from the date
of this prospectus, unless such payment would not be deemed underwriters&rsquo; compensation in connection with this offering.
We may pay the underwriters of this offering or any entity with which they are affiliated, a finder&rsquo;s fee or other compensation
for services rendered to us in connection with the completion of a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters and their affiliates have engaged
in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us
or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in the ordinary course of their
business activities, the underwriters and their 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. Such investments and securities activities may involve securities and/or instruments of
ours or our affiliates. The underwriter and its affiliates may also make investment recommendations and/or publish or express independent
research views in respect of such securities or financial instruments and may 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 168; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->165<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Electronic Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A prospectus in electronic format may be made
available on the websites maintained by the underwriters, or selling group members, if any, participating in this offering and
the underwriters participating in this offering may distribute prospectuses electronically. The underwriters may allocate a number
of units for sale to their online brokerage account holders. Internet distributions will be allocated by the underwriters that
will make internet distributions on the same basis as other allocations. Other than the prospectus in electronic format, the information
on the underwriters&rsquo; websites and any information contained in any other website 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: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Stabilization and Other Transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the offering, the underwriters
may purchase and sell units in the open market. The underwriters pursuant to Regulation&nbsp;M under the Exchange Act, 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 the units at a level above that which might otherwise
prevail in the open market. Establishing short sales positions may involve either &ldquo;covered&rdquo; short sales or &ldquo;naked&rdquo;
short sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Short sales involve secondary market sales by
the underwriters of a greater number of units than it is required to purchase in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;Covered&rdquo; short sales are sales
made in an amount not greater than the underwriters&rsquo; option to purchase additional units in this offering. The underwriters
may close out any covered short position by either exercising the over-allotment option or purchasing our securities in the open
market or from market participants. In determining the source of units to close out the covered short position, the underwriters
will consider, among other things, the price of units available for purchase in the market as compared to the price at which they
may purchase units through the over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;Naked&rdquo; short sales are sales in
excess of the option to purchase additional units. The underwriters must close out any naked short position by purchasing units
in the open market. 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 this
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A stabilizing bid is a bid for the purchase
of securities on behalf of the underwriters for the purpose of fixing or maintaining the price of the securities. A syndicate covering
transaction is the bid for or the purchase of securities on behalf of the underwriters to reduce a short position incurred by the
underwriters in connection with the offering. Similar to other purchase transactions, the underwriters&rsquo; purchases to cover
the syndicate short sales may have the effect of raising or maintaining the market price of our securities or preventing or retarding
a decline in the market price of our securities. As a result, the price of our securities may be higher than the price that might
otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession
otherwise accruing to a syndicate member in connection with the offering if the securities originally sold by such syndicate member
are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 securities. The underwriters are not obligated to engage in these activities and, if commenced, may end any
of these activities at any time. These transactions may be effected on the Nasdaq, in the over-the-counter market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 169; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->166<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters have advised us that, following
the completion of this offering, they currently intend to make a market in the units as permitted by applicable laws and regulations.
However, the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any
time without notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market
for the units, that you will be able to sell any of the units held by you at a particular time or that the prices that you receive
when you sell will be favorable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Other Activities and Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our chief executive officer, Lei Huang, is also
the chief executive officer of US Tiger, a representative to the underwriters to this offering. As a result, US Tiger is
deemed to have a &ldquo;conflict of interest&rdquo; under FINRA Rule&nbsp;5121(f)(5). Accordingly, our initial public offering
will be made in compliance with FINRA Rule&nbsp;5121, 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 EF Hutton 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
EF Hutton against certain liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities
under the Securities Act. EF Hutton will not receive any additional fees 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Restrictions</B></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-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.3pt">The units are offered
for sale in the United States and other jurisdictions where it is lawful to make such offers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters have represented and agreed
that they have not offered, sold or delivered and will not offer, sell or deliver any of the units directly or indirectly, or distribute
this prospectus or any other offering material relating to the units, in or from any jurisdiction except under circumstances that
will result in compliance with the applicable laws and regulations thereof and that will not impose any obligations on us except
as set forth in the underwriting agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 170; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->167<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus constitutes an &ldquo;exempt
offering document&rdquo; as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been filed
with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the securities.
No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus or on
the merits of the securities and any representation to the contrary is an offence.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Canadian investors are advised that this
prospectus has been prepared in reliance on section 3A.3 of National Instrument&nbsp;33-105 <I>Underwriting Conflicts</I> (&ldquo;NI&nbsp;33-105&rdquo;).
Pursuant to section 3A.3 of NI&nbsp;33-105, this prospectus is exempt from the requirement that the issuer and the underwriter(s)
provide investors with certain conflicts of interest disclosure pertaining to &ldquo;connected issuer&rdquo; and/or &ldquo;related
issuer&rdquo; relationships that may exist between the issuer and the underwriter(s) as would otherwise be required pursuant to
subsection 2.1(1) of NI 33-105.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Resale Restrictions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offer and sale of the securities in Canada
is being made on a private placement basis only and is exempt from the requirement that the issuer prepares and files a prospectus
under applicable Canadian securities laws. Any resale of the securities acquired by a Canadian investor in this offering must be
made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction, and which may
require resales to be made in accordance with Canadian prospectus requirements, pursuant to a statutory exemption from the prospectus
requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus
requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain
circumstances apply to resales of the securities outside of Canada.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Representations of Purchasers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Canadian investor who purchases the securities
will be deemed to have represented to the issuer and the underwriter(s) that the investor (i)&nbsp;is purchasing the securities
as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws, for investment
only and not with a view to resale or redistribution; (ii)&nbsp;is an &ldquo;accredited investor&rdquo; as such term is defined
in section&nbsp;1.1 of National Instrument&nbsp;45-106 <I>Prospectus Exemptions </I>(&ldquo;NI 45-106&rdquo;) or, in Ontario, as
such term is defined in section&nbsp;73.3(1) of the <I>Securities Act </I>(Ontario); and (iii)&nbsp;is a &ldquo;permitted client&rdquo;
as such term is defined in section&nbsp;1.1 of National Instrument&nbsp;31-103 <I>Registration Requirements, Exemptions and Ongoing
Registrant Obligations</I>.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Taxation and Eligibility for Investment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any discussion of taxation and related matters
contained in this prospectus does not purport to be a comprehensive description of all of the tax considerations that may be relevant
to a Canadian investor when deciding to purchase the securities and, in particular, does not address any Canadian tax considerations.
No representation or warranty is hereby made as to the tax consequences to a resident, or deemed resident, of Canada of an investment
in the securities or with respect to the eligibility of the securities for investment by such investor under relevant Canadian
federal and provincial legislation and regulations.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 171; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->168<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Rights of Action for Damages or Rescission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Securities legislation in certain of the Canadian
jurisdictions provides certain purchasers of securities pursuant to an offering memorandum (such as this prospectus), including
where the distribution involves an &ldquo;eligible foreign security&rdquo; as such term is defined in Ontario Securities Commission
Rule&nbsp;45-501 <I>Ontario Prospectus and Registration Exemptions</I> and in Multilateral Instrument&nbsp;45-107 <I>Listing Representation
and Statutory Rights of Action Disclosure Exemptions</I>, as applicable, with a remedy for damages or rescission, or both, in addition
to any other rights they may have at law, where the offering memorandum, or other offering document that constitutes an offering
memorandum, and any amendment thereto, contains a &ldquo;misrepresentation&rdquo; as defined under applicable Canadian securities
laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser
within the time limits prescribed under, and are subject to limitations and defenses under, applicable Canadian securities legislation.
In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Language of Documents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon receipt of this document, each Canadian
investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the
securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English
language only. <I>Par la r&eacute;ception de ce document, chaque investisseur Canadien confirme par les pr&eacute;sentes qu&rsquo;il
a express&eacute;ment exig&eacute; que tous les documents faisant foi ou se rapportant de quelque mani&egrave;re que ce soit &agrave;
la vente des valeurs mobili&egrave;res d&eacute;crites aux pr&eacute;sentes (incluant, pour plus de certitude, toute confirmation
d&rsquo;achat ou tout avis) soient r&eacute;dig&eacute;s en anglais seulement.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Australia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This document does not constitute a prospectus,
product disclosure statement or other disclosure document under the Australia&rsquo;s Corporations Act 2001 (Cth) (the &ldquo;Corporations
Act&rdquo;) of Australia. This document has not been lodged with the Australian Securities &amp; Investments Commission and is
only directed to the categories of exempt persons set out below. Accordingly, if you receive this document in Australia:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You confirm and warrant that you are either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a &ldquo;sophisticated investor&rdquo; under section 708(8)(a) or (b) of the Corporations Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a &ldquo;sophisticated investor&rdquo; under section 708(8)(c) or (d) of the Corporations Act and that you have provided an
accountant&rsquo;s certificate to the company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations
Act and related regulations before the offer has been made; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a &ldquo;professional investor&rdquo; within the meaning of section 708(11)(a) or (b) of the Corporations Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that you are unable to confirm
or warrant that you are an exempt sophisticated investor or professional investor under the Corporations Act any offer made to
you under this document is void and incapable of acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You warrant and agree that you will not offer
any of the shares issued to you pursuant to this document for resale in Australia within 15 months of those securities being issued
unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations
Act.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">European Economic Area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In relation to each member state of the European
Economic Area (each a &ldquo;Member State&rdquo;), no securities have been offered or will be offered pursuant to the offer described
herein in that Member State prior to the publication of a prospectus in relation to the securities which has been approved by the
competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent
authority in that Member State, all in accordance with the Prospectus Regulation (defined below), except that the securities may
be offered to the public in that Member State at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(i) to any legal entity which is a
qualified investor as defined under Article&nbsp;2 of the Prospectus Regulation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 172; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->169<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(ii) to fewer than 150 natural or
legal persons (other than qualified investors as defined under Article&nbsp;2 of the Prospectus Regulation), subject to obtaining
the prior consent of the underwriters for any such offer; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(iii) in any other circumstances falling
within Article&nbsp;1(4) of the Prospectus Regulation, provided that no such offer of securities shall require the issuer or any
underwriter to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Regulation&nbsp;or supplement a prospectus pursuant
to Article&nbsp;23 of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each person in a Member State who acquires any
securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the
issuer and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the case of any securities being offered
to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary
will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired
by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to
their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale
in a Member State to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to
each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making
of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the
final placement of securities contemplated in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The issuer and the underwriters and their affiliates
will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the purposes of this provision, the expression
an &ldquo;offer to the public&rdquo; in relation to any securities in any Member State means the communication in any form and
by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to
decide to purchase, or subscribe for, any securities and the expression &ldquo;Prospectus Regulation&rdquo; means Regulation&nbsp;(EU)
2017/1129.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In Member States, this document is being distributed
only to, and is directed only at, persons who are &ldquo;qualified investors&rdquo; within the meaning of Article 2(e) of the Prospectus
Regulation&nbsp;(&ldquo;Qualified Investors&rdquo;). This document must not be acted on or relied on in any Member State by persons
who are not Qualified Investors. Any investment or investment activity to which this document relates is available in any Member
State only to Qualified Investors and will be engaged in only with such persons.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No securities have been, may be or will be offered
or sold in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures,
whether as principal or agent; or to &ldquo;professional investors&rdquo; as defined in the Securities and Futures Ordinance (Cap.
571) of Hong Kong (the &ldquo;SFO&rdquo;) and any rules made thereunder; or in other circumstances which do not result in the document
being a &ldquo;prospectus&rdquo; as defined in the Companies (Winding UP and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong
Kong (the &ldquo;C(WUMP)O&rdquo;), or which do not constitute an offer to the public within the meaning of the C(WUMP)O. No document,
invitation or advertisement relating to the securities has been issued or may be issued or will be issued or may be in the 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 of Hong Kong (except if permitted under the securities laws of Hong Kong)
other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to
&ldquo;professional investors&rdquo; as defined in the SFO and any rules made thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 173; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->170<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This document has not been and will not be registered
with the Registrar of Companies in Hong Kong. Accordingly, this document may not be issued, circulated or distributed in Hong Kong,
and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities
will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers
of the securities described in this document and the relevant offering documents and that he is not acquiring, and has not been
offered any securities in circumstances that contravene any such restrictions.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Japan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering has not been and will not be registered
under the Financial Instruments and Exchange Act of Japan (Act No.&nbsp;25 of 1948 of Japan, as amended) (the &ldquo;FIEA&rdquo;),
and the Initial Purchaser will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of,
any resident of Japan (which term as used herein means, unless otherwise provided herein, any person resident in Japan, including
any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly,
in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance
with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Singapore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This document has not been and will not be lodged
or registered with the Monetary Authority of Singapore. Accordingly, this document and any other document or material in connection
with the offer or sale, or the invitation for subscription or purchase of the securities may not be issued, circulated or distributed,
nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly
or indirectly, to any person in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities
and Futures Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (ii)&nbsp;to a relevant person as defined under Section&nbsp;275(2)
of the SFA, or any person pursuant to Section&nbsp;275(1A) of the SFA, and in accordance with the conditions, specified in Section&nbsp;275
of the SFA and where (where applicable) Regulation&nbsp;3 of the Securities and Futures (Classes of Investors) Regulations 2018,
or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of any other applicable provision of the SFA. <B>In
the event that you are not an investor falling within any of the categories set out above, please return this document immediately.
You may not forward or circulate this document to any other person in Singapore.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No offer is made to you with a view to the securities
being subsequently offered for sale to any other party. There are on-sale restrictions that may be applicable to investors who
acquire securities. As such, investors are advised to acquaint themselves with the provisions of the SFA relating to resale restrictions
and comply accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where the securities are subscribed or purchased
under Section&nbsp;275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a corporation (which is not an accredited investor as defined under Section&nbsp;4A of the SFA) the sole business of which
is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited
investor; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is
an accredited investor, securities or securities-based derivatives contracts (each term as defined in Section&nbsp;2(1) of the
SFA) of that corporation or the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be transferable
within six months after that corporation or that trust has acquired the securities under Section&nbsp;275 of the SFA except:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>to an institutional investor under Section&nbsp;274 of the SFA or to a relevant person defined in Section&nbsp;275(2) of the
SFA, or to any person pursuant to an offer referred to in Section&nbsp;275(1A) or Section&nbsp;276(4)(i)(B) of the SFA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>where no consideration is given for the transfer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>where the transfer is by operation of law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>as specified in Section&nbsp;276(7) of the SFA; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 174; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->171<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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>as specified in Regulation&nbsp;37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based
Derivatives Contracts) Regulations 2018 of Singapore.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The securities may not be publicly offered in
Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility
in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art.
652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the
SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document
nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise
made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither this document nor any other offering
or marketing material relating to the offering, the issuer or the securities have been or will be filed with or approved by any
Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised
by, the Swiss Financial Market Supervisory Authority FINMA, or FINMA, and the offer of securities has not been and will not be
authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded to acquirers
of interests in collective investment schemes under the CISA does not extend to acquirers of securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This document does not constitute a prospectus
under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities
Authority. In the State of Israel, this document is being distributed only to, and is directed only at, and any offer of the shares
is directed only at, 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 will be 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: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In relation to the United Kingdom, no securities
have been offered or will be offered pursuant to the offer described herein to the public in the United Kingdom prior to the publication
of a prospectus in relation to the securities which has been approved by the UK Financial Conduct Authority, except that the securities
may be offered to the public in the United Kingdom at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(i) to any legal entity which is a
qualified investor as defined under Article&nbsp;2 of the UK Prospectus Regulation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(ii) to fewer than 150 natural or
legal persons (other than qualified investors as defined under Article&nbsp;2 of the UK Prospectus Regulation), subject to obtaining
the prior consent of the underwriters for any such offer; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(iii) in any other circumstances falling
within Section&nbsp;86 of the Financial Services and Markets Act 2000 (as amended) (the &ldquo;FSMA&rdquo;),</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-indent: 0">provided that no such offer of the securities shall require the
issuer or any underwriter to publish a prospectus pursuant to Section&nbsp;85 of the FSMA or supplement a prospectus pursuant to
Article&nbsp;23 of the UK Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 175; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->172<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each person in the United Kingdom who acquires
any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with
the issuer and the underwriters that it is a qualified investor within the meaning of the UK Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the case of any securities being offered
to a financial intermediary as that term is used in Article&nbsp;5(1) of the UK Prospectus Regulation, each such financial intermediary
will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired
by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to
their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale
in the United Kingdom to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained
to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making
of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the
final placement of securities contemplated in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The issuer and the underwriters and their affiliates
will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the purposes of this provision, the expression
an &ldquo;offer to the public&rdquo; in relation to the securities in the United Kingdom means the communication in any form and
by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to
decide to purchase or subscribe for any securities and the expression &ldquo;UK Prospectus Regulation&rdquo; means Regulation&nbsp;(EU)
2017/1129 as it forms part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the United Kingdom, this document is being
distributed only to, and is directed only at, persons who are &ldquo;qualified investors&rdquo; within the meaning of Article&nbsp;2(e)
of the UK Prospectus Regulation&nbsp;who are also: (i)&nbsp;persons who fall within the definition of &ldquo;investment professionals&rdquo;
in Article&nbsp;19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &ldquo;Order&rdquo;);
(ii)&nbsp;persons falling within Article 49(2) of the Order; or (iii)&nbsp;persons to whom it may otherwise lawfully be communicated
(all such persons together being referred to as &ldquo;relevant persons&rdquo;). This document must not be acted on or relied on
in the United Kingdom by persons who are not relevant persons. Any investment or investment activity to which this document relates
is available in the United Kingdom only to relevant persons and will be engaged in only with such persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any invitation or inducement to engage in investment
activity (within the meaning of Section&nbsp;21 of the FSMA) may only be communicated or caused to be communicated in connection
with the issue or sale of the securities in circumstances in which Section&nbsp;21(1) of the FSMA does not apply. All applicable
provisions of the FSMA and the Order must be complied with in respect of anything done by any person in relation to the securities
in, from or otherwise involving the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 176; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->173<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_016"></A>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Sidley Austin LLP, New York, New York will pass
upon the validity of the securities offered in this prospectus with respect to units and warrants. Maples and Calder (Hong Kong)
LLP will pass upon the validity of the securities offered in this prospectus with respect to the ordinary shares and matters of
Cayman Islands law. In connection with this offering, Winston &amp; Strawn LLP, Houston, Texas, advised the underwriters in connection
with the offering of the securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_017"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The financial statements of Denali Capital Acquisition
Corp. as of February 7, 2022 and for the period from January 5, 2022 (inception) through February 7, 2022, appearing in this prospectus
have been audited by Friedman LLP, 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 Denali Capital Acquisition Corp. 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 the report of such firm given on their authority as experts in accounting and auditing.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_018"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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&rsquo;s website at <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 177; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->174<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_019"></A>DENALI CAPITAL ACQUISITION CORP.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INDEX TO FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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: 93%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><B>Page</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Audited Financial Statements of Denali Capital Acquisition Corp.:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_020">Report of Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_020">F-2</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_021">Balance Sheet as of February 7, 2022</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_021">F-3</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_022">Statement of Operations for the period from January 5, 2022 (inception) through February 7, 2022</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_022">F-4</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_023">Statement of Changes in Shareholder&rsquo;s Equity for the period from January 5, 2022 (inception) through February 7, 2022</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_023">F-5</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_024">Statement of Cash Flows for the period from January 5, 2022 (inception) through February 7, 2022</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_024">F-6</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_025">Notes to Financial Statements</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_025">F-7</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 178; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="sa001_s1-img01.jpg" ALT=""></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: center"><B><A NAME="a_020"></A>REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B>&nbsp;</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: justify">To the Board of Directors and Shareholders
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Denali Capital Acquisition Corp.</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>Opinion on the 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: justify">We have audited the accompanying balance sheet
of Denali Capital Acquisition Corp. (the &ldquo;Company&rdquo;) as of February 7, 2022 and the related statements of operations,
changes in shareholder&rsquo;s equity and cash flows for the period from January 5, 2022 (inception) through February 7, 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 February 7, 2022, and the results of its
operations and its cash flows for the period from January 5, 2022 (inception) through February 7, 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: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Explanatory Paragraph &mdash; Going Concern</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 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 February 7,
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: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Basis for Opinion</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">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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/Friedman LLP</FONT></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></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></TR>
</TABLE>
<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">We have served as the Company&rsquo;s auditor
since 2022.</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">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">February 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 179; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_021"></A>DENALI CAPITAL ACQUISITION CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BALANCE SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FEBRUARY
7, 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left; padding-bottom: 1pt">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">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">243,677</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">243,677</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; 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="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">LIABILITIES AND SHAREHOLDER&rsquo;S EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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="text-align: left">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Due to related party</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">200,010</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="padding-bottom: 1pt; font-weight: bold; text-align: left">Total Current Liabilities</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&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">225,010</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; 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="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; padding-bottom: 1pt">Total Liabilities</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">225,010</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; 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="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">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; 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="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">Shareholder&rsquo;s Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">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">&mdash;</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="text-align: left">Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 2,156,250 shares issued and outstanding<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216</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="text-align: left">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,784</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">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">(6,333</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; 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="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Shareholder&rsquo;s Equity</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">18,667</TD><TD STYLE="white-space: nowrap; 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="text-align: left; padding-bottom: 2.5pt">T<B>otal Liabilities and Shareholder&rsquo;s Equity</B></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">243,677</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes an aggregate of up to 281,250 ordinary shares subject to forfeiture if the over-allotment option is not exercised
in full or in part by the underwriters (see Notes 5 and 7).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 180; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_022"></A><B>DENALI CAPITAL ACQUISITION CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF OPERATIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE PERIOD FROM JANUARY 5, 2022 (INCEPTION)
THROUGH <FONT STYLE="text-transform: uppercase">FEBRUARY 7, 2022</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></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: rgb(204,238,255)">
    <TD STYLE="width: 87%; 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">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">6,333</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(6,333</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; font-weight: bold; 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="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Weighted average shares outstanding, basic, and diluted<SUP>(1)</SUP></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">275,735</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; 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">Basic and diluted net loss per share</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.02</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This number excludes up to 281,250 ordinary shares subject to forfeiture depending on the extent to which the over-allotment
option is exercised by the underwriters (see Notes 5 and 7).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 181; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_023"></A>DENALI CAPITAL ACQUISITION CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF CHANGES IN SHAREHOLDER&rsquo;S
EQUITY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE PERIOD FROM JANUARY 5, 2022 (INCEPTION)
<FONT STYLE="text-transform: uppercase">THROUGH FEBRUARY 7, 2022</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></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; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Class B Ordinary</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shares</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center">Additional<BR> Paid-in</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="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center">Accumulated</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="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center">Total <BR> Shareholder&rsquo;s</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital</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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Deficit</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="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity</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-weight: bold">Balance as of January 5, 2022 (inception)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left">Issuance of Class B ordinary shares to Sponsor<SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,156,250</TD><TD STYLE="white-space: nowrap; 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: 10%; text-align: right">216</TD><TD STYLE="white-space: nowrap; 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: 10%; text-align: right">24,784</TD><TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; 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: 10%; text-align: right">25,000</TD><TD STYLE="white-space: nowrap; 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">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">&mdash;</TD><TD STYLE="white-space: nowrap; 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">&mdash;</TD><TD STYLE="white-space: nowrap; 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">&mdash;</TD><TD STYLE="white-space: nowrap; 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">(6,333</TD><TD STYLE="white-space: nowrap; 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">(6,333</TD><TD STYLE="white-space: nowrap; 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 February 7, 2022</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,156,250</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">216</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">24,784</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(6,333</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,667</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes an aggregate of up to 281,250 ordinary shares subject to forfeiture if the over-allotment option is not exercised
in full or in part by the underwriters (see Notes 5 and 7).</TD></TR></TABLE>

<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">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 182; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_024"></A>DENALI CAPITAL ACQUISITION CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE PERIOD FROM JANUARY 5, 2022 (INCEPTION)
THROUGH <FONT STYLE="text-transform: uppercase">FEBRUARY 7, 2022</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-weight: bold">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(6,333</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Formation costs paid by related party</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">6,333</TD><TD STYLE="white-space: nowrap; 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: 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">&mdash;</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>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; 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">&mdash;</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="padding-bottom: 1pt">Cash at beginning of period</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">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Cash at end of period</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">&mdash;</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental information for non-cash financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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="text-align: left; padding-bottom: 2.5pt">Deferred offering costs included in due to related party</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">193,677</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Deferred offering costs included in due to accrued liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; 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">Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares</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">25,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 183; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_025"></A><B>DENALI CAPITAL ACQUISITION CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE PERIOD FROM JANUARY 5, 2022 (INCEPTION)
THROUGH <FONT STYLE="text-transform: uppercase">FEBRUARY 7, 2022</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Notes
to the financial statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 1 &mdash; ORGANIZATION AND BUSINESS
OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Denali Capital&nbsp;Acquisition Corp. (the
&ldquo;Company&rdquo;) was incorporated in the Cayman Islands on January 5, 2022. The Company was formed for the purpose of effecting
a merger, capital stock exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or
more businesses (the &ldquo;Business Combination&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is not limited to a particular
industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company
and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 7, 2022, the Company had not
commenced any operations. All activity for the period from January 5, 2022 (inception) through February 7, 2022 relates to the
Company&rsquo;s formation and the proposed initial public offering (&ldquo;Proposed Public Offering&rdquo;), which is described
below. The Company will not generate any operating revenues until after the completion of an initial 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 has selected December 31 as its fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s sponsor is Denali Capital
Global Investments LLC, a Cayman Islands 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 of 7,500,000 units
(the &ldquo;Units&rdquo; and, with respect to the ordinary share included in the Units being offered, the &ldquo;Public Shares&rdquo;)
at $10.00 per Unit (or 8,625,000 Units if the underwriters&rsquo; over-allotment option is exercised in full), which is discussed
in Note 3, and the sale of 330,000 Units (or 352,500 Units if the underwriters&rsquo; over-allotment option is exercised on full)
(the &ldquo;Private Placement Units&rdquo;)&nbsp;at a price of $10.00 per Private Placement Unit in private placements to the Sponsor
that will close simultaneously with the Proposed Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s management has broad discretion
with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement
Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.
The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets
with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount
of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete
a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting
securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required
to register as an investment company under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;).
There is no assurance that the Company will be able to successfully effect a Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon the closing of the Proposed Public Offering,
management has agreed that $10.00 per Unit sold in the Proposed Public Offering, including proceeds of the sale of the Private
Placement Units, will be held in a trust account (the &ldquo;Trust Account&rdquo;) and invested in U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any
open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain
conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion
of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company&rsquo;s shareholders, as described
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 184; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will provide the holders of the
outstanding Public Shares (the &ldquo;Public Shareholders&rdquo;) with the opportunity to redeem all or a portion of their Public
Shares either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender
offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval of a Business
Combination or&nbsp;conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their
Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share,
plus any pro rata interest then in the Trust Account, net of taxes payable). The Public 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
the Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic 480 &ldquo;<I>Distinguishing Liabilities from Equity</I>.&rdquo;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will not redeem Public Shares in
an amount that would cause its net tangible assets to be less than $5,000,001 (so that it does not then become subject to the SEC&rsquo;s
&ldquo;penny stock&rdquo; rules) either prior to or upon consummation of an initial business combination. However, a greater net
tangible asset or cash requirement may be contained in the agreement relating to the Business Combination. The Company will have
only 15 months from the closing of the Proposed Public Offering (or up to 21 months from the closing of this offering, if it extends
the period of time to consummate a business combination) to complete the initial Business Combination (the &ldquo;Combination Period&rdquo;).
If the Company is unable to complete the initial Business Combination within the Combination Period, the Company 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 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
to pay the Company&rsquo;s franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by
the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders&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 the Company&rsquo;s remaining shareholders
and its board of directors, dissolve and liquidate, subject in each case to the Company&rsquo;s obligations under Cayman Islands
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 Company&rsquo;s warrants, which will expire worthless if the Company fails to complete the Business
Combination within the 15-month time period.</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The founder shares are designated as Class&nbsp;B
ordinary shares and, except as described below, are identical to the Class&nbsp;A ordinary shares 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;prior
to the Company&rsquo;s initial Business Combination, only holders of the Company&rsquo;s Class&nbsp;B ordinary shares have the
right to vote on the appointment of directors, including in connection with the completion of the Company&rsquo;s initial Business
Combination and holders of a majority of the Company&rsquo;s Class&nbsp;B ordinary shares may remove a member of the board of directors
for any reason; (ii)&nbsp;the founder shares are subject to certain transfer restrictions, as described in more detail below; (iii)&nbsp;the
Company&rsquo;s initial shareholders have entered into an agreement with us, pursuant to which they have agreed to (A)&nbsp;waive
their redemption rights with respect to their founder shares and Public Shares in connection with the completion of the Company&rsquo;s
initial Business Combination, (B)&nbsp;waive their redemption rights with respect to their founder shares and Public Shares in
connection with a shareholder vote to approve an amendment to the Company&rsquo;s amended and restated memorandum and articles
of association that would affect the substance or timing of the Company&rsquo;s obligation to provide for the redemption of the
Company&rsquo;s Public Shares in connection with an initial Business Combination or to redeem 100% of the Company&rsquo;s Public
Shares if the Company has not consummated an initial Business Combination within 15&nbsp;months from the closing of this offering
<FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend the period of time to
consummate a business combination</FONT>) and (C)&nbsp;waive their rights to liquidating distributions from the Trust Account with
respect to their founder shares if the Company fails to complete its initial Business Combination within 15&nbsp;months from the
closing of this offering <FONT STYLE="background-color: white">(or up to 21 months from the closing of this offering, if we extend
the period of time to consummate a business combination)</FONT> although they will be entitled to liquidating distributions from
the Trust Account with respect to any Public Shares they hold if the Company fails to complete its initial Business Combination
within the prescribed time frame; (iv)&nbsp;the founder shares will automatically convert into Class&nbsp;A ordinary shares concurrently
with or immediately following the consummation of the Company&rsquo;s initial Business Combination, or earlier at the option of
the holder thereof; and (v)&nbsp;the founder shares are entitled to registration rights. If the Company submits its initial Business
Combination to its public shareholders for a vote, our sponsor and each member of our management team have agreed to vote their
founder shares and Public Shares in favor of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 185; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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 for services rendered or products sold to the Company, or by a
prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds
in the Trust Account to below the lesser of (i)&nbsp;$10.00 per Public Share or (ii)&nbsp;the actual 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 or prospective target business who executed a waiver of any and all rights to seek access to the Trust Account
nor will it apply to any claims under the Company&rsquo;s indemnity of the underwriters of the Proposed Public 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 the Company&rsquo;s 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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Going Concern Consideration</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At February 7, 2022, the Company had a working
capital deficit $225,010. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its
financing and acquisition plans. The Company lacks the financial resources it needs to sustain operations for a reasonable period
of time, which is considered to be one year from the date of the issuance of the financial statements. These conditions raise substantial
doubt about the Company&rsquo;s ability to continue as a going concern. Management plans to address this uncertainty through the
Proposed Public Offering as discussed in Note 3. There is no assurance that the Company&rsquo;s plans to raise capital will be
successful. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In
connection with the Company&rsquo;s assessment of going concern considerations in accordance with Accounting Standards Update (&ldquo;ASU&rdquo;)
2014-15, &ldquo;<I>Disclosures of Uncertainties about an Entity&rsquo;s Ability to Continue as a Going Concern,&rdquo; </I>management
has determined that the Company has access to funds from the Sponsor, and the Sponsor has the financial ability to provide such
funds, that are sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Proposed
Public Offering and one year from the date of issuance of these financial statements. On February 3, 2022, the Company and the
Sponsor had entered into a promissory note, from which the Company can draw down up to $400,000 once the Company&rsquo;s bank account
is set up. As of February 7, 2022, the Company has not drawn any amount against the promissory note and hence no balance was outstanding
as of February 7, 2022. The Company plans to draw the remaining fund from the promissory note and use such fund to pay off the
due to related party.</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"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</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"><B><I>Basis of Presentation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying financial statements have
been prepared in accordance with accounting principles generally accepted in the United 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Emerging Growth Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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 2(a) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), as modified by the Jumpstart
Our Business Startups Act of 2012, as amended (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 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; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 186; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Further, Section&nbsp;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 accounting standards used.&nbsp;</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>Use of Estimates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in
conformity with US GAAP requires the Company&rsquo;s 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 expenses during the reporting period. 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><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cash and Cash Equivalents</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="text-indent: 0.5in; 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 months or less when purchased to be cash equivalents. The Company did not have any cash equivalents
as of February 7, 2022.</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><I>Deferred Offering Costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred offering costs consist of legal, accounting,
and other costs (including underwriting discounts and commissions) 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; text-indent: 0.5in">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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 February&nbsp;7, 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: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company determined that the Cayman Islands
is the Company&rsquo;s only major tax jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 187; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is currently no taxation imposed on income
by the Government of the Cayman Islands for the period from January&nbsp;5, 2022 (inception) through February&nbsp;7, 2022.</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><I>Net Loss per Ordinary Share</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net loss per share is computed by dividing
net loss by the weighted average number of Class B ordinary shares outstanding during the period, excluding ordinary shares subject
to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 281,250 Ordinary shares that are subject
to forfeiture if the over-allotment option is not exercised by the underwriters (see Notes 5 and 7). At February 7, 2022, the Company
did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of ordinary
shares 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Concentration of Credit Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Fair Value of Financial Instruments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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 820, &ldquo;<I>Fair Value Measurement</I>,&rdquo; approximates
the carrying amounts represented in the balance sheet, primarily due to their short-term nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Recent Accounting Pronouncements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management does not believe that any recently
issued, but not yet 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 3 &mdash; PROPOSED PUBLIC OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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 7,500,000 Units (or 8,625,000 Units if the underwriters&rsquo; over-allotment option is exercised
in full). Each unit has an offering price of $10.00 and consists of one share of the Company&rsquo;s Class&nbsp;A ordinary share
and one-half of one redeemable warrant. The Company will not issue fractional shares. As a result, the warrants must be exercised
in multiples of one whole warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company&rsquo;s
Class&nbsp;A ordinary share at a price of $11.50 per share, and only whole warrants are exercisable. The warrants will become exercisable
on the later of 30 days after the completion of the Company&rsquo;s initial Business Combination or 12 months from the closing
of the Proposed Public Offering and will expire five years after the completion of the Company&rsquo;s initial Business Combination
or earlier upon redemption or liquidation.<B>&nbsp;</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>NOTE 4 &mdash; PRIVATE PLACEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Sponsor has agreed to purchase an aggregate
of 330,000 Private Placement Units (or 352,500 Private Placement Units if the underwriters&rsquo; over-allotment is exercised in
full) at a price of $10.00 per Private Placement Unit ($3,330,000 in aggregate, or $3,525,000 if the underwriters&rsquo; over-allotment
is exercised in full) from the Company in a private placement that will occur simultaneously with the closing of the Proposed Public
Offering. Each Unit will consist of one ordinary share and one-half of a warrant (&ldquo;Private Warrant&rdquo;). Each Private
Warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustment. The proceeds
from the sale of the Private Placement Units will be added to the net proceeds from the Proposed Public Offering held in the Trust
Account. If the Company does not complete a Business Combination within 15 months from the closing of this offering (or up to 21
months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in
more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable), the proceeds from the
sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of our Class A ordinary shares
(subject to the requirements of applicable law). The Private Placement Units will not be transferable, assignable, or salable until
30 days after the completion of an Initial Business Combination, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 188; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 5 &mdash; RELATED PARTY TRANSACTIONS</B>&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"><B><I>Founder shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 3, 2022, the Sponsor acquired 2,156,250
of the Company&rsquo;s Class B ordinary shares (the &ldquo;founder shares&rdquo;) in exchange for $25,000 paid for deferred offering
costs borne by the Sponsor. The founder shares include an aggregate of up to 281,250 shares subject to forfeiture to the extent
that the underwriters&rsquo; over-allotment is not exercised in full or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0">The founder shares are identical to the Class A ordinary shares
included in the units being sold in this offering, except that the founder Class B ordinary shares will automatically convert into
our Class A ordinary shares at the time of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our sponsor and our directors and executive
officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion
of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class
A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction
that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other
property. Any permitted transferees would be subject to the same restrictions and other agreements of our sponsor and our directors
and executive officers with respect to any founder shares.</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><I>Promissory Note&thinsp;&mdash;&thinsp;Related
Party</I></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; text-indent: 0.5in">On February 3, 2022, the
Sponsor has agreed to loan the Company up to $400,000 to be used for a portion of the expenses of the Proposed Public Offering.
As of February 7, 2022, there were no amounts outstanding under the Promissory Note. This loan is non-interest bearing, unsecured
and is due at the earlier of (1) September 30, 2022 or (2) the closing of the Proposed Public Offering. The loan will be repaid
upon the closing of the Proposed Public Offering out of the offering proceeds not held in the Trust Account.</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>Due to Related Party</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Sponsor paid certain formation, operating
or deferred offering costs on behalf of the Company. These amounts are due on demand and non-interest bearing. During the period
from January 5, 2022 (inception) through February 7, 2022, the related party paid $225,010 of formation, operating costs or deferred
offering costs on behalf of the Company, of which $25,000 was paid in exchange for the issuance of Class B ordinary shares. As
of February 7, 2022, the amount due to the related party was $200,010.</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><I>Working Capital Loan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to finance transaction costs in connection
with a 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 (&ldquo;Working Capital Loans&rdquo;). If the Company
completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released
to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event
that a Business Combination does not complete, the Company may use a portion of proceeds held outside the Trust Account to repay
the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 189; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except for the foregoing, the terms of such
Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working
Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender&rsquo;s discretion,
up to $1.5 million of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price
of $10.00 per unit. The units would be identical to the Private Placement Units. As of February 7, 2022, no Working Capital Loans
were outstanding.</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"><B>NOTE 6 &mdash; COMMITMENTS AND CONTINGENCIES</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"><B><I>Registration Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The holders of the founder shares, private
placement shares and private placement warrants, including any of those issued upon conversion of working capital loans (and any
Class A ordinary shares issuable upon the exercise of the private placement warrants that may be issued upon conversion of working
capital loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed
prior to or on the effective date of this offering. 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 after our completion of our initial business combination and rights to require
the company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the costs
and expenses of filing any such registration statements.</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><I>Underwriting</I></B>&nbsp;<B><I>Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will grant the underwriters a 45-day
option from the date of Proposed Public Offering to purchase up to 1,125,000 additional Units to cover over-allotments, if any,
at the Proposed Public Offering price less the underwriting discounts and commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The underwriters will be entitled to a cash
underwriting discount of $0.20 per Unit, or $1,500,000 in the aggregate (or $1,725,000 in the aggregate if the underwriters&rsquo;
over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering. In addition, the underwriters
will be entitled to a deferred fee of $0.35 per Unit, or $2,625,000 in the aggregate (or $3,018,750 in the aggregate if the underwriters&rsquo;
over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from the amounts held in
the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting
agreement.</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><I>Risks and Uncertainties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management is currently evaluating the impact
of the COVID-19 pandemic 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, close of the Proposed Public Offering, 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 7 &mdash; SHAREHOLDER&rsquo;S EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Preference Shares</I></B> &mdash; The
Company is authorized to issue 1,000,000 shares of preference shares with a par value of $0.0001 per share 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
February 7, 2022, there were no shares of preference shares issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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 200,000,000 Class&nbsp;A ordinary shares with a par value of $0.0001 per share. As of February&nbsp;7,
2022, there were no Class&nbsp;A ordinary shares issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 190; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Class&nbsp;B Ordinary Shares</I></B>&nbsp;&mdash;&nbsp;The
Company is authorized to issue 20,000,000 Class&nbsp;B ordinary shares with a par value of $0.0001 per share. As of February 7,
2022, there were 2,156,250 Class B ordinary shares issued and outstanding, of which an aggregate of up to 281,250 Class B ordinary
shares are subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option is not exercised in full or in
part so that the number of founder shares will equal 20% of the Company&rsquo;s issued and outstanding ordinary shares after the
Proposed Public Offering (excluding private placement shares)</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to our initial business combination,
only holders of our founder shares will have the right to vote on the appointment of directors and holders of a majority of the
Company&rsquo;s Class&nbsp;B ordinary shares may remove a member of the board of directors for any reason. In addition, 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 our founder shares will have ten votes for every founder share
and holders of our Class&nbsp;A ordinary shares will have one vote for every Class&nbsp;A ordinary share and, as a result, our
initial shareholders will be able to approve any such proposal without the vote of any other shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Class&nbsp;B ordinary shares will automatically
convert into Class&nbsp;A ordinary shares on the consummation of the initial Business Combination at a ratio such that the number
of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis,
approximately 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of this offering,
plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination (after giving effect to any redemptions of Class A ordinary shares by public shareholders), excluding any
Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed
issued, or to be issued, to any seller in the initial business combination and any private placement units issued to our sponsor,
its affiliates or any member of our management team upon conversion of working capital loans. Any conversion of Class B ordinary
shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary
shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at
a rate of less than one-to-one.</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Warrants </I></B>&mdash; All Warrants
(Public and Private) will become exercisable at $11.50 per share, subject to adjustment, on later of 30 days after the completion
of the initial Business Combination or 12 months from the closing of this offering; provided in each case that the Company has
an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon
exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their
warrants on a cashless basis under the circumstances specified in the warrant agreement). The warrants will expire at 5:00 p.m.,
New York City time, five years after the completion of the initial business combination or earlier upon redemption or liquidation.
On the exercise of any warrant, the warrant exercise price will be paid directly to the Company&nbsp;&nbsp; and not placed in
the trust account.</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, if (x)&nbsp;we issue additional
Class&nbsp;A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial
business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or
effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor
or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior
to such issuance) (the &ldquo;Newly Issued Price&rdquo;), (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 volume weighted average trading
price of our Class&nbsp;A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which
we consummate our initial business combination (such price, the &ldquo;Market Value&rdquo;) is below $9.20 per share, the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price and the $16.50 per share redemption trigger price described adjacent to &ldquo;Redemption of warrants when the price
per Class&nbsp;A ordinary share equals or exceeds $16.50&rdquo; will be adjusted (to the nearest cent) to be equal to 165% of the
higher of the Market Value and the Newly Issued Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 191; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is not registering the ordinary
shares issuable upon exercise of the warrants at this time. However, has agreed that as soon as practicable, but in no event later
than 20 business days after the closing of the initial business combination, it will use the commercially reasonable efforts to
file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and we
will use our commercially reasonable efforts to cause the same to become effective within 60 business days following the initial
business combination to have declared effective, a registration statement covering the ordinary shares issuable upon exercise of
the warrants, to maintain a current prospectus relating to those ordinary shares until the warrants expire or are redeemed; provided,
that if the ordinary shares 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 18(b)(1) of the Securities Act, the Company may,
at its 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 elect, it will not be required to file or maintain
in effect a registration statement, but the Company will be required to use its commercially reasonable 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"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Redemption of Warrants </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="text-indent: 0.5in; 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; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&#9679;</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: 0 0 0 1.25in; 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&#9679;</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: 0 0 0 1.25in; 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">upon a minimum of 30 days&rsquo; prior written notice of redemption, which we refer to as the 30-day
redemption period; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">if, and only if, the last reported sale price of our ordinary shares equals or exceeds $16.50 per
share (as adjusted for share splits, share 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will not redeem the warrants unless
a registration statement under the Securities Act covering the ordinary shares issuable upon exercise of the warrants is effective
and a current prospectus relating to those ordinary shares 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 the Company, the Company may exercise its redemption right even if it is unable to
register or qualify the underlying securities for sale under all applicable state securities laws.</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Company call the warrants for redemption
as described above, its management will have the option to require all holders that wish to exercise warrants 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; its management
will consider, among other factors, the cash position, the number of warrants that are outstanding and the dilutive effect on the
Company&rsquo;s shareholders of issuing the maximum number of ordinary shares issuable upon the exercise of our warrants. In such
event, each holder would pay the exercise price by surrendering the warrants for that number of ordinary shares equal to the quotient
obtained by dividing (x) the product of the number of ordinary shares underlying the warrants, multiplied by the excess of the
&ldquo;fair market value&rdquo; over the exercise price of the warrants by (y) the fair market value. The &ldquo;fair market value&rdquo;
shall mean the average volume weighted average last reported sale price of the Class A ordinary shares for the 10 trading days
ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.</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 8 &mdash; SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The
Company evaluated subsequent events and transactions that occurred after the balance sheet date through February 28, 2022<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT>,
</FONT>the date that the financial statements were available to be issued. Based upon this review, the Company did not identify
any subsequent events that would have required adjustment or disclosure in the financial statements.</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"></P>


<!-- Field: Page; Sequence: 192; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">7,500,000
Units</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">Denali Capital
Acquisition Corp.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PRELIMINARY PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2022</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><I>Joint
Book-Running Managers</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Tiger
    Brokers</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>EF
    Hutton</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">division of Benchmark Investments, LLC</FONT></TD>
    </TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 193 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Item&nbsp;13. Other Expenses of Issuance and Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The estimated expenses payable by us in connection
with the offering described in this registration statement (other than the underwriting discount and commissions) will be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">Legal fees and expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">300,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</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="text-align: left">SEC/FINRA Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,434</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Nasdaq listing and filing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</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="text-align: left">Director and Officer liability insurance premiums</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,000</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="padding-bottom: 1pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">193,566</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total offering expenses (excluding underwriting commissions)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,150,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Item&nbsp;14. Indemnification of Directors and Officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cayman Islands law does not limit the extent
to which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors, except
to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against willful default, willful neglect, civil fraud or the consequences of committing a crime. Our amended and restated memorandum
and articles of association will provide for indemnification of our officers and directors to the maximum extent permitted by law,
including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful
neglect. We will enter into agreements with our directors and officers to provide contractual indemnification in addition to the
indemnification provided for in our amended and restated memorandum and articles of association. We expect to 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our officers and directors have agreed to waive
any right, title, interest or claim of any kind in or to any monies in the trust account, and have agreed to waive any right, title,
interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will
not seek recourse against the trust account for any reason whatsoever (except to the extent they are entitled to funds from the
trust account due to their ownership of public shares). Accordingly, any indemnification provided will only be able to be satisfied
by us if (i)&nbsp;we have sufficient funds outside of the trust account or (ii)&nbsp;we consummate an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions,
we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Item&nbsp;15. Recent Sales of Unregistered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 3, 2022, our sponsor entered into
a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class&nbsp;B
ordinary shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Such securities were issued in connection
with our organization pursuant to the exemption from registration contained in Section&nbsp;4(a)(2) of the Securities Act. The
Class&nbsp;B ordinary shares will automatically convert into Class&nbsp;A ordinary shares concurrently with or immediately following
the consummation of our initial business combination on a one-for-one basis, subject to adjustment, as described in this prospectus.
If we increase or decrease the size of this offering, we will effect a share capitalization or a share repurchase or redemption
or other appropriate mechanism, as applicable, with respect to our Class&nbsp;B ordinary shares prior to the consummation of this
offering in such amount as to maintain the number of founder shares at approximately 20% of the total number of Class&nbsp;A ordinary
shares (not including private placement shares) and Class&nbsp;B ordinary shares issued and outstanding at such time (assuming
the underwriters exercise their option to purchase additional units in full).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 194; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor is an accredited investor for purposes
of Rule&nbsp;501 of Regulation&nbsp;D. Each of the equity holders in our sponsor is an accredited investor under Rule&nbsp;501
of Regulation&nbsp;D. The sole business of our sponsor is to act as the company&rsquo;s sponsor in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our sponsor has committed, pursuant to a written
agreement, to purchase an aggregate of 330,000 private placement units (or 352,500 private placement units if the underwriters
exercise their option in full), at a price of $10.00 per unit, in a private placement that will close simultaneously with the closing
of this offering. This issuance will be made pursuant to the exemption from registration contained in Section&nbsp;4(a)(2) of the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No underwriting discounts or commissions were
paid with respect to such sales.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Item&nbsp;16. Exhibits and Financial Statement Schedules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Exhibit Index is incorporated herein by reference.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Item&nbsp;17. Undertakings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements,
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: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>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 Securities
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: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>The undersigned registrant hereby undertakes that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>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&nbsp;430A and contained in a form of prospectus filed by the
registrant pursuant to Rule&nbsp;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 195; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>For the purpose of determining liability under the Securities Act of 1933 of any purchaser, if the registrant is subject to
Rule&nbsp;430C, each prospectus filed pursuant to Rule&nbsp;424(b) as part of a registration statement relating to an offering,
other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;430A, shall
be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in
a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that
was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>For the purpose of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of an undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule&nbsp;424;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by an undersigned registrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 196; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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: 10%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.1</TD>
    <TD>&nbsp;</TD>
    <TD>Form&nbsp;of Underwriting Agreement.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex3-1.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex3-1.htm" STYLE="-sec-extract: exhibit">Memorandum and Articles of Association. </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>3.2</TD>
    <TD>&nbsp;</TD>
    <TD>Form&nbsp;of Amended and Restated Memorandum and Articles of Association.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.1</TD>
    <TD>&nbsp;</TD>
    <TD>Specimen Unit Certificate.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD>&nbsp;</TD>
    <TD>Specimen Class A Ordinary Share Certificate.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex4-3.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex4-3.htm" STYLE="-sec-extract: exhibit">Specimen Warrant Certificate.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex4-4.htm" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex4-4.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Warrant Agreement between VStock Transfer, LLC and the Registrant.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>5.1</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Sidley Austin LLP.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>5.2</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Maples and Calder (Hong Kong) LLP, Cayman Islands Legal Counsel to the Registrant.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Form&nbsp;of Investment Management Trust Agreement between Wilmington Trust, National Association and the
    Registrant.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD>Form&nbsp;of Registration and Shareholder Rights Agreement among the Registrant, the Sponsor and the Holders signatory thereto.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex10-3.htm" STYLE="-sec-extract: exhibit">10.3</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex10-3.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Private Placement Units Purchase Agreement between the Registrant and the Sponsor.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.4</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Indemnity Agreement.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.5</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Administrative Services Agreement between the Registrant and the Sponsor.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex10-6.htm" STYLE="-sec-extract: exhibit">10.6</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex10-6.htm" STYLE="-sec-extract: exhibit">Promissory Note, dated as of February 3, 2022, between the Registrant and the Sponsor.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex10-7.htm" STYLE="-sec-extract: exhibit">10.7</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex10-7.htm" STYLE="-sec-extract: exhibit">Securities Subscription Agreement, dated February 3, 2022, between the Registrant and the Sponsor.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.8</TD>
    <TD>&nbsp;</TD>
    <TD>Form&nbsp;of Letter Agreement between the Registrant, the Sponsor and each director and executive officer of the Registrant.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex23-1.htm">23.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex23-1.htm">Consent of Friedman LLP.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.2</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Sidley Austin LLP (included on Exhibit 5.1).*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.3</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Maples and Calder (Hong Kong) LLP (included on Exhibit 5.2).*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>24.1</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney (included on signature page to the initial filing of this Registration Statement).*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex99-1.htm" STYLE="-sec-extract: exhibit">Consent of Jim Mao</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex99-2.htm" STYLE="-sec-extract: exhibit">Consent of Kevin D. Vassily</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="sa001_ex107.htm" STYLE="-sec-extract: exhibit">107</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="sa001_ex107.htm" STYLE="-sec-extract: exhibit">Calculation of Filing Fee Table</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">*</TD><TD>To be filed by amendment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 197; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of New York, New York, on the 28th&nbsp;day of &nbsp;February, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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"><B>DENALI CAPITAL ACQUISITION CORP.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-left: 14.25pt; text-indent: -14.25pt">&nbsp;</TD>
    <TD STYLE="width: 47%; padding-left: 14.25pt; text-indent: -14.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-indent: 0">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0">/s/ Lei Huang</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 14.25pt; text-indent: -14.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-indent: 0">Name: Lei Huang</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 14.25pt; text-indent: -14.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-indent: 0">Title: Chief Executive Officer</TD></TR>
</TABLE>
<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-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Lei Huang</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer (Principal Executive</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">February 28, 2022</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Lei Huang</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ You (&ldquo;Patrick&rdquo;) Sun</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer (Principal Accounting</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">February 28, 2022</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">You (&ldquo;Patrick&rdquo;) Sun</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Officer and Principal Financial Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 198; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

</BODY>
</HTML>
[{"type": "S-1", "sequence": "1", "filename": "sa001_s1.htm", "description": "FORM S-1", "secsgml_size_bytes": 1468988}]
{"company-data": {"conformed-name": "Denali Capital Acquisition Corp.", "cik": "0001913577", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-263123", "film-number": "22693453"}, "business-address": {"street1": "437 MADISON AVENUE", "street2": "27TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "6469785180"}, "mail-address": {"street1": "437 MADISON AVENUE", "street2": "27TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
As filed with the U.S. Securities and Exchange
Commission on February 28, 2022
Registration No. 333-
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Denali Capital Acquisition Corp.
(Exact name of registrant as specified
in its charter)
Cayman Islands
6770
N/A
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification No.)
437 Madison Avenue, 27
th
Floor
New York, New York 10022
Telephone: 646-978-5180
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Lei Huang
Chief Executive Officer
Denali Capital Acquisition Corp.
437 Madison Avenue, 27
th
Floor
New York, New York 10022
Telephone: 646-978-5180
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies:
David Ni
Sidley Austin LLP
787 Seventh Avenue
New York, New York 10019
Telephone: (212) 839-5900
Michael J. Blankenship
Winston & Strawn LLP
800 Capitol Street, Suite 2400
Houston, Texas 77002
Telephone: (713) 651-2600
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
¨
Accelerated filer
¨
Non-accelerated filer
x
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.
The information in this preliminary 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 preliminary prospectus is not an offer to sell these securities and it is not soliciting
an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION,
DATED FEBRUARY 28, 2022
PRELIMINARY PROSPECTUS
Denali Capital Acquisition Corp.
$75,000,000
7,500,000
Units
Denali Capital Acquisition Corp. is a blank check
company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses or entities, which we refer to as our
initial 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 with respect to an initial
business combination with us. While we will not be limited to a particular industry or geographic region in our identification
and acquisition of a target company, we will not complete our initial business combination with a target that is headquartered
in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).
This is an initial public offering of our securities.
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant.
Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject
to adjustment, terms and limitations as described herein. Only whole warrants are exercisable. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade. The warrants will become exercisable on the later of 30 days after
the completion of our initial business combination or 15 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 our liquidation. The underwriters have a 45-day
option from the date of this prospectus to purchase up to 1,125,000 additional units to cover over-allotments, if any.
We will provide our public shareholders with the
opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of our initial business combination,
subject to the limitations as described herein. If we have not consummated an initial business combination within 15 months from
the closing of this offering (or (i) up to 21 months from the closing of this offering, if we extend the period of time to consummate
a business combination subject to our sponsor depositing additional funds into the trust account, or (ii) during any shareholder
approved extension period, as described in more detail in this prospectus), we will redeem 100% of the public shares, subject to
applicable law and certain conditions as described herein.
Our sponsor, Denali Capital Global Investments
LLC, has agreed to purchase 330,000 private placement units, at a price of $10.00 per unit (or 352,500 private placement units
if the underwriters exercise their over-allotment option in full), in a private placement to occur concurrently with the closing
of this offering. Each private placement unit will be identical to the units sold in this offering, except as described in this
prospectus. We refer to these units as the private placement units throughout this prospectus.
Our initial shareholders, which include our sponsor,
currently own 2,156,250 Class B ordinary shares, up to 281,250 of which are subject to forfeiture depending on the extent
to which the underwriters' over-allotment option is exercised. The Class B ordinary shares will automatically convert
into Class A ordinary shares at the time of our initial business combination. Prior to our initial business combination,
only holders of our Class B ordinary shares will be entitled to vote on the appointment of directors.
Currently, there is no public market for
our securities. We intend to apply to have our units listed on the Nasdaq Global Market ("Nasdaq"), under the
symbol "DECAU." We cannot guarantee that our securities will be approved for listing on Nasdaq. We expect that
the Class A ordinary shares and warrants comprising the units will begin separate trading on Nasdaq under the
symbols "DECA" and "DECAW," respectively, on the 52nd day following the date of this prospectus (or,
if such date is not a business day, the following business day) unless the representatives (defined below) inform us of
their decision to permit earlier separate trading and we have satisfied certain conditions.
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 "Risk Factors" beginning on page 34 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 Securities and Exchange Commission
(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
$
75,000,000
Underwriting discounts and commissions
(1)
$
0.55
$
4,125,000
Proceeds, before expenses, to us
$
9.45
$
70,875,000
(1)
Includes (i) $0.35 per unit, or $2,625,000 in the aggregate (or $3,018,750 in the aggregate
                                                                              if the over-allotment option is exercised in full), payable to the underwriters for deferred underwriting commissions to be
                                                                              placed in a trust account located in the United States, as described herein, and (ii) $0.20 per unit, or $1,500,000 in the
                                                                              aggregate (or $1,725,000 in the aggregate if the over-allotment option is exercised in full), payable to the
                                                                              underwriters upon the closing of this offering. The amounts in the trust account will be released to the underwriters only
                                                                              upon the consummation of an initial business combination. See also "Underwriting" for a description of
                                                                              compensation and other items of value payable to the underwriters. Of the proceeds we receive from this offering and the sale
                                                                              of the private placement units described in this prospectus, $75,000,000, or $86,250,000 if the underwriters'
                                                                              over-allotment option is exercised in full ($10.00 per unit in either case), will be deposited into a U.S. based trust
                                                                              account with Wilmington Trust, National Association acting as trustee, after deducting $1,500,000 (or $1,725,000 if the
                                                                              underwriters exercise their over-allotment option in full) in underwriting discounts and commissions payable upon the closing
                                                                              of this offering and an aggregate of $1,800,000 to pay fees and expenses in connection with the closing of this offering and
                                                                              for working capital following the closing of this offering.
US Tiger Securities, Inc., as a representative
to the underwriters of this offering and a member of the Financial Industry Regulatory Authority, or FINRA, is an affiliate of
Denali Capital Acquisition Corp. due to Lei Huang serving as chief executive officer of both US Tiger Securities, Inc. and Denali
Capital Acquisition Corp. Therefore, US Tiger Securities, Inc. will be deemed to have a "conflict of interest" within
the meaning of FINRA Rule 5121. 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. EF Hutton, division of Benchmark Investments, LLC (previously known as Kingswood
Capital Markets, division of Benchmark Investments, Inc.) ("EF Hutton") is acting as the qualified independent underwriter
and will not receive any additional fees for serving as qualified independent underwriter. US Tiger and EF Hutton are collectively
referred to as the "representatives" in this prospectus.
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.
Joint Book-Running Manager
Joint Book-Running Manager
Tiger Brokers
EF Hutton
division of Benchmark Investments, LLC
The date of this prospectus is           ,
2022
We are responsible for the information contained in this prospectus.
We have not authorized anyone to provide you with different information, and neither we nor the underwriters take any 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.
TABLE OF CONTENTS
Page
SUMMARY
1
RISK FACTORS
34
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY
77
USE OF PROCEEDS
78
DIVIDEND POLICY
81
DILUTION
82
CAPITALIZATION
84
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
85
PROPOSED BUSINESS
91
MANAGEMENT
118
PRINCIPAL SHAREHOLDERS
127
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
129
DESCRIPTION OF SECURITIES
131
TAXATION
152
UNDERWRITING (CONFLICT OF INTEREST)
163
LEGAL MATTERS
174
EXPERTS
174
WHERE YOU CAN FIND ADDITIONAL INFORMATION
174
INDEX TO FINANCIAL STATEMENTS
F-1
Until           ,
2022, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required
to deliver a prospectus. This is in addition to the dealer's obligation to deliver a prospectus when acting as an underwriter
and with respect to unsold allotments or subscriptions.
i
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 "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:
"amended and restated memorandum and articles
of association" are to the amended and restated memorandum and articles of association that the company will adopt prior
to the consummation of this offering;
"Companies Act" are to the Companies
Act (As Revised) of the Cayman Islands as the same may be amended from time to time;
"directors" are to our current directors
and director nominees;
"equity-linked securities" are to
any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued in
a financing transaction in connection with our initial business combination, including but not limited to a private placement of
such securities;
"founder shares" are to our Class B
ordinary shares initially issued to our sponsor in a private placement prior to this offering and the Class A ordinary shares
that will be issued upon the automatic conversion of the Class B ordinary shares at the time of our initial business combination;
"initial shareholders" are to our
sponsor and any other holders of our founder shares immediately prior to this offering;
"letter agreement" refers to the letter
agreement with our sponsor, officers and directors, the form of which is filed as an exhibit to the registration statement of which
this prospectus forms a part;
"management" or our "management
team" are to our officers and directors;
"ordinary shares" are to our Class A
ordinary shares and our Class B ordinary shares;
"private placement shares" are the
330,000 Class A ordinary shares (or 352,500 Class A ordinary shares if the underwriters exercise their over-allotment
option in full) included within the private placement units being purchased separately by our sponsor in the private placement
simultaneously with the closing of this offering;
"private placement units" are to the
units issued to our sponsor in a private placement simultaneously with the closing of this offering;
"private placement warrants" are to
redeemable warrants to purchase an aggregate of 165,000 of our Class A ordinary shares (or 176,250 shares if the underwriters
exercise their over-allotment option in full) included within the private placement units being purchased separately by our sponsor
in the private placement;
"public shares" are to our Class A
ordinary shares 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 sponsor, officers, directors and their respective affiliates to the extent our sponsor, officers,
directors or their respective affiliates purchase public shares, provided that each of their status as a "public shareholder"
only exists 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);
1
"sponsor" are to Denali Capital Global
Investments LLC, a Cayman Islands limited liability company;
"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) and the
private placement units;
"we," "us," "company"
or "our company" are to Denali Capital Acquisition Corp., a Cayman Islands exempted company;
"underwriter's option to purchase
additional units" are to the underwriters' 45-day option to purchase up to an additional 1,125,000 units to cover over-allotments,
if any;
"unicorns" are to start-up companies
and projects with an estimated valuation exceeding $1 billion; and
"US Tiger" are to US Tiger Securities,
Inc., a New Jersey corporation, the representative of the underwriters in this offering.
Any forfeiture of shares described in this prospectus
will take effect as a surrender of shares for no consideration of such shares as a matter of Cayman Islands law. Any conversion
of the Class B ordinary shares described in this prospectus will take effect as a compulsory redemption of Class B ordinary
shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. Any share dividends described in this
prospectus will take effect as share capitalizations as a matter of Cayman Islands law.
Unless we tell you otherwise, the information
in this prospectus assumes that the underwriter will not exercise its option to purchase additional units and our sponsor will
forfeit 281,250 founder shares.
Our Company
We are a blank check company incorporated as a
Cayman Islands exempted company 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. We have not selected any specific 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 with respect to an initial business combination
with us. We are focused on identifying unique business concepts with high-performing organizations that have both aspirations to
accelerate growth and create enduring value within the technology, hospitality or consumer services sector. While we will not be
limited to a particular industry or geographic region in our identification and acquisition of a target company, we intend to focus
on technology, consumer and hospitality and will not complete our initial business combination with a target that is headquartered
in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).
Our Management Team and Board of Directors
Management
Lei Huang,
Chief Executive Officer
Mr. Huang currently serves as the Chief
Executive Officer of US Tiger and is a member of the board of directors of its parent company, UP Fintech Holding Limited
(Nasdaq: TIGR) and is Co-Chief Executive Officer of TradeUP Global Corporation (Nasdaq: TUGC), a special purpose acquisition
company incorporated in January 2021 and TradeUP 88 Corp. (Nasdaq: TUFU), a special purpose acquisition company incorporated
in April 2021 which is currently seeking Nasdaq listing. Mr. Huang also serves as the Chief Executive Officer and is a member
of the board of directors of Fortune Rise Acquisition Corporation (Nasdaq: FRLA), a special purpose acquisition company
incorporated in January 2021 and TradeUP Securities, a broker/dealer company incorporated in December 2021. Mr. Huang also
serves as a member of the board of directors of MDLand International Corporation. Prior to joining US Tiger, Mr. Huang was
the Chief Executive Officer of Haitong Securities USA LLC, and also served as Chief Compliance Officer and Operation Manager
of CICC US Securities, Inc. from 2010 through 2018. Prior to that, Mr. Huang served as a Compliance Officer at Morgan
Stanley, Lehman Brothers and Barclays. Mr. Huang also formerly served as a Regulatory Supervisor at the National Association
of Securities Dealers.
2
Mr. Huang earned an M.S. degree in Global Financial
Analysis from Bentley University.
You ("Patrick") Sun,
Chief Financial
Officer
Mr. Sun is an experienced banking and asset management
professional. Since August 2020, Mr. Sun has served as the Chief Financial Officer of Lake Crystal Energy LLC, an oil and gas company.
As the Chief Financial Officer, Mr. Sun evaluates and sources potential investments in oil and gas assets. He also oversees all
financial functions of the company. Prior to this role, from August 2014 to December 2019, Mr. Sun served as a Vice President and
an E&P Analyst of Seaport Global Securities LLC, a full-service investment bank, capital markets advisory and research platform based
in New York. From July 2008 to May 2012, Mr. Sun served as Vice President of the Pacific Securities Co., Ltd., a Chinese investment
bank and brokerage firm.
Mr. Sun earned an MBA from Washington University
in St. Louis, Olin Business School, and a B.S. degree in Mechanics from Peking University.
Independent Directors
Jim Mao,
Director
Mr. Mao will serve as our Director
upon the effectiveness of our registration statement on Form S-1, of which this prospectus forms a part. Mr. Mao is a
founding and managing partner of Citta Capital ("Citta"), a firm focused on investing in early growth stage
technology startups in Enterprise/SaaS, Blockchain, ESG, AI applications, cloud computing and healthcare technology. As of
December 31, 2021, Citta has a diverse portfolio of companies that includes Kintsugi (a leading AI based mental health
diagnostics company), Openprise, Inc. (automation solutions), Sequoia Games, Inc. (combining the latest technology with
professional sports), SetPoint (clinical stage neuro treatment), Zeit Medical (early heart stroke detection with FDA
breakthrough destination), and Ryu Games (Web3.0 Gamify). Prior to that, Mr. Mao was a Partner at WestSummit Capital
("WSC"), a leading global technology growth capital venture firm. At WSC, Mr. Mao led deal sourcing and
investment activities in the areas of Enterprise, Cloud, Big Data, AI, robotics, and digital media. WSC was a lead investor
of a number of unicorns including Unity, Cloudwise, Twitch, Mirantis, Couchbase, GigaDevice, VeriSilicon and Movidius.
Previously, Mr. Mao worked in Internet, mobile/wireless, digital media, telecom, semiconductor and enterprise software
industries. He has also co-authored five U.S. patents. He has over 20 years of working experience in private equity and
technology sectors, including enterprise software, Internet, mobile applications, digital media, intelligent hardware,
advanced manufacturing/materials, medical devices and clean tech. Prior to WSC, Mr. Mao was Managing Director of Cagan McAfee
Capital Partners, a leading technology-focused private equity firm based in Silicon Valley, during which Mr. Mao was
instrumental in helping portfolio companies raise growth capital, formalize effective business strategy and close large
M&A transactions. Previously, Mr. Mao was General Manager of Asia Pacific Development ("APAC") for Advanced Fibre Communications (acquired by Tellabs), member of the original
founding team and General Manager of APAC for Turin Networks (acquired by Dell), and Vice President and General Manager of
APAC for Cortina Systems, Inc. (acquired by Inphi Corporation). Mr. Mao has led and participated in numerous successful corporate
investments and cross border M&A transactions which have resulted in billions of dollars of value for investors. Mr. Mao
is currently also a director of US Digital Mining Corp.
3
Mr. Mao earned an MBA from the University of Southern
California, an M.S. degree in Electrical and Computer Engineering and a B.S. degree in Applied Physics from the University of
Waterloo.
Kevin D. Vassily,
Director
Mr. Vassily will serve as our Director upon the effectiveness
of our registration statement on Form S-1, of 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. Mr. Vassily is also a member of the board of directors of Fortune Joy International Acquisition Corporation
(Nasdaq: XYGJ), a special purpose acquisition company incorporated in August 2021 which is currently seeking Nasdaq listing. Prior
to this role, 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 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 November 2019, Mr. Vassily
has served as a director of Zhongchao Inc., 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 & private equity firm focused on the "green" economy. 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, where he was responsible for a complete
product overhaul 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. In this role, he was responsible for establishing the firm's presence and relevance covering
Asia Technology. From 2003 to 2006, he served as a Senior Research Analyst in the semiconductor technology group at Susquehanna
International Group, where he was responsible for research in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily
served as a Vice President and Senior Research Analyst for semiconductor capital equipment at Thomas Weisel Partners, where he
was 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.
Mr. Vassily earned a B.A. degree from Denison University and
an MBA from Dartmouth College, Tuck School of Business.
Together, we believe our directors and the rest of our management
team bring additional expertise that will enhance our ability to identify and execute our initial business combination, and may
enhance our ability to execute upon various value creation initiatives after successful completion of our business combination.
Notwithstanding our management team's past experiences, including
investments and transactions in which they have participated and businesses with which they have been associated, past performance
is not a guarantee (i) that we will be able to identify a suitable candidate for our initial business combination or (ii) that
we will provide an attractive return to our shareholders from any business combination we may consummate. 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. In order to minimize potential conflicts of interest which may arise from multiple affiliations,
our officers and directors who are also officers and directors of any other entities will be required to present all suitable target
businesses to such entities prior to presenting them to us, unless 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 such individual is permitted to refer that opportunity
to us without violating another legal obligation. You should not rely on the historical record of our management's performance
as indicative of our future performance. See "Risk Factors — Past performance by our management team or their respective
affiliates may not be indicative of future performance of an investment in us." For a list of our executive officers, directors
and entities for which a conflict of interest may or does exist between such officers, directors and the company, please refer
to "Management — Conflicts of Interest."
4
Business Strategy and Competitive Strengths
Our business strategy is to identify and complete our initial business
combination with a company within the technology, hospitality or consumer services sector. Our selection process will leverage
our team's broad and deep relationship network, unique industry experiences and strong deal sourcing capabilities to access
a broad spectrum of differentiated opportunities. This network has been developed through our team's extensive experience
and demonstrated success in both investing in and operating businesses in our target sectors and across a variety of industries.
Upon completion of this offering, members of our team will communicate
with their networks of relationships to articulate the parameters for our search for a target company and a potential business
combination and begin the process of pursuing and reviewing potential opportunities.
We believe that our management team is well positioned to identify
attractive business combination opportunities with a compelling industry backdrop and an opportunity for transformational growth.
Our team's objectives are to generate attractive returns for shareholders and enhance value through improving operational
performance of the acquired company. We expect to favor opportunities with certain industry and business characteristics. Key industry
characteristics include compelling long-term growth, attractive competitive dynamics, consolidation opportunities and low risk
of technological obsolescence. Key business characteristics include high barriers to entry, significant streams of recurring revenue,
opportunity for operational improvement, attractive steady-state margins, high incremental margins and attractive free cash flow
characteristics. See the section entitled "Proposed Business" for further information on such key industry and business
characteristics we intend to address in our search for and growth of a target business.
Business Combination Criteria
Consistent with our business strategy, we have identified the following
general criteria and guidelines that we believe are important in evaluating prospective target businesses. We will use these criteria
and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business combination with a
target business that does not meet these criteria and guidelines. We intend to seek to acquire businesses that we believe:
·
are fundamentally sound but are underperforming their potential;
·
exhibit unrecognized value or other characteristics that we believe have been misevaluated by the marketplace;
·
are at an inflection point where we believe we can drive improved financial performance;
·
offer opportunities to enhance financial performance through organic initiatives and/or inorganic growth opportunities that we identify in our analysis and due diligence;
·
can benefit from our team's knowledge of the target sectors, proven collection of operational strategies and tools, and past experiences in profitably and rapidly scaling businesses;
·
are valued attractively relative to their existing cash flows and potential for operational improvement; and
·
offer an attractive potential return for our shareholders, weighing potential growth opportunities and operational improvements in the target business against any identified downside risks.
These criteria and guidelines 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 criteria and guidelines as well as other considerations, factors and criteria that our management may deem relevant. However,
we will not complete our initial business combination with a target that is headquartered in China (including Hong Kong and Macau)
or conducts a majority of its business in China (including Hong Kong and Macau). 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 and guidelines in our shareholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents
that we would file with the SEC.
5
Our Acquisition Process
In evaluating a prospective target business, we
expect to conduct a thorough due diligence review which will encompass, among other things, meetings with incumbent management,
document reviews, inspection of facilities, as well as a review of financial, operational, legal and other information which will
be made available to us. We will also utilize our management team's expertise in analyzing and evaluating operating plans,
financial projections and determining the appropriate return expectations given the risk profile of the target business as well
as the suitability of the target to become a public company.
Members of our management team and board of directors
may, directly or indirectly, own founder shares and/or private placement units following this offering and, accordingly, may have
a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. In particular, because the founder shares were purchased at approximately $0.012 per share, the
holders of our founder shares (including our management team that directly or indirectly own founder shares) could make a substantial
profit after our initial business combination even if our public shareholders lose money on their investment as a result of a decrease
in the post-combination value of their ordinary shares (after accounting for any adjustments in connection with an exchange or
other transaction contemplated by the business combination). Further, such 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.
We may, at our option, pursue an Affiliated Joint
Transaction (defined below) opportunity with an entity to which US Tiger, investment funds advised by US Tiger or an officer or
director has a fiduciary or contractual obligation. 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 initial business combination by making
a specified future issuance to any such entity. Our amended and restated memorandum and articles of association 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.
Initial Business Combination
Nasdaq rules require that we must complete one
or more business combinations with a total aggregate fair market value of at least 80% of the value of the assets held in the trust
account (excluding any deferred underwriters' fees and taxes payable on the interest income earned on the trust account)
at the time of our signing of a definitive agreement in connection with our initial business combination. We refer to this as the
80% of net assets test. If our board of directors determines that it 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 or an independent valuation
or appraisal firm, with respect to the satisfaction of such criteria. In addition, pursuant to Nasdaq rules, any initial business
combination must be approved by a majority of our independent directors.
We will
have until 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we will, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination by up to two times, each time by an additional
three months (for a total of 21 months to complete a business combination), subject to the sponsor depositing additional funds
into the trust account as set out below. In connection with any such extension, public shareholders will not be offered the opportunity
to vote on or redeem their shares. Pursuant to the terms of our amended and restated memorandum and articles of association and
the trust agreement to be entered into between us and Wilmington Trust, National Association on the date of this prospectus,
in order to extend the time available for us to consummate our initial business combination for an additional month, our sponsor
or its affiliates or designees must deposit into the trust account $250,000, or up to $287,500 if the underwriter's over-allotment
option is exercised in full ($0.0333 per share in either case), up to an aggregate of $1,500,000, or $0.20 per share, on or prior
to the date of the deadline. We will issue a press release announcing each extension at least three days prior to the deadline.
In addition, we will issue a press release the day after the deadline, announcing whether the funds have been timely deposited.
Our sponsor and its affiliates or designees are obligated to fund the trust account in order to extend the time for us to complete
our initial business combination, but our sponsor will not be obligated to extend such time. In addition to the foregoing arrangements,
we may extend the period of time to consummate a business combination by a shareholder vote to amend our amended and restated memorandum
and articles of association.
6
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 outstanding 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, 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 a controlling interest in the target business sufficient for it not to be required to register
as an investment company under the Investment Company Act of 1940, as amended (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
our initial business combination may collectively own a minority interest in the post-transaction company, depending on valuations
ascribed to the target and us in our initial business combination transaction. For example, we could pursue a transaction in which
we issue a substantial number of new shares in exchange for all of the outstanding shares of a target. In this case, we would acquire
a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our shareholders
immediately prior to our initial business combination could own less than a majority of our issued and outstanding shares after
our initial business combination. 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 taken into account for purposes of the 80% of net assets test. If our initial 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. In addition, we have
agreed not to enter into a definitive agreement regarding an initial business combination without the prior consent of our sponsor.
If our securities are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% of
net asset test.
We may, at our option, pursue a business combination
opportunity jointly with one or more entities affiliated with US Tiger and/or one or more investors in funds or separate accounts
managed by or affiliated with US Tiger, which we refer to as an "Affiliated Joint Transaction." Any such parties would
co-invest only if (i) permitted by applicable regulatory and other legal limitations; (ii) we and US Tiger considered a transaction
to be mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the
strategic merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to
fund the initial business combination and/or the desire to obtain committed capital for closing the initial business combination.
An Affiliated Joint Transaction may be effected through a co-investment with us in the target business at the time of our initial
business combination, or we could raise additional proceeds to complete the initial business combination by issuing to such parties
a class of equity or equity-linked securities. We refer to this potential future issuance, or a similar issuance to other specified
purchasers, as a "specified future issuance" throughout this prospectus. The amount and other terms and conditions
of any such specified future issuance would be determined at the time thereof. We are not obligated to make any specified future
issuance and may determine not to do so. This is not an offer for any specified future issuance. Pursuant to the anti-dilution
provisions of our Class B ordinary shares, any such specified future issuance would result in an adjustment to the conversion ratio
such that our initial shareholders and their permitted transferees, if any, would retain their aggregate percentage ownership of
founder shares at 20% of the sum of the total number of all ordinary shares issued and outstanding upon completion of this offering
plus all shares issued in the specified future issuance, unless the holders of a majority of the then-issued and outstanding Class
B ordinary shares agreed to waive such adjustment with respect to the specified future issuance at the time thereof. We cannot
determine at this time whether a majority of the holders of our Class B ordinary shares at the time of any such specified future
issuance would agree to waive such adjustment to the conversion ratio. They may waive such adjustment due to (but not limited to)
the following: (i) closing conditions which are part of the agreement for our initial business combination; (ii) negotiation with
Class A shareholders on structuring an initial business combination; (iii) negotiation with parties providing financing which would
trigger the anti-dilution provisions of the Class B ordinary shares; or (iv) as part of the Affiliated Joint Transaction. If such
adjustment is not waived, the specified future issuance would not reduce the percentage ownership of holders of our Class B ordinary
shares, but would reduce the percentage ownership of holders of our Class A ordinary shares. If such adjustment is waived, the
specified future issuance would reduce the percentage ownership of holders of both classes of our ordinary shares.
7
To the extent we effect our initial business combination
with a company or business that may be financially unstable or in its early stages of development or growth, we may be affected
by numerous risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in
a particular target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.
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 initial 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.
Other Considerations
We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with a company that is affiliated with our sponsor or any of our officers or directors, we, or
a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such 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.
We currently do not have any specific business
combination under consideration. Our officers and directors have neither individually selected nor considered a target business
nor have they had any substantive discussions regarding possible target businesses among themselves or with our underwriters or
other advisors. Our management team is regularly 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) contacted any prospective target business
or had any substantive discussions, formal or otherwise, with respect to a business combination transaction with our company. Additionally,
we have not, nor has anyone on our behalf, taken any substantive measure, directly or indirectly, to identify or locate any suitable
acquisition candidate for us, nor have we engaged or retained any agent or other representative to identify or locate any such
acquisition candidate.
In addition, certain of our officers and directors
presently have, and any of them in the future may have, additional fiduciary and contractual duties to other entities. As a result,
if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which
the officer or director has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman
Islands law, the officer or director will need to honor such fiduciary or contractual obligations to present such business combination
opportunity to such entity, before we can pursue such opportunity. If these other entities decide to pursue any such opportunity,
we may be precluded from pursuing the same. However, we do not expect these duties to materially affect our ability to complete
our initial business combination. Our amended and restated memorandum and articles of association will provide that, to the fullest
extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and
to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities
or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate
in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and
us, on the other. Our officers and directors would continue to be subject to all other fiduciary duties owed to us and our shareholders
and no other waivers of their respective fiduciary obligations have been provided to any such officers and directors. We do not
have any plan for any waiver of the fiduciary duties of our officers and directors post-business combination.
8
Our officers and directors are not required to commit any specified
amount of time to our affairs, and, accordingly, will have conflicts of interest in allocating management time among various business
activities, including identifying potential business combinations and monitoring the related due diligence. We do not believe,
however, that any such potential conflicts would materially affect our ability to complete our initial business combination.
Corporate Information
Our executive offices are located at 437 Madison Avenue, 27
th
Floor, New York, New York 10022, and our telephone number is 646-978-5180.
We are a Cayman Islands exempted company. Exempted companies are
Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted from complying with certain
provisions of the Companies Act. As an exempted company, we have applied for and received a tax exemption undertaking from the
Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (As Revised) of the Cayman Islands,
for a period of 20 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any tax to be
levied on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to be levied
on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable (i) on
or in respect of our shares, debentures or other obligations or (ii) by way of the withholding in whole or in part of a payment
of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or interest or other
sums due under a debenture or other obligation of us.
We are 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 Our Business Startups Act of 2012, (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 (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 ordinary shares that are held by non-affiliates exceeds
$700 million as of the prior June 30, 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" 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 ordinary shares held
by non-affiliates exceeds $250 million as of the prior June 30, or (2) our annual revenues exceeded $100 million
during such completed fiscal year and the market value of our ordinary shares held by non-affiliates exceeds $700 million
as of the prior June 30.
9
The Offering
In deciding whether to invest in our securities,
you should take into account not only the backgrounds of the members of our management team, 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 below entitled "Risk Factors" of this
prospectus.
Securities offered
7,500,000 units (or 8,625,000 units if the underwriters' over-allotment
        option is exercised in full), at $10.00 per unit, each unit consisting of:
·
one
Class A ordinary share; and
·
one-half of one redeemable warrant.
Proposed Nasdaq symbols
Units: "DECAU"
Class A ordinary shares: "DECA"
Warrants: "DECAW"
Trading commencement and separation of Class A ordinary shares and warrants
The units are expected to begin trading on or promptly after the date of this prospectus. The Class A ordinary shares and warrants comprising the units will begin separate trading on the 52nd 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 Class A ordinary shares 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 Class A ordinary shares and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless 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 the Class A ordinary shares and warrants is prohibited until we have filed a Current Report on Form 8-K
In no event will the Class A ordinary shares 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 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.
Units:
Number outstanding before this offering and the private placement:
0
Number of placement units to be sold in a private placement simultaneously with this offering:
330,000
(1)
10
Number outstanding after this offering and the private placement:
7,830,000
(1)
Ordinary shares:
Number outstanding before this offering:
2,156,250
(2)
Number outstanding after this offering and the private placement:
9,705,000
(3)
Warrants:
Number of private placement warrants to be issued in a private placement simultaneously with this offering:
165,000
Number of warrants to be outstanding after this offering and the sale of private placement units:
3,915,000
(4)
(1)
Assumes no exercise of the underwriters' over-allotment
option.
(2)
Includes 281,250 founder shares that are subject to forfeiture
depending on the extent to which the underwriters' over-allotment option is exercised. Except as otherwise specified, the
rest of this prospectus has been drafted to give effect to the full forfeiture of these 281,250 founder shares. Founder shares
are currently classified as Class B ordinary shares, which shares will automatically convert into Class A ordinary shares
at the time of our initial business combination as described below adjacent to the caption "Founder shares conversion and
anti-dilution rights" and in our amended and restated memorandum and articles of association.
(3)
Comprised of 7,500,000 public shares, 330,000 Class A
ordinary shares underlying the private placement units and 1,875,000 founder shares, assuming 281,250 founder shares have been
forfeited.
(4)
Comprised of 3,750,000 public warrants included in the
units to be sold in this offering and 165,000 private placement warrants to be included in the units to be sold in the private
placement, which assumes no exercise of the underwriters' over-allotment option.
Exercisability
Each whole warrant is exercisable to purchase one Class A ordinary
        share, subject to adjustment as described herein. Only whole warrants are exercisable.
We structured each unit to contain one-half of one warrant, with
        each whole warrant exercisable for one Class A ordinary share, as compared to units issued by some other similar blank check
        companies which contain whole warrants exercisable for one whole share, in order to reduce the dilutive effect of the warrants
        upon completion of our initial business combination as compared to units that each contain a whole warrant to purchase one whole
        share, thus making us, we believe, a more attractive business combination partner for target businesses.
Exercise price
$11.50 per whole share, subject to adjustments as described herein. In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (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 volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the "Market Value") is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $16.50 per share redemption trigger price described adjacent to "Redemption of warrants when the price per Class A ordinary share equals or exceeds $16.50" will be adjusted (to the nearest cent) to be equal to 165% of the higher of the Market Value and the Newly Issued Price.
11
Exercise period
The warrants will become exercisable on the later of:
·
30
        days after the completion of our initial business combination; and
·
twelve
        months from the closing of this offering;
provided
in each case that we have an effective registration
        statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants
        and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under
        the securities, or blue sky, laws of the state of residence of the holder (or we permit holders to exercise their warrants on a
        cashless basis under the circumstances specified in the warrant agreement). If and when the warrants become redeemable by us, we
        may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
        state securities laws.
We are not registering the Class A ordinary shares issuable
        upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 20
        business days, after the closing of our initial business combination, we will use our commercially reasonable efforts to file with
        the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and we will
        use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our
        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 our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange
        such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we
        may, at our option, require holders of 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. 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 we will have failed to maintain an effective registration
        statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or
        another exemption, and we will use our commercially reasonable efforts to register or qualify the shares under applicable blue
        sky laws to the extent an exemption is not available.
12
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 when the price per Class A ordinary share equals or exceeds $16.50
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 reported sale price (the "
closing price
") of our 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 "Description of Securities
        — Warrants — Public shareholders' warrants — Anti-dilution         adjustments") 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 as described above unless an effective
        registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants
        is effective and a current prospectus relating to those Class A ordinary shares 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 even if we are unable
        to register or qualify the underlying securities for sale under all applicable state securities laws.
If we call the warrants for redemption as described above, our management
        will have the option to require all holders that wish to exercise warrants 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 Class A ordinary shares issuable upon the exercise of our warrants. In such event, each holder would
        pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained
        by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of
        the "fair market value" (described below) of our Class A ordinary shares over the exercise price of the warrants
        by (y) the fair market value. The "fair market value" shall mean the average volume weighted average last reported
        sale price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which
        the notice of redemption is sent to the holders of warrants.
13
Founder shares
On February 3, 2022, our sponsor entered into a securities subscription
        agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B ordinary shares for an aggregate
        purchase price of $25,000 or approximately $0.012 per share. Prior to the initial investment in the company by the sponsor, the
        company had no assets, tangible or intangible. The per share price of the founder shares was determined by dividing the amount
        contributed to the company by the number of founder shares issued. If we increase or decrease the size of this offering, we will
        effect a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable, with respect to
        our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of
        founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding ordinary shares upon the consummation
        of this offering (not including the private placement shares). Up to 281,250 founder shares are subject to forfeiture by the sponsor,
        depending on the extent to which the underwriters' over-allotment option is exercised.
The founder shares are identical to the Class A ordinary shares
        included in the units being sold in this offering, except that:
·
the
        founder Class B ordinary shares will automatically convert into our Class A ordinary shares at the time of our initial business
        combination;
·
the
        founder shares are subject to certain transfer restrictions, as described in more detail below;
·
prior
        to our 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 our founder shares may remove a member of the board of directors for any reason;
·
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 our founder shares will have ten votes for every founder
        share and holders of our Class A ordinary shares will have one vote for every Class A ordinary share;
14
·
our
        sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive
        their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion
        of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum
        and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary
        shares the right to have their shares redeemed 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 15 months from the closing of this offering (or up to 21 months
        from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail
        in this prospectus, or as may be extended by the Shareholder Extension Period (which is defined below), as applicable) or (B) with
        respect to any other provision relating to the rights of holders of our Class A ordinary shares. Additionally, our sponsor has
        agreed to waive its rights to liquidating distributions from the trust account with respect to its founder shares if we fail to
        complete our initial business combination within the prescribed time frame. If we do not complete our initial business combination,
        the private placement warrants will expire worthless. Except as described herein, our sponsor and our directors and executive officers
        have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion
        of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class
        A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
        recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
        initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction
        that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other
        property. Except as described herein, the private placement units will not be transferable until 30 days following the completion
        of our initial business combination. Because each of our executive officers and director nominees will own ordinary shares or warrants
        directly or indirectly, they may have a conflict of interest in determining whether a particular target business is an appropriate
        business with which to effectuate our initial business combination; and
·
the
        founder shares are entitled to registration rights.
15
If we seek shareholder approval of our initial business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders' founder shares and private placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are voted and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial business combination at the meeting in order to have our initial business combination approved. However, assuming only the minimum number of shares representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are voted, and assuming the over-allotment option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding shares are voted and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial business combination at the meeting in order to have our initial business combination approved.
Transfer restrictions on founder shares
Except as described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect to any founder shares.
Founder shares conversion and anti-dilution rights
The founder shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares, at the time of our initial business combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, approximately 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of this offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination (after giving effect to any redemptions of Class A ordinary shares by public shareholders), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement units issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans. Any conversion of Class B ordinary shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.
16
Appointment of directors; Voting rights
Prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors. In addition, 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 our founder shares will have ten votes for every founder share and holders of our Class A ordinary shares will have one vote for every Class A ordinary share and, as a result, our initial shareholders will be able to approve any such proposal without the vote of any other shareholder. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less than 90% of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple majority of our Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. In connection with our initial business combination, we 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.
Private placement units
Our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 330,000 private placement units, at the price of $10.00 per unit, in a private placement that will close simultaneously with the closing of this offering. Certain of the proceeds of the purchase price of the private placement units will be added to the proceeds from this offering to be held in the trust account. If we do not complete our initial business combination within 15 months from the closing of this offering
(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
, the proceeds of the sale of the private placement units held in the trust account will be used to fund the redemption of our Class A ordinary shares (subject to the requirements of applicable law), and the private placement warrants will expire worthless. The terms and provision of the private placement warrants will be identical to that of the public warrants. In addition, the private placement warrants will be entitled to certain registration rights.
Transfer restrictions on private placement units and underlying securities
The private placement units and the securities underlying the private placement units will not be transferable,
    assignable or salable until 30 days after the completion of our initial business combination, except as described herein
    under "Principal Shareholders — Transfers of Founder Shares and Private Placement Units."
17
Proceeds to be held in trust account
Of the proceeds we will receive from this offering and the sale
        of the private placement units described in this prospectus, $75,000,000, or $86,250,000 if the underwriters' over-allotment
        option is exercised in full ($10.00 per unit in either case), will be deposited into a segregated non-interest bearing trust account
        located in the United States with Wilmington Trust, National Association acting as trustee. The proceeds to be placed in
        the trust account include $2,625,000 (or $3,018,750 if the underwriters' over-allotment option is exercised in full) in deferred
        underwriting commissions. We anticipate the funds in the trust account will be invested only in specified U.S. government treasury
        bills or in specified money market funds.
Except with respect to interest earned on the funds held in the
        trust account that may be released to us to pay our franchise and income taxes, if any, our amended and restated memorandum and
        articles of association, as discussed below and subject to the requirements of law and regulation, will provide that the proceeds
        from this offering and the sale of the private placement units held in the trust account will not be released from the trust account
        (1) to us, until the completion of our initial business combination, or (2) to our public shareholders, until the earliest
        of (a) the completion of our initial business combination, and then only in connection with those Class A ordinary shares
        that such shareholders properly elected to redeem, subject to the limitations described herein, (b) the redemption of any
        public shares properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles
        of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares
        the right to have their shares redeemed 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 15 months from the closing of this offering
(or
        up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
        in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
or (B) with
        respect to any other provision relating to the rights of holders of our Class A ordinary shares, and (c) the redemption
        of our public shares if we have not consummated our business combination within 15 months from the closing of this offering
(or
        up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
        in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
, subject to
        applicable law. Public shareholders who redeem their Class A ordinary shares in connection with a shareholder vote described
        in clause (b) in the preceding sentence shall not be entitled to funds from the trust account upon the subsequent completion
        of an initial business combination or liquidation if we have not consummated an initial business combination within 15 months from
        the closing of this offering
(or up to 21 months from the closing of this offering, if we
        extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended
        by the Shareholder Extension Period, as applicable)
, with respect to such Class A ordinary shares so redeemed. 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.
18
Extension of time to complete business combination
We will have until 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination within 15 months, we will, by resolution of our board if requested by our sponsor, extend the period of time to consummate a business combination by up to two times, each time by an additional three months (for a total of 21 months to complete a business combination), subject to the sponsor depositing additional funds into the trust account as set out below. In connection with any such extension, public shareholders will not be offered the opportunity to vote on or redeem their shares. Pursuant to the terms of our amended and restated memorandum and articles of association and the trust agreement to be entered into between us and Wilmington Trust, National Association on the date of this prospectus, in order to extend the time available for us to consummate our initial business combination for an additional month, our sponsor or its affiliates or designees must deposit into the trust account $250,000, or up to $287,500 if the underwriter's over-allotment option is exercised in full ($0.0333 per share in either case), up to an aggregate of $1,500,000, or $0.20 per share, on or prior to the date of the deadline. We will issue a press release announcing each extension at least three days prior to the deadline. In addition, we will issue a press release the day after the deadline, announcing whether the funds have been timely deposited. Our sponsor and its affiliates or designees are obligated to fund the trust account in order to extend the time for us to complete our initial business combination, but our sponsor will not be obligated to extend such time. In addition to the foregoing arrangements, we may extend the period of time to consummate a business combination by a shareholder vote to amend our amended and restated memorandum and articles of association ("Shareholder Extension Period").
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 treasury obligations 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. Assuming current treasury returns, we anticipate immaterial funds from the
        trust account investments; however, we can provide no assurances regarding this amount. 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 placement units not held in the trust account, which will be approximately
        $650,000 in working capital (including for the payments of director and officer liability insurance premiums) after the payment
        of approximately $2,650,000 (or $2,875,000 if the underwriters exercise their over-allotment option in full) in non-reimbursed
        expenses relating to this offering; and
19
·
any loans or additional investments from our sponsor or an affiliate of our sponsor or certain of our officers and directors, although they are under no obligation to advance funds to us in such circumstances, 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
So long as our securities are then listed on Nasdaq, 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 net assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest
        earned on the trust account) at the time of signing a definitive agreement in connection with our initial business combination.
        If our board of directors determines that it 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 or another independent entity that commonly
        renders valuation opinions 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. If our securities are not then listed on Nasdaq for whatever reason,
        we would no longer be required to meet the foregoing 80% of net asset test. In addition, pursuant to Nasdaq rules, any initial
        business combination must be approved by a majority of our independent directors.
We will complete our initial business combination only if the post-business
        combination company in which our public shareholders own shares will own or acquire 50% or more of the outstanding voting securities
        of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register
        as an investment company under the Investment Company Act. Even if the post-business combination company owns or acquires 50% or
        more of the voting securities of the target, our shareholders prior to our initial 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-business combination 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.
20
Permitted purchases and other transactions with respect to our securities
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 sponsor,
        directors, executive officers, advisors or their affiliates may purchase public shares or warrants in privately negotiated transactions
        or in the open market either prior to or following the completion of our initial business combination. Additionally, at any time
        at or prior to our initial business combination, subject to applicable securities laws (including with respect to material nonpublic
        information), our sponsor, directors, executive officers, advisors or their affiliates may enter into transactions with investors
        and others to provide them with incentives to acquire public shares, vote their public shares in favor of our initial business
        combination or not redeem their public shares. 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 held in the trust account
        will be used to purchase public shares or warrants in such transactions. If they engage in such transactions, they will be restricted
        from making 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 (the "Exchange
        Act"). After the consummation of this offering, we will adopt an insider trading policy which will require insiders to: (i) refrain
        from purchasing securities during certain blackout periods and when they are in possession of any material non-public information;
        and (ii) clear all trades with a designated officer prior to execution. We cannot currently determine whether our insiders will
        make such purchases pursuant to a Rule 10b5-1 plan, as it will be dependent upon several factors, including, but not limited
        to, the timing and size of such purchases. Depending on such circumstances, our insiders may either make such purchases pursuant
        to a Rule 10b5-1 plan or determine that such a plan is not necessary.
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.
        Any such purchases will be reported pursuant to Section 13         and Section 16 of the Exchange Act to the
        extent         such purchasers are subject to such reporting requirements. See "Proposed         Business —
        Effecting Our Initial         Business Combination — Permitted purchases and other transactions with respect to our
        securities" for a         description of how our sponsor, directors, executive officers, advisors or their affiliates
        will select         which         shareholders to purchase securities from in any private transaction.
The purpose of any such transaction could be to (1) vote in
        favor of the business combination and thereby increase the likelihood of obtaining shareholder approval of the business combination,
        (2) reduce the number of public warrants outstanding or vote such warrants on any matters submitted to the warrant holders
        for approval in connection with our initial business combination or (3) 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 initial business combination,
        where it appears that such requirement would otherwise not be met. Any such purchases of our securities may result in the completion
        of our initial business combination that may not otherwise have been possible. In addition, if such purchases are made, the public
        "float" of our Class A ordinary shares or public warrants 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.
21
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 Class A ordinary shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of then-issued and outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the completion of our initial business combination with respect to our warrants. Further, we will not proceed with redeeming our public shares, even if a public shareholder has properly elected to redeem its shares, if a business combination does not close. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering
(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares.
Limitations on redemptions
Our amended and restated memorandum and articles of association will provide that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either prior to or upon consummation of an initial business combination. However, a greater net tangible asset or cash requirement 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 Class A ordinary shares 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 Class A ordinary shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.
22
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 general 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 requirement. Asset acquisitions and
        share purchases would not typically require shareholder approval, while direct mergers with our company and any transactions where
        we issue more than 20% of our issued and outstanding ordinary shares or seek to amend our amended and restated memorandum and articles
        of association would typically require shareholder approval. We currently intend to conduct redemptions in connection with a shareholder
        vote unless shareholder approval is not required by applicable law or stock exchange listing requirement or we choose to conduct
        redemptions pursuant to the tender offer rules of the SEC for business or other reasons.
If we hold a shareholder vote to approve our initial business combination,
        we will:
·
conduct
        the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the
        solicitation of proxies, and not pursuant to the tender offer rules; and
·
file
        proxy materials with the SEC.
If we seek shareholder approval of our initial business combination,
        we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands
        law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company.
        In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in
        favor of our initial business combination. As a result, in addition to our initial shareholders' founder shares and private
        placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are voted and the over-allotment
        option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial business combination
        at the meeting in order to have our initial business combination approved. However, assuming only the minimum number of shares
        representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are voted, and assuming the over-allotment
        option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding shares are voted and the over-allotment
        option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial business combination
        at the meeting in order to have our initial business combination approved.
23
Each public shareholder may elect to redeem their public shares
        irrespective of whether they vote for or against the proposed transaction or vote at all. Our amended and restated memorandum and
        articles of association will require that at least five days' notice will be given of any such general meeting.
If we conduct redemptions pursuant to the tender offer rules of
        the SEC, we will, pursuant to our amended and restated memorandum and articles of association:
·
conduct
        the redemptions pursuant to Rule 13e-4 and Regulation 14E of 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
        of the Exchange Act, which regulates the solicitation of proxies.
Upon the public announcement of our initial business combination,
        if we elect to conduct redemptions pursuant to the tender offer rules, we and our sponsor will terminate any plan established in
        accordance with Rule 10b5-1 to purchase our Class A ordinary shares in the open market, in order to comply with Rule 14e-5
        under the Exchange Act.
In the event 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 the number of public shares we
        are permitted to redeem. If public shareholders tender more shares than we have offered to purchase, we will withdraw the tender
        offer and not complete such initial business combination.
24
Limitation on redemption rights of shareholders holding more than 15% 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 initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering, without our prior consent. 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, our sponsor 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 initial 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 initial business combination.
Release of funds in trust account on closing of our initial business combination
On the completion of our initial business combination, the funds held in the trust account will be disbursed directly by the trustee to pay amounts due to any public shareholders who properly exercise their redemption rights as described above adjacent to the caption "Redemption rights for public shareholders upon completion of our initial business combination," to pay the underwriters their deferred underwriting commissions, 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 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 the redemption of our public shares, 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 companies or for working capital.
Redemption of public shares and distribution and liquidation if no initial business combination
Our amended and restated memorandum and articles of association will provide that we will have only 15 months from the closing of this offering
(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
to consummate our initial business combination. If we have not consummated an initial business combination within 15 months from the closing of this offering
(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
, 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 franchise and income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands 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 consummate an initial business combination within 15 months from the closing of this offering
(or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
.
25
Our sponsor and each member of our management team have entered
        into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust
        account with respect to any founder shares they hold if we fail to consummate an initial business combination within 15 months
        from the closing of this offering
(or up to 21 months from the closing of this offering,
        if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may
        be extended by the Shareholder Extension Period, as applicable),
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.
The underwriters have agreed to waive their rights to their deferred
        underwriting commission held in the trust account in the event we do not consummate an initial business combination within 15 months
        from the closing of this offering
(or up to 21 months from the closing of this offering,
        if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may
        be extended by the Shareholder Extension Period, as applicable)
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.
Our sponsor, executive officers, directors and director nominees
        have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum
        and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A
        ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering
(or
        up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
        in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
or (B) with
        respect to any other provision relating to the rights of holders of our Class A ordinary shares; unless we provide our public
        shareholders with the opportunity to redeem their Class A ordinary shares 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 franchise and income taxes, if any, divided by the number
        of the then-issued and outstanding public shares, subject to the limitations described above adjacent to the caption "Limitations
        on redemptions." For example, our board of directors may propose such an amendment if it determines that additional time
        is necessary to complete our initial business combination. In such event, we will conduct a proxy solicitation and distribute proxy
        materials pursuant to Regulation 14A of the Exchange Act seeking shareholder approval of such proposal and, in connection
        therewith, provide our public shareholders with the redemption rights described above upon shareholder approval of such amendment.
        This redemption right shall apply in the event of the approval of any such amendment, whether proposed by our sponsor, any executive
        officer, director or director nominee, or any other person.
26
Our amended and restated memorandum and articles of association will provide that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.
Limited payments to insiders
There will be no finder's fees, reimbursements or cash payments
        made by the company to our sponsor, officers or directors, or their affiliates, for services rendered to us prior to or in connection
        with the completion of our initial business combination, other than the following payments, none of which will be made from the
        proceeds of this offering and the sale of the private placement units held in the trust account prior to the completion of our
        initial business combination:
·
Repayment
        of up to an aggregate of $400,000 in loans made to us by our sponsor to cover offering-related and organizational expenses;
·
Payment
        to US Tiger of its underwriting discount, fees for any financial advisory, placement agency or other similar investment banking
        services US Tiger may provide to our company in the future, including in connection with the closing of our initial business combination,
        and reimbursement of US Tiger for any out-of-pocket expenses incurred by it in connection with the performance of such services;
·
Reimbursement
        for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination;
        and
27
·
Repayment
        of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction
        costs in connection with an intended initial business combination. Up to $1,500,000 of such loans may be convertible into units
        of the post-business combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical
        to the private placement units. Except for the foregoing, the terms of such loans, if any, have not been determined and no written
        agreements exist with respect to such loans.
Any such payments will be made either (i) prior to our initial
        business combination using proceeds of this offering and the sale of the private placement units held outside the trust account
        or from loans made to us by our sponsor or an affiliate of our sponsor or certain of our officers and directors or (ii) in
        connection with or after the consummation of our initial business combination.
Audit Committee
We will establish and maintain an audit committee, which will be composed entirely of independent directors. Among its
    responsibilities, the audit committee will review on a quarterly basis all payments that were made by us to our sponsor,
    officers or directors, or their affiliates and monitor compliance with the other terms relating to this offering. If any
    noncompliance is identified, then the audit committee will be charged with the responsibility to promptly 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 entitled "Management — Committees of the Board of Directors — Audit
    committee."
Conflicts of Interest
Our chief executive officer, Lei Huang, is also the chief executive officer of US Tiger, a representative to the underwriters to this offering. As a result, US Tiger is deemed to have a "conflict of interest" under FINRA Rule 5121(f)(5). Accordingly, our initial public offering will be made in compliance with FINRA Rule 5121, 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 EF Hutton, division of Benchmark Investments, LLC (previously known as Kingswood Capital Markets, division of Benchmark Investments, Inc.) ("EF Hutton") 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 EF Hutton against certain liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. EF Hutton will not receive any additional fees 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.
28
As a result, affiliates of our sponsor and their respective clients
        may compete with us for acquisition 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. In addition,
        investment ideas generated within US Tiger, including by any of our officers and other persons who may make decisions for the company,
        may be suitable both for us and for affiliates of our sponsor or any of their respective clients, and will be directed initially
        to such persons rather than to us. None of US Tiger nor members of our management team who are also employed by US Tiger or any
        of its affiliates have any obligation to present us with any opportunity for a potential business combination of which they become
        aware unless it is offered to them solely in their capacity as a director or officer of the Company and after they have satisfied
        their contractual and fiduciary obligations to other parties.
Our sponsor, officers, directors, US Tiger and their affiliates may participate in the formation of, or become an officer or
director of, any other blank check company prior to completion of our initial business combination. In particular, certain of our
executive officers and directors also serve as executive officers or directors of Fortune Rise Acquisition Corp. (Nasdaq: FRLA),
Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), and TradeUP Global Corporation (Nasdaq:
TUGC), each of which is focused on searching for businesses that may provide significant opportunities for attractive investor
returns in industries similar to the industries in which our search is focused. As a result, our sponsor, officers or directors
could have conflicts of interest in determining whether to present business combination opportunities to us or to any other blank
check company with which they may become involved.
US Tiger will own approximately 50,000 founder shares prior
to the offering. Our sponsor has committed to transfer such shares to US Tiger at the original purchase price as designee of Mr.
Huang. We may utilize Mr. Huang'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 Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP
88 Corp. (Nasdaq: TUFU), TradeUP Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC). If we engage
US Tiger to assist with marketing of our business combination, we may compete with Fortune Rise Acquisition Corp. (Nasdaq: FRLA),
Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), TradeUP Acquisition Corp. (Nasdaq:
UPTD), and TradeUP Global Corporation (Nasdaq: TUGC) for business opportunities. As described herein, each of our officers and
directors presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations or duties
to one or more other entities pursuant to which such officer or director is or will be required to present a business combination
opportunity to such entities, including Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp.
(Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), TradeUP Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq:
TUGC). Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable
for one or more entities to which he or she has fiduciary, contractual or other obligations or duties, including Fortune Rise
Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU),
TradeUP Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC), he or she will honor these obligations
and duties to present such business combination opportunity to such entities first, and only present it to us if such entities
reject 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.
29
Notwithstanding the foregoing, we may, at our option, pursue an
        Affiliated Joint Transaction opportunity with any such fund or other investment vehicle. Any such parties would co-invest only
        if (i) permitted by applicable regulatory and other legal limitations; (ii) we and US Tiger considered a transaction
        to be mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as
        the strategic merits of including such co-investors, the need for additional capital beyond the amount held in our trust account
        to fund the initial business combination and/or the desire to obtain committed capital for closing the initial business combination.
        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 initial business combination by making a specified future issuance to any such fund or vehicle.
The potential conflicts described above may limit our ability to
        enter into a business combination or other transactions. These circumstances could give rise to numerous situations where interests
        may conflict. There can be no assurance that these or other conflicts of interest with the potential for adverse effects on the
        Company and investors will not arise.
30
Summary of Risk Factors
We are a newly incorporated blank check 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 of this prospectus entitled "Risk Factors."
Such risks include, but are not limited to:
·
We are a newly incorporated blank check company with no operating history and no revenues, and you have no basis on which to
evaluate our ability to achieve our business objective.
·
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."
·
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 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 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.
·
The ability of our 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.
·
The ability of our 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 shares.
·
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.
·
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 $10.00 per share, or less than such amount in certain circumstances, and our warrants will expire
worthless.
31
·
If the net proceeds of this offering and the sale of the private placement units not being held in the trust account are insufficient
to allow us to operate for the 15 months following the closing of this offering
(or up to
21 months, as applicable)
, it could limit the amount available to fund our search for a target business or businesses and
our ability to complete our initial business combination, and we will depend on loans from our sponsor, its affiliates or members
of our management team to fund our search and to complete our initial business combination.
·
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 novel coronavirus ("COVID-19") outbreak.
·
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.
·
If we seek shareholder approval of our initial business combination, our sponsor, directors, executive officers, advisors and
their affiliates may elect to purchase shares from public shareholders, which may influence a vote on a proposed business combination
and reduce the public "float" of our Class A ordinary shares.
·
If a public 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.
·
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.
·
Our shareholders will not be entitled to protections normally afforded to investors of many other blank check companies.
·
We may not have sufficient funds to satisfy indemnification claims of our directors and executive officers.
·
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.
·
We may be a passive foreign investment company, or "PFIC," which could result in adverse U.S. federal income tax
consequences to U.S. investors.
·
We may reincorporate in another jurisdiction in connection with our initial business combination and such reincorporation may
result in taxes imposed on shareholders.
32
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.
February 7, 2022
Actual
As Adjusted
Balance Sheet Data:
Working capital (deficiency)
(1)
$
(225,010
)
$
668,667
Total assets
(2)
$
243,677
$
75,668,667
Total liabilities
(3)
$
225,010
$
2,625,000
Value of ordinary share subject to possible redemption
(4)
$
—
$
75,000,000
Shareholders' equity (deficit)
(5)
$
18,667
$
(1,956,333
)
(1)
The "as adjusted" calculation includes $650,000
of cash held outside the trust account, plus $18,667 of actual shareholders' equity at February 7, 2022.
(2)
The "as adjusted" calculation includes $75,000,000
of cash held in trust from the proceeds of this offering and the sale of the private placement shares, plus $650,000 of cash held
outside the trust account, plus $18,667 of actual shareholders' equity at February 7, 2022.
(3)
The "as adjusted" calculation includes $2,625,000
for the deferred underwriting commissions.
(4)
The "as adjusted" calculation equals the "as
adjusted" total assets, less the "as adjusted" total liabilities, plus the "as adjusted" shareholders'
deficit.
(5)
Excludes 7,500,000 ordinary shares which may be redeemed
in connection with our initial business combination and assuming no exercise of the over-allotment option. The "as adjusted"
calculation equals the "as adjusted" total assets, less the "as adjusted" total liabilities, less the
value of ordinary shares that may be converted in connection with our initial business combination ($10.00 per share).
33
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 Relating to Our Search for, and Consummation of or Inability
to Consummate, a Business Combination
Our shareholders may not be afforded an opportunity
to vote on our proposed initial business combination, which means we may complete our initial business combination even though
a majority of our shareholders do not support such a combination.
We may choose not to hold a shareholder vote before
we complete our initial business combination if the business combination would not require shareholder approval under applicable
law or stock exchange listing requirement. For instance, if we were seeking to acquire a target business where the consideration
we were paying in the transaction was all cash, we would typically not be required to seek shareholder approval to complete such
a transaction. Except for as required by applicable law or stock exchange listing requirement, 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 issued and outstanding ordinary shares do not approve of
the business combination we complete.
Please see the section entitled "Proposed
Business — Effecting Our Initial Business Combination — Shareholders may not have the ability to approve our initial
business combination" for additional information.
Your only opportunity to affect the investment decision
regarding a potential business combination may be limited to the exercise of your right to redeem your shares from us for cash.
At the time of your investment in us, you will
not be provided with an opportunity to evaluate the specific merits or risks of any 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 approval. Accordingly, 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.
If we seek shareholder approval of our initial business
combination, our sponsor and members of our management team have agreed to vote in favor of such initial business combination,
regardless of how our public shareholders vote.
Our initial shareholders will own, on an as-converted
basis, approximately 20% of our issued and outstanding ordinary shares immediately following the completion of this offering (not
including the private placement shares). Our sponsor and members of our management team also may from time to time purchase Class A
ordinary shares prior to our initial business combination. Our amended and restated memorandum and articles of association will
provide that, if we seek shareholder approval of our initial business combination, we will complete our initial business combination
only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority
of the shareholders who attend and vote at a general meeting of the company. As a result, in addition to our initial shareholders'
founder shares and private placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are
voted and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor
of an initial business combination at the meeting in order to have our initial business combination approved. However, assuming
only the minimum number of shares representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are
voted, and assuming the over-allotment option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding
shares are voted and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted
in favor of an initial business combination at the meeting in order to have our initial business combination approved. Accordingly,
if we seek shareholder approval of our initial business combination, the agreement by our sponsor and each member of our management
team to vote in favor of our initial business combination will increase the likelihood that we will receive the requisite shareholder
approval for such initial business combination.
34
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, in no event will we redeem our public
shares in an amount that would cause our net tangible assets to be less than $5,000,001 either prior to or upon consummation of
an initial business combination (so that we do not then become subject to the SEC's "penny stock" rules). Consequently,
if accepting all properly submitted redemption requests would cause our net tangible assets to be less than $5,000,001 either prior
to or upon consummation of an initial business combination or such greater amount necessary to satisfy a closing condition 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 a large
number of shares are submitted for redemption, we may need to restructure the transaction to reserve a greater portion of the cash
in the trust account or arrange for additional 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 the deferred
underwriting commissions payable to the underwriters will not be adjusted for any shares that are redeemed in connection with an
initial business combination. The per-share amount we will distribute to shareholders who properly exercise their redemption rights
will not be reduced by the deferred underwriting commission and after such redemptions, the amount held in trust will continue
to reflect our obligation to pay the entire deferred underwriting commissions.
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 shares.
If our initial 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 funds in the trust account until we liquidate the
trust account. If you are in need of immediate liquidity, you could attempt to sell your shares in the open market; however, at
such time our shares 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 shares in the open market.
35
The requirement that we consummate an initial business
combination within 15 months after the closing of this offering
(or up to 21 months, as applicable)
may give potential target businesses leverage over us in negotiating a business combination and may limit the time we have in which
to conduct due diligence on potential business combination targets, in particular as we approach our dissolution deadline, which
could undermine our ability to complete our initial 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 consummate an initial business combination within
15 months from the closing of this offering
(or up to 21 months, as applicable)
. 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 time frame 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.
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 coronavirus (COVID-19)
outbreak and the status of debt and equity markets.
The COVID-19 pandemic, together with resulting
voluntary and U.S. federal and state and non-U.S. governmental actions, including, without limitation, mandatory business closures,
public gathering limitations, restrictions on travel and quarantines, has meaningfully disrupted the global economy and markets.
Although the long-term economic fallout of COVID-19 is difficult to predict, it has and is expected to continue to have ongoing
material adverse effects across many, if not all, aspects of the regional, national and global economy. The COVID-19 outbreak has,
and a significant outbreak of other infectious diseases could, result in a widespread health crisis that could adversely affect
the economies and financial markets worldwide, and the business of any potential target business with which we 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 continues to 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. The extent to which COVID-19 impacts our search for 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. If the disruptions posed by COVID-19 or other matters of global
concern continue for an extensive period of time, 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, including
as a result of increased market volatility, decreased market liquidity in third party financing being unavailable on terms acceptable
to us or at all.
36
We may not be able to consummate an initial business
combination within 15 months after the closing of this offering
(or up to 21 months, as applicable)
,
in which case we would cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate.
We may not be able to find a suitable target business
and consummate an initial business combination within 15 months after the closing of this offering
(or
up to 21 months, as applicable)
. 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 continues to grow both in the United States and globally 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. Additionally, the outbreak of COVID-19 may negatively impact businesses we may seek to acquire. If we have not consummated
an initial business combination within such applicable 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 franchise and income taxes, if any (less up
to $100,000 of interest to pay dissolution expenses), divided by the number of the then-issued and outstanding public shares, which
redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further
liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the
approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations
under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our amended and restated
memorandum and articles of association will provide that, if we wind up for any other reason prior to the consummation of our initial
business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly
as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. In either such
case, our public shareholders may receive only $10.00 per public share, or less than $10.00 per public share, on the redemption
of their shares, and our warrants will expire worthless. 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 $10.00
per public share" and other risk factors herein.
We may issue our shares to investors in connection with
our initial business combination at a price that is less than the prevailing market price of our shares at that time.
In connection with our initial business combination,
we may issue shares to investors in private placement transactions (so-called PIPE transactions) at a price of $10.00 per share.
The purpose of such issuances will be to enable us to provide sufficient liquidity to the post-business combination entity. The
price of the shares we issue may therefore be less, and potentially significantly less, than the market price for our shares at
such time.
If we seek shareholder approval of our initial business
combination, our sponsor, directors, executive officers, advisors and their affiliates may elect to purchase public shares or warrants,
which may influence a vote on a proposed business combination and reduce the public "float" of our Class A ordinary
shares or public warrants.
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 sponsor, directors, executive officers, advisors or their affiliates may purchase public shares or warrants 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. 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 public shares or warrants in such transactions.
In the event that our sponsor, directors, executive
officers, 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 any such transaction could be to (1) vote in favor of the business combination and thereby increase
the likelihood of obtaining shareholder approval of the business combination, (2) reduce the number of public warrants outstanding
or vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial business combination
or (3) 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 initial business combination, where it appears that such requirement would otherwise not be
met. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise
have been possible. In addition, if such purchases are made, the public "float" of our Class A ordinary shares
or public warrants 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. Any such purchases
will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject
to such reporting requirements. See "Proposed Business — Effecting Our Initial Business Combination — Permitted purchases
and other transactions with respect to our securities" for a description of how our sponsor, directors, executive officers,
advisors or their affiliates will select which shareholders to purchase securities from in any private transaction.
37
If a shareholder fails to receive notice of our offer
to redeem our public shares in connection with our initial business combination, or fails to comply with the procedures for tendering
its shares, such shares may not be redeemed.
We will comply with the proxy rules or tender
offer rules, as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance
with these rules, if a shareholder fails to receive our proxy solicitation or tender offer materials, as applicable, such shareholder
may not become aware of the opportunity to redeem its shares. In addition, the proxy solicitation or tender offer 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 redeem or tender public shares. In the event that a shareholder
fails to comply with these procedures, its shares may not be redeemed. See "Proposed Business — Effecting Our Initial
Business Combination — Tendering share certificates in connection with a tender offer or redemption rights."
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
preparing for an initial public offering, as well as many such companies currently in registration. As a result, at times, fewer
attractive targets may be available 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. 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 or at all.
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 have not consummated our initial business combination within the required time period, our public shareholders may receive
only approximately $10.00 per public share, or less in certain circumstances, on the liquidation of our trust account 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 placement 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, we are obligated to offer holders of our public shares the right to redeem their shares for cash at the
time of our initial business combination in conjunction with a shareholder vote or via a tender offer. Target companies will be
aware that this may reduce the resources available to us for our initial business combination. Any of these obligations may place
us at a competitive disadvantage in successfully negotiating a business combination. If we have not consummated our initial business
combination within the required time period, our public shareholders may receive only approximately $10.00 per public share, or
less in certain circumstances, on the liquidation of our trust account and our warrants will expire worthless. 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 $10.00 per public share" and other risk factors herein.
38
If the net proceeds of this offering and the sale of
the private placement units not being held in the trust account are insufficient to allow us to operate for the 15 months following
the closing of this offering
(or up to 21 months, as applicable)
, it could limit the
amount available to fund our search for a target business or businesses and our ability to complete our initial business combination,
and we will depend on loans from our sponsor, its affiliates or members of our management team to fund our search and to complete
our initial business combination.
Of the net proceeds of this offering and the sale
of the private placement units, only approximately $650,000 will be available to us initially outside the trust account to fund
our working capital requirements. We believe that, upon the closing of this offering, the funds available to us outside of the
trust account, together with funds available from loans from our sponsor, its affiliates or members of our management team will
be sufficient to allow us to operate for at least the 15 months following the closing of this offering
(or
up to 21 months, as applicable)
; however, we cannot assure you that our estimate is accurate, and our sponsor, its affiliates
or members of our management team are under no obligation to advance funds to us in such circumstances. Of the funds available
to us, we expect to 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 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 a letter of intent 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.
In the event that our offering expenses exceed
our estimate of $1,150,000, we may fund such excess with funds not to be held in the trust account. In such case, unless funded
by the proceeds of loans available from our sponsor, its affiliates or members of our management team 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 $1,150,000, the amount of funds we intend to be held outside the trust account would increase by
a corresponding amount. The amount held in the trust account will not be impacted as a result of such increase or decrease. If
we are required to seek additional capital, we would need to borrow funds from our sponsor, its affiliates, members of our management
team or other third parties to operate or may be forced to liquidate. Neither our sponsor, members of our management team nor their
affiliates is under any obligation to us in such circumstances. Any such advances may be repaid only from funds held outside the
trust account or from funds released to us upon completion of our initial business combination. Up to $1,500,000 of such loans
may be convertible into units of the post-business combination entity at a price of $10.00 per unit at the option of the lender.
The units would be identical to the private placement units. Prior to the completion of our initial business combination, we do
not expect to seek loans from parties other than our sponsor, its affiliates or members of our management team 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. If we have not consummated our initial business combination within the required time period 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 an estimated $10.00 per public share, or possibly less, on our redemption of our public shares, and
our warrants will expire worthless. 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 $10.00 per public share"
and other risk factors herein.
39
After our 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 the price of our securities, 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 identify all material issues with 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 holders who choose to retain their securities following the business combination could suffer
a reduction in the value of their securities. Such holders are unlikely to have a remedy for such reduction in value.
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 $10.00
per public 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 (other
than our independent registered public accounting firm), prospective target businesses and 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.
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 have not consummated an initial business combination within 15 months from the closing of this offering
(or
up to 21 months, as applicable)
, or upon the exercise of a redemption right in connection with our initial 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
ten years following redemption. Accordingly, the per-share redemption amount received by public shareholders could be less than
the $10.00 per public share initially held in the trust account, due to claims of such creditors. Pursuant to the letter agreement
the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, our sponsor has agreed
that it will be liable to us if and to the extent any claims by a third party (other than our registered public accounting firm)
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 amounts in the trust account to below the lesser of (i) $10.00 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 $10.00 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
our 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 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, our sponsor will not be responsible to the
extent of any liability for such third party claims.
40
However, we have not asked our sponsor to reserve
for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its
indemnity obligations and we believe that our sponsor's only assets are securities of our company. 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 $10.00
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 or directors will indemnify us for
claims by third parties including, without limitation, claims by vendors and prospective target businesses.
The securities in which we invest the proceeds held
in the trust account could bear a negative rate of interest, which could reduce the interest income available for payment of taxes
or reduce the value of the assets held in trust such that the per-share redemption amount received by shareholders may be less
than $10.00 per share.
The net proceeds of this offering and certain
proceeds from the sale of the private placement units, in the amount of $75,000,000, will be only be invested in direct U.S. Treasury
obligations having a maturity of 185 days or less, or in certain money market funds which invest only in direct U.S. Treasury obligations.
While short-term U.S. Treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest
rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market
Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United
States. In the event of very low or negative yields, the amount of interest income (which we may withdraw to pay income taxes,
if any) would be reduced. In the event that we are unable to complete our initial business combination, our public shareholders
are entitled to receive their pro-rata share of the proceeds held in the trust account, plus any interest income. If the balance
of the trust account is reduced below $75,000,000 as a result of negative interest rates, the amount of funds in the trust account
available for distribution to our public shareholders may be reduced below $10.00 per share.
Our 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) $10.00 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 $10.00 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 our tax obligations, 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 and subject to their fiduciary duties may choose not to do
so in any particular instance. 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 $10.00 per public share.
41
We may not have sufficient funds to satisfy indemnification
claims of our directors and executive officers.
We have agreed to indemnify our officers and directors
to the fullest extent permitted by law. However, our officers and directors have agreed to waive any right, title, interest or
claim of any kind in or to any monies in the trust account and to not seek recourse against the trust account for any reason whatsoever
(except to the extent they are entitled to funds from the trust account due to their ownership of public shares). Accordingly,
any indemnification provided will be able to be satisfied by us only if (i) we have sufficient funds outside of the trust
account or (ii) we consummate an initial business combination. Our obligation to indemnify our officers and directors may discourage
shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also
may have the effect of reducing the likelihood of derivative litigation against our 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 our officers and directors pursuant to these indemnification
provisions.
Involvement of members of our management and companies
with which they are affiliated in civil disputes and litigation, governmental investigations or negative publicity unrelated to
our business affairs could materially impact our ability to consummate an initial business combination.
Our directors and officers and companies with
which they are affiliated have been, and in the future will continue to be, involved in a wide variety of business affairs, including
transactions, such as sales and purchases of businesses, and ongoing operations. As a result of such involvement, members of our
management and companies with which they are affiliated in have been, and may in the future be, involved in civil disputes, litigation,
governmental investigations and negative publicity relating to their business affairs. Any such claims, investigations, lawsuits
or negative publicity may be detrimental to our reputation and could negatively affect our ability to identify and complete an
initial business combination in a material manner and may have an adverse effect on the price of our securities.
We may face risks related to financial services businesses.
Business combinations with financial services
businesses may involve special considerations and risks. If we complete our initial business combination with a financial services
business, we will be subject to the following risks, any of which could be detrimental to us and the business we acquire:
·
if the company or business we acquire provides products or services which relate to the facilitation of financial transactions,
such as funds or securities settlement system, and such product or service fails or is compromised, we may be subject to claims
from both the firms to whom we provide our products and services and the clients they serve;
·
if we are unable to keep pace with evolving technology and changes in the financial services industry, our revenues and future
prospects may decline;
·
our ability to provide financial products and services to customers may be reduced or eliminated by regulatory changes;
·
any business or company we acquire could be vulnerable to cyberattack or theft of individual identities or personal data;
·
difficulties with any products or services we provide could damage our reputation and business;
·
a failure to comply with privacy regulations could adversely affect relations with customers and have a negative impact on
business; and
·
we may not be able to protect our intellectual property and we may be subject to infringement claims.
42
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 financial services businesses. 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.
If, after we distribute the proceeds in the trust account
to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is
filed against us that is not dismissed, a bankruptcy or insolvency court may seek to recover such proceeds, and the members of
our board of directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of
our board of directors and us to claims of punitive damages.
If, after we distribute the proceeds in the trust
account to our public shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition
is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor
and/or bankruptcy or insolvency laws as either a "preferential transfer" or a "fraudulent conveyance."
As a result, a bankruptcy or insolvency court could seek to recover some or 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 or winding-up petition or an involuntary bankruptcy or winding-up 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 or winding-up petition or an involuntary bankruptcy or winding-up petition
is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy or
insolvency law, and may be included in our bankruptcy or insolvency estate and subject to the claims of third parties with priority
over the claims of our shareholders. To the extent any bankruptcy or insolvency 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.
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 initial 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 initial business combination.
In addition, we may have imposed upon us burdensome
requirements, including:
·
registration as an investment company with the SEC;
·
adoption of a specific form of corporate structure; and
·
reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations that we are currently
not subject to.
43
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 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.
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 either: (i) the completion of our initial business combination; (ii) the redemption of any public shares
properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to
have their shares redeemed 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 15 months from the closing of this offering
(or
up to 21 months, as applicable)
or (B) with respect to any other provision relating to the rights of holders of our
Class A ordinary shares; or (iii) absent our completing an initial business combination within 15 months from the closing
of this offering
(or up to 21 months, as applicable)
, our return of the funds held
in the trust account to our public shareholders as part of our redemption of the public shares. We are aware of litigation against
other special purpose acquisition companies asserting that notwithstanding the foregoing, the entity should be considered an investment
company.
We cannot guarantee that we will not be subject
to the Investment Company Act. 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.
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 certain SEC and other legal requirements.
Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those 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.
44
If we have not consummated an initial business combination
within 15 months from the closing of this offering
(or up to 21 months, as applicable)
,
our public shareholders may be forced to wait beyond such 15 months
(or up to 21 months,
as applicable)
before redemption from our trust account.
If we have not consummated an initial business
combination within 15 months from the closing of this offering
(or up to 21 months, as applicable)
,
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, if any (less up to $100,000 of interest to pay dissolution expenses), will be used to fund the
redemption of our public shares, as further described herein. Any redemption of public shareholders from the trust account will
be effected automatically by function of our amended and restated memorandum and articles of association prior to any voluntary
winding up. If we are required to wind up, liquidate the trust account and distribute such amount therein, pro rata, to our public
shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable
provisions of the Companies Act. In that case, investors may be forced to wait beyond 15 months from the closing of this offering
(or up to 21 months, as applicable)
before the redemption proceeds of our trust account
become available to them, and they receive the return of their pro rata portion of the proceeds from our trust account. We have
no obligation to return funds to investors prior to the date of our redemption or liquidation unless, prior thereto, we consummate
our initial business combination or amend certain provisions of our amended and restated memorandum and articles of association,
and only then in cases where investors have sought to redeem their Class A ordinary shares. Only upon our redemption or any
liquidation will public shareholders be entitled to distributions if we do not complete our initial business combination and do
not amend certain provisions of our amended and restated memorandum and articles of association. Our amended and restated memorandum
and articles of association will provide that, if we wind up for any other reason prior to the consummation of our initial business
combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably
possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.
We may seek acquisition opportunities in industries
or sectors which may or may not be outside of our management's area of expertise.
We will consider a business combination outside
of our management's area of expertise if a business combination target 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 target, we cannot assure you that we will adequately ascertain or assess all of 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 target. 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 of the significant risk factors. Accordingly, any holders
who choose to retain their securities following the business combination could suffer a reduction in the value of their securities.
Such holders 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 guidelines, such combination may not be as successful as a combination with a business
that does meet all of our general criteria and guidelines. 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 applicable law or
stock exchange listing requirements, or we decide to obtain shareholder approval for business or other 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 have not consummated our initial business combination within the required time period, our public
shareholders may receive only approximately $10.00 per public share, or less in certain circumstances, on the liquidation of our
trust account and our warrants will expire worthless.
45
We are not required to obtain an opinion from an independent
accounting or investment banking 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 shareholders from a financial point of view.
Unless we complete our initial business combination
with an affiliated entity, we are not required to obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that the price we are paying is fair to our shareholders 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.
We may issue additional Class A ordinary shares
or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial
business combination. We may also issue Class A ordinary shares upon the conversion of the founder shares at a ratio greater
than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended
and restated memorandum and articles of association. Any such issuances would dilute the interest of our shareholders and likely
present other risks.
Our amended and restated memorandum and articles
of association will authorize the issuance of up to 200,000,000 Class A ordinary shares, par value $0.0001 per share, 20,000,000
Class B ordinary shares, par value $0.0001 per share, and 1,000,000 preference shares, par value $0.0001 per share. Immediately
after this offering, there will be 192,170,000 and 18,125,000 (assuming in each case that the underwriters have not exercised their
over-allotment option) authorized but unissued Class A ordinary shares and Class B ordinary shares, respectively, available
for issuance which amount does not take into account shares reserved for issuance upon exercise of outstanding warrants or shares
issuable upon conversion of the Class B ordinary shares, if any. The Class B ordinary shares will automatically convert
into Class A ordinary shares at the time of our initial business combination as described herein and in our amended and restated
memorandum and articles of association. Immediately after this offering, there will be no preference shares issued and outstanding.
We may issue a substantial number of additional
Class A ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan
after completion of our initial business combination. We may also issue Class A ordinary shares in connection with our redeeming
the warrants as described in "Description of Securities — Warrants — Public shareholders' warrants" or
upon conversion of the Class B ordinary shares at a ratio greater than one-to-one at the time of our initial business combination
as a result of the anti-dilution provisions as set forth herein. However, our amended and restated memorandum and articles of association
will provide, among other things, that prior to or in connection with our initial business combination, we may not issue additional
shares that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business
combination or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business
combination. These provisions of our amended and restated memorandum and articles of association, like all provisions of our amended
and restated memorandum and articles of association, may be amended with a shareholder vote. The issuance of additional ordinary
or preference shares:
·
may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution
provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one
basis upon conversion of the Class B ordinary shares;
·
may subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to
those afforded our Class A ordinary shares;
46
·
could cause a change in control if a substantial number of Class A ordinary shares 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;
·
may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of
a person seeking to obtain control of us;
·
may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants; and
·
may not result in adjustment to the exercise price of our warrants.
Unlike some other similarly structured blank check companies,
our sponsor will receive additional Class A ordinary shares if we issue shares to consummate an initial business combination.
The founder shares will automatically convert
into Class A ordinary shares at the time of our initial business combination at a ratio such that the number of Class A
ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, approximately
20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of this offering, plus (ii) the
total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into
Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any
private placement units issued to our sponsor, any of its affiliates or any members of our management team upon conversion of working
capital loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than
one-to-one. This is different than some other similarly structured blank check companies in which the initial shareholders will
only be issued an aggregate of 20% of the total number of shares to be issued and outstanding prior to the 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 have not consummated our initial business combination within the required time period, our public shareholders
may receive only approximately $10.00 per public share, or less 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 have not consummated our initial business combination within the required time period, our public
shareholders may receive only approximately $10.00 per public share, or less in certain circumstances, on the liquidation of our
trust account and our warrants will expire worthless.
47
We may only be able to complete one business combination
with the proceeds of this offering and the sale of the private placement 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.
We may effectuate our initial 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 effectuate our initial 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. 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.
This lack of diversification may subject us to
numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular
industry in which we may operate after our initial business combination.
We may attempt to simultaneously complete business combinations
with multiple prospective targets, which may hinder our ability to complete our initial 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 (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.
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 effectuate 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.
Our management may not be able to maintain control of
a target business after our initial business combination. Upon the loss of control of a target business, new management may not
possess the skills, qualifications or abilities necessary to profitably operate such business.
We may structure our initial business combination
so that the post-business combination 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-business combination
company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest
in the target business sufficient for us 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-business combination company owns 50% or
more of the voting securities of the target, our shareholders prior to our initial 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. For example, we could pursue a transaction in which we issue a substantial number of new Class A ordinary shares
in exchange for all of the outstanding capital stock, shares or other equity interests 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 Class A ordinary shares,
our shareholders immediately prior to such transaction could own less than a majority of our issued and outstanding Class A
ordinary shares after 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 shares than we initially acquired. Accordingly, this
may make it more likely that our management will not be able to maintain control of the target business.
48
We may seek business combination opportunities with
a high degree of complexity that require significant operational improvements, which could delay or prevent us from achieving our
desired results.
We may seek business combination opportunities
with large, highly complex companies that we believe would benefit from operational improvements. While we intend to implement
such improvements, to the extent that our efforts are delayed or we are unable to achieve the desired improvements, the business
combination may not be as successful as we anticipate.
To the extent we complete our initial business
combination with a large complex business or entity with a complex operating structure, we may also be affected by numerous risks
inherent in the operations of the business with which we combine, which could delay or prevent us from implementing our strategy.
Although our management team will endeavor to evaluate the risks inherent in a particular target business and its operations, we
may not be able to properly ascertain or assess all of the significant risk factors until we complete our business combination.
If we are not able to achieve our desired operational improvements, or the improvements take longer to implement than anticipated,
we may not achieve the gains that we anticipate. Furthermore, some of these risks and complexities may be outside of our control
and leave us with no ability to control or reduce the chances that those risks and complexities will adversely impact a target
business. Such combination may not be as successful as a combination with a smaller, less complex organization.
We do not have a specified maximum redemption threshold.
The absence of such a redemption threshold may make it possible for us to complete our initial business combination with which
a substantial majority of our shareholders do not agree.
Our amended and restated memorandum and articles
of association will not provide a specified maximum redemption threshold, except that in no event will we redeem our public shares
in an amount that would cause our net tangible assets to be less than $5,000,001 either prior to or upon consummation of an initial
business combination (so that we do not then become subject to the SEC's "penny stock" rules). As a result, we
may be able to complete our initial 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 initial business combination pursuant to the tender offer rules, have entered
into privately negotiated agreements to sell their shares to our sponsor, officers, directors, advisors or their affiliates.
In addition, in the event the aggregate cash consideration
we would be required to pay for all Class A ordinary shares 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 Class A ordinary shares submitted for redemption
will be returned to the holders thereof, and we instead may search for an alternate business combination.
49
In order to effectuate an initial business combination,
blank check companies have, in the recent past, amended various provisions of their charters and other governing instruments, including
their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated memorandum and articles
of association or governing instruments in a manner that will make it easier for us to complete our initial business combination
that our shareholders may not support.
In order to effectuate a business combination,
blank check companies have in the recent past amended various provisions of their charters and governing instruments, including
their warrant agreements. For example, blank check companies have amended the definition of business combination, increased redemption
thresholds, extended the time to consummate an initial business combination and, with respect to their warrants, amended their
warrant agreements to require the warrants to be exchanged for cash and/or other securities. Amending our amended and restated
memorandum and articles of association will require at least a special resolution of our shareholders as a matter of Cayman Islands
law, meaning the approval of holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting of
the company, and amending our warrant agreement will require a vote of holders of a majority of the warrants. In addition, our
amended and restated memorandum and articles of association will require us to provide our public shareholders with the opportunity
to redeem their public shares for cash if we propose an amendment to our amended and restated memorandum and articles of association
(A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the
right to have their shares redeemed 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 15 months from the closing of this offering
(or
up to 21 months, as applicable)
or (B) with respect to any other provision relating to the rights of holders of our
Class A ordinary shares. To the extent any of such amendments would be deemed to fundamentally change the nature of any of
the securities offered through this registration statement, we would register, or seek an exemption from registration for, the
affected securities.
The provisions of our amended and restated memorandum
and articles of association that relate to the rights of holders of our Class A ordinary shares (and corresponding provisions
of the agreement governing the release of funds from our trust account) may be amended with the approval of a special resolution
which requires the approval of the holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting
of the company, which is a lower amendment threshold than that of some other blank check companies. It may be easier for us, therefore,
to amend our amended and restated memorandum and articles of association 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 the rights of a company's
shareholders, without approval by a certain percentage of the company's shareholders. In those companies, amendment of these
provisions typically requires approval by between 90% and 100% of the company's shareholders. Our amended and restated memorandum
and articles of association will provide that any of its provisions related to the rights of holders of our Class A ordinary
shares (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 special resolution, meaning holders of at least two-thirds of our ordinary shares who attend
and vote at a general meeting of the company, and corresponding provisions of the trust agreement governing the release of funds
from our trust account may be amended if approved by holders of at least 65% of our ordinary shares; provided that the provisions
of our amended and restated memorandum and articles of association governing (i) the appointment or removal of directors and
(ii) continuation of the company in a jurisdiction outside the Cayman Islands, in each case prior to our initial business
combination, may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and
vote at our general meeting which shall include the affirmative vote of a simple majority of our Class B ordinary shares.
Our sponsor and its permitted transferees, if any, who will collectively beneficially own, on an as-converted basis, approximately
20% of our Class A ordinary shares upon the closing of this offering (not including the private placement shares and assuming
they do not purchase any units in this offering), will participate in any vote to amend our amended and restated memorandum and
articles of association 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 amended and restated memorandum and articles of association 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
memorandum and articles of association.
50
Our sponsor, executive officers, directors and
director nominees have agreed, pursuant to agreements with us, that they will not propose any amendment to our amended and restated
memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders
of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing
of this offering
(or up to 21 months, as applicable)
or (B) with respect to any
other provision relating to the rights of holders of our Class A ordinary shares, unless we provide our public shareholders
with the opportunity to redeem their Class A ordinary shares 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 franchise and income taxes, if any, divided by the number of the then-issued
and outstanding public shares. 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 sponsor, executive officers, directors or director nominees 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.
Our letter agreement with our sponsor, director nominees,
and officers may be amended without shareholder approval.
Our letter agreement with our sponsor, directors,
director nominees, and officers contains provisions relating to transfer restrictions of our founder shares and sponsor warrants,
indemnification of the trust account, waiver of redemption rights and participation in liquidation distributions from the trust
account. This letter agreement may be amended without shareholder approval (although releasing the parties from the restriction
not to transfer our founder shares for 180 days following the date of this prospectus will require the prior written consent of
the underwriters). While we do not expect our board to approve any amendment to this agreement prior to our initial business combination,
it may be possible that our board, in exercising its business judgment and subject to its fiduciary duties, chooses to approve
one or more amendments to this agreement. Any such amendments to the letter agreement would not require approval from our shareholders
and may have an adverse effect on the value of an investment in our securities.
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. If we have not consummated our initial business combination within the required time
period, our public shareholders may receive only approximately $10.00 per public share, or less in certain circumstances, on the
liquidation of our trust account and our warrants will expire worthless.
We have not yet selected any prospective target
business and we cannot ascertain the capital requirements for any particular transaction. If the net proceeds of this offering
and the sale of the private placement 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 redeem 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. The current economic environment may make it difficult for companies to obtain acquisition financing. 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 have not consummated our initial business combination within the required time period, our public shareholders may receive
only approximately $10.00 per public share, or less in certain circumstances, 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 initial 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.
51
Risks Relating to Our Securities
You will not have any rights or interests in funds from
the trust account, except under certain limited circumstances. Therefore, to liquidate your investment, 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 Class A ordinary shares that such shareholder properly elected to redeem, subject to the
limitations described herein, (ii) the redemption of any public shares properly tendered in connection with a shareholder
vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our
obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed 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
15 months from the closing of this offering
(or up to 21 months, as applicable)
or
(B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, and (iii) the
redemption of our public shares if we have not consummated an initial business within 15 months from the closing of this offering
(or up to 21 months, as applicable)
, subject to applicable law and as further described
herein. Public shareholders who redeem their Class A ordinary shares in connection with a shareholder vote described in clause (ii)
in the preceding sentence shall not be entitled to funds from the trust account upon the subsequent completion of an initial business
combination or liquidation if we have not consummated an initial business combination within 15 months from the closing of this
offering
(or up to 21 months, as applicable)
, with respect to such Class A ordinary
shares so redeemed. In no other circumstances will a public shareholder have any right or interest of any kind in the trust account.
Holders of warrants will not have any right to the proceeds held in the trust account with respect to the warrants. Accordingly,
to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss.
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 intend to apply to have our units listed on
Nasdaq on or promptly after the date of this prospectus and our Class A ordinary shares and warrants listed on or promptly
after their date of separation. 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 share price levels. Generally, we must maintain a minimum market
value of listed securities, a minimum number of publicly held shares with a minimum market value, a minimum bid price and a minimum
number of holders of our securities. 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. 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 ordinary shares are a "penny stock" which will require brokers trading in
our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in
the secondary trading market for our securities;
52
·
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 ordinary shares
and warrants will be listed on Nasdaq, our units, Class A ordinary shares and warrants will qualify as covered securities
under the statute. Although the states are preempted from regulating the sale of covered 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 or certain other
exchanges, our securities would not qualify as covered securities under the statute and we may be subject to regulation in each
state in which we offer our securities.
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 placement 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 completion of this offering and the sale of
the private placement 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 initial 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 "Proposed Business — Comparison of this offering to those of blank check companies subject to Rule 419."
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 ordinary shares, you will lose the ability to redeem all such shares in
excess of 15% of our Class A ordinary shares.
If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender
offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group"
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than
an aggregate of 15% of the shares sold in this offering, which we refer to as the "Excess Shares," without our prior
consent. However, we would not be restricting our shareholders' ability to vote all of their shares (including Excess Shares)
for or against our initial business combination. Your inability to redeem the Excess Shares will reduce your influence over our
ability to complete our initial 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 initial business combination. And 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 shares in open market transactions, potentially at
a loss.
53
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.
If we are forced to enter into an insolvent liquidation,
any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the
date on which the distribution was made, we were unable to pay our debts as they fall due in the ordinary course of business. As
a result, a liquidator could seek to recover some or all amounts received by our shareholders. Furthermore, our directors may be
viewed as having breached their fiduciary duties to us or our creditors and/or may have acted in bad faith, thereby exposing themselves
and our company to claims, 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. We and our directors and officers who knowingly
and willfully authorized or permitted any distribution to be paid out of our share premium account while we were unable to pay
our debts as they fall due in the ordinary course of business would be guilty of an offence and may be liable for a fine of $18,292.68
and imprisonment for five years in the Cayman Islands.
We may not hold an annual general meeting until after
the consummation of our initial business combination.
In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our
listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint
directors. Until we hold an annual general meeting, public shareholders may not be afforded the opportunity to appoint directors
and to discuss company affairs with management. Our board of directors is divided into three classes with only one class of directors
being appointed in each year and each class (except for those directors appointed prior to our first annual general meeting) serving
a three-year term.
Holders of Class A ordinary shares will not be
entitled to vote on any appointment of directors we hold prior to our initial business combination.
Prior to our initial business combination, only
holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not
be entitled to vote on the appointment of directors during such time. In addition, prior to our initial business combination, only
holders of a majority of our founder shares may remove a member of the board of directors for any reason. Accordingly, you may
not have any say in the management of our company prior to the consummation of an initial business combination.
We are not registering the Class A ordinary shares
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 Class A ordinary
shares 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, we have agreed that, as soon as practicable, but in no event later than 20 business days, after
the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration
statement covering the issuance of such shares, and we will use our commercially reasonable efforts to cause the same to become
effective within 60 business days after the closing of our 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. We cannot assure you that we will be able to do so if, for example only among other reasons, 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, complete or correct or the SEC issues a stop order.
54
If the shares issuable upon exercise of the warrants
are not registered under the Securities Act in accordance with the above requirements, we will be required to permit holders to
exercise their warrants on a cashless basis, in which case, the number of Class A ordinary shares that you will receive upon
cashless exercise will be based on a formula (subject to adjustment). 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
ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy
the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require
holders of warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9)
of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement,
and we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent
an exemption is not available. Exercising the warrants on a cashless basis could have the effect of reducing the potential "upside"
of the holder's investment in our company because the warrant holder will hold a smaller number of Class A ordinary
shares upon a cashless exercise of the warrants they hold.
In no event will we be required to net cash settle
any warrant, or issue securities or other compensation in exchange for the warrants in the event that we are unable to register
or qualify the shares underlying the warrants under applicable state securities laws and no exemption is available. 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 will 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 Class A ordinary shares included in the units.
There may be a circumstance where an exemption
from registration exists for holders of our private placement units to exercise their warrants while a corresponding exemption
does not exist for holders of the warrants included as part of units sold in this offering. In such an instance, our sponsor and
its permitted transferees (which may include our directors and executive officers) would be able to exercise their warrants and
sell the ordinary shares underlying their warrants while holders of our warrants would not be able to exercise their warrants and
sell the underlying ordinary shares. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying Class A ordinary shares for sale under all applicable state securities
laws. As a result, we may redeem the warrants as set forth above even if the holders are otherwise unable to exercise their warrants.
In addition, if we call the warrants for redemption,
our management will have the option to require all holders that wish to exercise warrants to do so on a cashless basis. In the
event of an exercise on a cashless basis, a holder would pay the warrant exercise price by surrendering the warrants for that number
of shares of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A
ordinary shares underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair
market value" (as defined in the next sentence) by (y) the fair market value. The "fair market value" as
used in this paragraph means the volume weighted average price of the Class A ordinary shares for the 10 trading days ending
on the trading day prior to the date on which the notice of exercise is received by the warrant agent. As a result, you would receive
fewer Class A ordinary shares from such exercise than if you were to exercise such warrants for cash.
The warrants may become exercisable and redeemable for
a security other than the Class A ordinary shares, and you will not have any information regarding such other security at
this time.
In certain situations, including if we are not
the surviving entity in our initial business combination, the warrants may become exercisable for a security other than the Class A
ordinary shares. As a result, if the surviving company redeems your warrants for securities pursuant to the warrant agreement,
you may receive a security in a company of which you do not have information at this time. Pursuant to the warrant agreement, the
surviving company will be required to use commercially reasonable efforts to register the issuance of the security underlying the
warrants within twenty business days of the closing of an initial business combination.
55
The grant of registration rights to our sponsor 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 ordinary shares.
Pursuant to an agreement to be entered into on
or prior to the closing of this offering, our sponsor and its permitted transferees can demand that we register the resale of the
Class A ordinary shares into which founder shares are convertible, the private placement shares and the Class A ordinary
shares issuable upon exercise of the private placement warrants, and shares and warrant shares that may be issued upon conversion
of working capital loans. 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 ordinary
shares. 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 securities that is expected when the
securities owned by our sponsor or its permitted transferees are registered for resale.
Because we are neither limited to evaluating a target
business in a particular industry sector nor have we selected 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 may pursue business combination opportunities
in any sector, except that we will not, under our amended and restated memorandum and articles of association, be permitted to
effectuate our initial business combination solely 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 initial 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 sales 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 of 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 holders who choose to retain
their securities following the business combination could suffer a reduction in the value of their securities. Such holders are
unlikely to have a remedy for such reduction in value.
After our initial business combination, it is possible
that a majority of our directors and officers will live outside the United States and all of our assets will be located outside
the United States; therefore investors may not be able to enforce federal securities laws or their other legal rights.
It is possible that after our initial business
combination, a majority of our directors and officers will reside outside of the United States and all of our assets will be located
outside of the United States. 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 all of our directors or officers or to enforce judgments of United
States courts predicated upon civil liabilities and criminal penalties on our directors and officers under United States laws.
56
Members of our management team and board of directors
have significant experience as founders, board members, officers, executives or employees of other companies. While they are not
currently, certain of those persons may become involved in litigation, investigations or other proceedings, including related to
those companies or otherwise. The defense or prosecution of these matters could be time-consuming and could divert our management's
attention, and may have an adverse effect on us, which may impede our ability to consummate an initial business combination.
During the course of their careers, members of
our management team and board of directors have had significant experience as founders, board members, officers, executives or
employees of other companies. As a result of their involvement and positions in these companies, while they are not currently,
certain of those persons may in the future become involved in litigation, investigations or other proceedings, including relating
to the business affairs of such companies, transactions entered into by such companies, or otherwise. While they are not currently,
individual members of our management team and board of directors also may become involved in litigation, investigations or other
proceedings involving claims or allegations related to or as a result of their previous personal conduct, either in their capacity
as a corporate officer or director or otherwise, and may be personally named in such actions and potentially subject to personal
liability as a result of their previous individual conduct or otherwise. Any such liability may or may not be covered by insurance
and/or indemnification, depending on the facts and circumstances. The defense or prosecution of these matters could be time-consuming.
Any litigation, investigations or other proceedings and the potential outcomes of such actions may divert the attention and resources
of our management team and board of directors away from identifying and selecting a target business or businesses for our initial
business combination and may negatively affect our reputation, which may impede our ability to complete an initial business combination.
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 to 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 initial business combination. We and our officers 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 is payable on demand;
·
our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such
financing while the debt is outstanding;
·
our inability to pay dividends on our Class A ordinary shares;
·
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 Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and 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;
57
·
increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in
government regulation; and
·
limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements,
execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.
Our sponsor controls a substantial interest in us and thus
may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support.
Upon closing of this offering, our initial shareholders
will own, on an as-converted basis, approximately 20% of our issued and outstanding ordinary shares (not including the private
placement shares and assuming it does not purchase any units in this offering). Accordingly, it may exert a substantial influence
on actions requiring a shareholder vote, potentially in a manner that you do not support, including amendments to our amended and
restated memorandum and articles of association. In addition, the founder shares, all of which are held by our initial shareholders,
will (i) entitle the holders to elect all of our directors prior to our initial business combination 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), entitle the holders to ten votes for every founder share. Holders of
our public shares will have no right to vote on the appointment of directors during such time. These provisions of our amended
and restated memorandum and articles of association may only be amended by a special resolution passed by not less than 90% of
our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple majority of
our Class B ordinary shares. As a result, you will not have any influence over the appointment of directors or our continuation
in a jurisdiction outside the Cayman Islands prior to our initial business combination.
If our sponsor purchases any units in this offering
or if our sponsor purchases any additional Class A ordinary shares in the aftermarket or in privately negotiated transactions,
this would increase its control. Neither our sponsor nor, to our knowledge, any of our officers or directors, have any current
intention to purchase additional securities, other than as disclosed in this prospectus. Factors that would be considered in making
such additional purchases would include consideration of the current trading price of our Class A ordinary shares. In addition,
our board of directors, whose members were appointed by our sponsor, 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 appointed in each year. We may not hold an annual
general meeting to appoint new directors prior to the completion of our initial 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 general
meeting, as a consequence of our "staggered" board of directors, only a minority of the board of directors will be
considered for appointment and our sponsor, because of its ownership position, will control the outcome, as only holders of our
Class B ordinary shares will have the right to vote on the appointment of directors and to remove directors prior to our initial
business combination. Accordingly, our sponsor will continue to exert control at least until the completion of our initial business
combination. In addition, we have agreed not to enter into a definitive agreement regarding an initial business combination without
the prior consent of our sponsor.
The nominal purchase price paid by our sponsor for the
founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial
business combination.
We are offering our units at an offering price
of $10.00 per unit and the amount in our trust account is initially anticipated to be $10.00 per public share, implying an initial
value of $10.00 per public share. However, prior to this offering, our sponsor paid a nominal aggregate purchase price of $25,000
for the founder shares, or approximately $0.012 per share. As a result, the value of your public shares may be significantly diluted
upon the consummation of our initial business combination, when the founder shares are converted into public shares. For example,
the following table shows the dilutive effect of the founder shares on the implied value of the public shares upon the consummation
of our initial business combination, assuming that our equity value at that time is $72,375,000, which is the amount we would have
for our initial business combination in the trust account after payment of $2,625,000 of deferred underwriting commissions, assuming
the underwriters' over-allotment option is not exercised, no interest is earned on the funds held in the trust account, and
no public shares are redeemed in connection with our initial business combination, and without taking into account any other potential
impacts on our valuation at such time, such as the trading price of our public shares, the business combination transaction costs,
any equity issued or cash paid to the target's sellers or other third parties, or the target's business itself, including
its assets, liabilities, management and prospects, as well as the value of our public and private placement warrants. At such valuation,
each of our ordinary shares would have an implied value of approximately $7.46 per share upon consummation of our initial business
combination, which would be a 25.0% decrease as compared to the initial implied value per public share of $10.00 (the price per
unit in this offering, assuming no value to the warrants).
58
Public shares
7,500,000
Founder shares
(1)
1,875,000
Private placement shares
330,000
Total shares
9,705,000
Total funds in trust available for initial business combinations
$
72,375,000
Initial implied value per public share
$
10.00
Implied value per share upon consummation of initial business combination
$
7.46
(1)
Assumes the full forfeiture of 281,250 founder shares that
are subject to forfeiture by our sponsor depending on the extent to which the underwriters' over-allotment option is exercised.
The value of the founder shares following completion
of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading
price of our ordinary shares at such time is substantially less than $10.00 per share.
Upon the closing of this offering, assuming no
exercise of the underwriters' over-allotment option, our sponsor will have invested in us an aggregate of $3,325,000, comprised
of the $25,000 purchase price for the founder shares and the $3,300,000 purchase price for the private placement units. Assuming
a trading price of $10.00 per share upon consummation of our initial business combination, the 2,205,000 founder shares and placement
shares (assuming the underwriters' option to purchase additional units is not exercised) would have an aggregate implied
value of $16,443,779. Even if the trading price of our ordinary shares was as low as approximately $1.51 per share, and the private
placement warrants were worthless, the value of the founder shares and placement shares would be equal to the sponsor's initial
investment in us. As a result, our sponsor is likely to be able to recoup its investment in us and make a substantial profit on
that investment, even if our public shares have lost significant value. Accordingly, our management team, which owns interests
in our sponsor, may have an economic incentive that differs from that of the public shareholders to pursue and consummate an initial
business combination rather than to liquidate and to return all of the cash in the trust to the public shareholders, even if that
business combination were with a riskier or less-established target business. For the foregoing reasons, you should consider our
management team's financial incentive to complete an initial business combination when evaluating whether to redeem your
shares prior to or in connection with the initial business combination.
Our directors, management, shareholders, employees and
affiliates may from time to time be subject to negative publicity or legal proceedings, which could adversely affect our reputation
and may impede our ability to consummate an initial business combination.
Negative publicity about our shareholders, affiliates,
directors, officers and other employees can harm our brand and reputation. However, we do not have control or have limited control
over the actions of these parties, and any misbehavior or misconduct by these parties could bring us negative publicity or even
liability. In addition, our shareholders, directors, employees and affiliates may from time to time be subject to litigation, regulatory
investigations, proceedings and/or disputes or otherwise face potential liability and expense in relation to commercial, labor,
employment, securities, tax or other matters, which could adversely affect our reputation and results of operations.
59
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 a majority 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 our Class A
ordinary shares 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 VStock Transfer, LLC, as warrant agent, and us. The warrant agreement provides that the terms
of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any
mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant
agreement set forth in this prospectus, or defective provision, (ii) amending the provisions relating to cash dividends on
ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions
with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary
or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that
the approval by the holders of a majority of the then-outstanding warrants is required 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 a majority of the then-outstanding warrants approve of such amendment. Although our ability to amend the
terms of the warrants with the consent of a majority 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 Class A ordinary shares 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,
including under the Securities Act, 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) 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.
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.
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.
60
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 the 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 closing price of our 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 "Description of
Securities — Warrants — Public shareholders' warrants — Anti-dilution adjustments") for any 20 trading
days within a 30 trading-day period ending on the third trading day prior to proper notice of such redemption and
provided
that certain other conditions are met. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. As a result,
we may redeem the warrants as set forth above even if the holders are otherwise unable to exercise the warrants. Redemption of
the outstanding warrants could force you to (i) exercise your warrants and pay the exercise price therefor at a time when
it may be disadvantageous for you to do so, (ii) sell your warrants at the then-current market price when you might otherwise
wish to hold your warrants or (iii) accept the nominal redemption price which, at the time the outstanding warrants are called
for redemption, we expect would be substantially less than the market value of your warrants.
Our warrants may have an adverse effect on the market
price of our Class A ordinary shares and make it more difficult to effectuate our initial business combination.
We will be issuing warrants to purchase 3,750,000
of our Class A ordinary shares (or up to 4,312,500 Class A ordinary shares if the underwriters' over-allotment
option is exercised in full) as part of the units offered by this prospectus and, simultaneously with the closing of this offering,
we will be issuing in a private placement an aggregate of 330,000 private placement units (or 352,500 private placement units if
the underwriters exercise their over-allotment option in full), at a price of $10.00 per unit. In addition, if the sponsor, its
affiliates or a member of our management team makes any working capital loans, it may convert up to $1,500,000 of such loans into
up to an additional 150,000 private placement units, at the price of $10.00 per unit. We may also issue Class A ordinary shares
in connection with our redemption of our warrants.
To the extent we issue ordinary shares for any
reason, including to effectuate a business combination, the potential for the issuance of a substantial number of additional Class A
ordinary shares upon exercise of these warrants could make us a less attractive acquisition vehicle to a target business. Such
warrants, when exercised, will increase the number of issued and outstanding Class A ordinary shares and reduce the value
of the Class A ordinary shares issued to complete the business transaction. Therefore, our warrants may make it more difficult
to effectuate a business transaction or increase the cost of acquiring the target business.
Because each unit contains one-half of one warrant and
only a whole warrant may be exercised, the units may be worth less than units of other blank check companies.
Each unit contains one-half of one warrant. Pursuant
to the warrant agreement, no fractional warrants will be issued upon separation of the units, and only whole units will trade.
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 the number of Class A ordinary shares to be issued to the warrant holder. This is different
from other offerings similar to ours whose units include one ordinary share and one whole warrant to purchase one whole share.
We have established the components of the units in this way in order to reduce the dilutive effect of the warrants upon completion
of a business combination since the warrants will be exercisable in the aggregate for one-half of the number of shares compared
to units that each contain a whole warrant to purchase one whole share, thus making us, we believe, a more attractive merger partner
for target businesses. Nevertheless, this unit structure may cause our units to be worth less than if a unit included a warrant
to purchase one whole share.
61
A provision of our warrant agreement may make it more
difficult for us to consummate an initial business combination.
Unlike most blank check companies, if (i) we
issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a Newly Issued Price of less than $9.20 per ordinary share, (ii) 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
(iii) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted to be equal to 115%
of the higher of the Market Value and the Newly Issued Price and the $16.50 per share redemption trigger prices described below
under "Description of Securities — Warrants — Public shareholders' warrants — Redemption of warrants when
the price per Class A ordinary share equals or exceeds $16.50" will be adjusted (to the nearest cent) to be equal to
165% of the higher of the Market Value and the Newly Issued Price. This may make it more difficult for us to consummate an initial
business combination with a target business.
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,
both prior to our inception and thereafter, 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 ordinary shares 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 at attractive values;
·
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.
62
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, including as a result of the COVID-19 outbreak. 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 historical and/or pro forma
financial statement disclosure in periodic reports. 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 U.S. 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 statements in time for us
to disclose such statements in accordance with federal proxy rules and complete our initial business combination within the prescribed
time frame.
Compliance obligations under the Sarbanes-Oxley Act
may make it more difficult for us to effectuate a 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, 2022. Only in the event we are deemed to be a large accelerated filer or an accelerated filer and no longer
qualify as an emerging growth company, will we 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
business with which we seek to complete our initial 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.
Because we are incorporated under the laws of the Cayman
Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal
courts may be limited.
We are an exempted company incorporated under
the laws of the Cayman Islands. As a result, it may be difficult for investors to effect service of process within the United States
upon our directors or executive officers, or enforce judgments obtained in the United States courts against our directors or officers.
Our corporate affairs will be governed by our
amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman Islands. We will
also be subject to the federal securities laws of the United States. The rights of shareholders to take action against the directors,
actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large
extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively
limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive
authority, but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities
of our directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions
in the United States. In particular, the Cayman Islands has a less prescriptive body of securities laws as compared to the United
States, and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law.
In addition, Cayman Islands companies may not have standing to initiate a shareholders derivative action in a federal court of
the United States.
63
We have been advised by Maples and Calder (Hong
Kong) LLP, our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would (i)
recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil
liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States,
or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon
the federal securities laws of the United States or the securities laws of any state in the United States.
We
have also been advised by Maples and Calder (Hong Kong) LLP that although there is no statutory enforcement in the Cayman Islands
of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties
for the reciprocal enforcement or recognition of such judgments), a judgment obtained in such jurisdiction will be recognized and
enforced in the courts of the Cayman Islands at common law, without any reexamination of the merits of the underlying dispute,
by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (i) is given
by a foreign court of competent jurisdiction, (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which
the judgment has been given, (iii) is final, (iv) is not in respect of taxes, a fine or a penalty, and (v) was not obtained in
a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.
However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under civil liability provisions
of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations
to make payments that are penal or punitive in nature. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings
are being brought elsewhere.
Our amended and restated memorandum and articles of
association provide that the courts of the Cayman Islands will be the exclusive forums for certain disputes between us and our
shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for complaints against us
or our directors, officers or employees.
Our amended and restated memorandum and articles
of association provide that unless we consent in writing to the selection of an alternative forum, the courts of the Cayman Islands
shall have exclusive jurisdiction over any claim or dispute arising out of or in connection with our amended and restated memorandum
and articles of association or otherwise related in any way to each shareholder's shareholding in us, including but not limited
to (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of any
fiduciary or other duty owed by any of our current or former director, officer or other employee to us or our shareholders, (iii) any
action asserting a claim arising pursuant to any provision of the Companies Act or our amended and restated memorandum and articles
of association, or (iv) any action asserting a claim against us governed by the internal affairs doctrine (as such concept
is recognized under the laws of the United States of America) and that each shareholder irrevocably submits to the exclusive jurisdiction
of the courts of the Cayman Islands over all such claims or disputes. The forum selection provision in our amended and restated
memorandum and articles of association will not apply to actions or suits brought to enforce any liability or duty created by the
Securities Act, Exchange Act or any claim for which the federal district courts of the United States of America are, as a matter
of the laws of the United States of America, the sole and exclusive forum for determination of such a claim.
Our amended and restated memorandum and articles
of association also provide that, without prejudice to any other rights or remedies that we may have, each of our shareholders
acknowledges that damages alone would not be an adequate remedy for any breach of the selection of the courts of the Cayman Islands
as exclusive forum and that accordingly we shall be entitled, without proof of special damages, to the remedies of injunction,
specific performance or other equitable relief for any threatened or actual breach of the selection of the courts of the Cayman
Islands as exclusive forum.
This choice of forum provision may increase a
shareholder's cost and limit the shareholder's ability to bring a claim in a judicial forum that it finds favorable
for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors,
officers and other employees. Any person or entity purchasing or otherwise acquiring any of our shares or other securities, whether
by transfer, sale, operation of law or otherwise, shall be deemed to have notice of and have irrevocably agreed and consented to
these provisions. There is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar choice
of forum provisions in other companies' memorandum and articles of association or other charter documents has been challenged
in legal proceedings. It is possible that a court could find this type of provisions to be inapplicable or unenforceable, and if
a court were to find this provision in our amended and restated memorandum and articles of association to be inapplicable or unenforceable
in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could have adverse
effect on our business and financial performance.
64
Provisions in our amended and restated memorandum and
articles of association may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future
for our Class A ordinary shares and could entrench management.
Our amended and restated memorandum and articles
of association will contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be
in their best interests. These provisions will include a staggered board of directors, the ability of the board of directors to
designate the terms of and issue new series of preference shares, and the fact that prior to the completion of our initial business
combination only holders of our Class B ordinary shares, which have been issued to our sponsor, are entitled to vote on the
appointment of directors, which may make more difficult the removal of management and may discourage transactions that otherwise
could involve payment of a premium over prevailing market prices for our securities.
Cyber incidents or attacks directed at us could result
in information theft, data corruption, operational disruption and/or financial loss.
We depend on digital technologies, including information
systems, infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated
and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties
or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential
data. As an early stage company without significant investments in data security protection, we may not be sufficiently protected
against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any
vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences
on our business and lead to financial loss.
Since only holders of our founder shares will have the
right to vote on the appointment of directors, upon the listing of our shares on Nasdaq, Nasdaq may consider us to be a "controlled
company" within the meaning of Nasdaq rules and, as a result, we may qualify for exemptions from certain corporate governance
requirements.
After completion of this offering, only holders
of our founder shares will have the right to vote on the appointment of directors. As a result, Nasdaq may consider us to be a
"controlled company" within the meaning of the Nasdaq corporate governance standards. Under the Nasdaq corporate governance
standards, a company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled
company" and may elect not to comply with certain corporate governance requirements, including the requirements that:
·
we have a board that includes a majority of "independent directors," as defined under the rules of Nasdaq;
·
we have a compensation committee of our board that is comprised entirely of independent directors with a written charter addressing
the committee's purpose and responsibilities; and
·
we have a nominating and corporate governance committee of our board that is comprised entirely of independent directors with
a written charter addressing the committee's purpose and responsibilities.
We do not intend to have a compensation committee
or nominating and corporate governance committee after completion of this offering and prior to consummation of our initial business
combination. Except for not having these committees, we do not intend to utilize these exemptions and intend to comply with the
corporate governance requirements of Nasdaq, subject to applicable phase-in rules. However, if we determine in the future to utilize
some or all of these exemptions, you will not have the same protections afforded to shareholders of companies that are subject
to all of the Nasdaq corporate governance requirements.
65
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 ordinary shares, 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.
Risks Relating to Our Management Team
We are dependent upon our executive officers and directors
and their loss could adversely affect our ability to operate.
Our operations are dependent upon a relatively
small group of individuals and, in particular, our executive officers and directors. We believe that our success depends on the
continued service of our officers and directors, at least until we have completed our initial business combination. In addition,
our executive officers and directors are not required to commit any specified amount of time to our affairs and, accordingly, will
have conflicts of interest in allocating their time among various business activities, including identifying potential business
combinations and monitoring the related due diligence. We do not have an employment agreement with, or key-man insurance on the
life of, any of our directors or executive officers.
The unexpected loss of the services of one or
more of our directors or executive officers could have a detrimental effect on us.
Our ability to successfully effect our initial business
combination and to be successful thereafter will be totally dependent upon the efforts of our key personnel, some of whom may join
us following our initial business combination. The loss of key personnel could negatively impact the operations and profitability
of our post-combination business.
Our ability to successfully effect our initial
business combination is dependent upon the efforts of our key personnel. We believe that our success depends on the continued service
of our key personnel, at least until we have consummated our initial business combination. None of our officers are required to
commit any specified amount of time to our affairs and, accordingly, they will have conflicts of interest in allocating management
time among various business activities, including identifying potential business combinations and monitoring the related due diligence.
If our officers' and directors' other business affairs require them to devote more substantial amounts of time to their
other business activities, it could limit their ability to devote time to our affairs and could have a negative impact on our ability
to consummate our initial business combination. In addition, we do not have employment agreements with, or key-man insurance on
the life of, any of our officers. The unexpected loss of the services of our key personnel could have a detrimental effect on us.
The role of our key personnel after our initial
business combination, however, remains to be determined. Although some of our key personnel serve in senior management or advisory
positions following our initial business combination, it is likely that most, if not all, of the management of the target business
will remain in place. These individuals may be unfamiliar with the requirements of operating a public company which could cause
us to have to expend time and resources helping them become familiar with such requirements. This could be expensive and time-consuming
and could lead to various regulatory issues which may adversely affect our operations.
66
Our key personnel may negotiate employment or consulting
agreements with a target business in connection with a particular business combination, and a particular business combination may
be conditioned on the retention or resignation of such key personnel. These agreements may provide for them to receive compensation
following our initial 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.
Our key personnel may be able to remain with our
company after the completion of our initial 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. Such negotiations also could make such key personnel's
retention or resignation a condition to any such agreement. The personal and financial interests of such individuals may influence
their motivation in identifying and selecting a target business. In addition, pursuant to an agreement to be entered into on or
prior to the closing of this offering, our sponsor, upon and following consummation of an initial business combination, will be
entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered
by the registration and shareholder rights agreement, which is described under the section of this prospectus entitled "Description
of Securities — Registration and Shareholder Rights."
We may have a limited ability to assess the management
of a prospective target business and, as a result, may affect our initial business combination with a target business whose management
may not have the skills, qualifications or abilities to manage a public company.
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 business's
management, therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected.
Should the target business'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 holders
who choose to retain their securities following the business combination could suffer a reduction in the value of their securities.
Such holders 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 loss 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.
Our executive officers and directors will allocate their
time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs.
This conflict of interest could have a negative impact on our ability to complete our initial business combination.
Our executive officers and directors are not required
to, and will not, commit their full time to our affairs, 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. We do not intend to have any full-time employees
prior to the completion of our initial business combination. Each of our executive officers is engaged in several other business
endeavors for which he may be entitled to substantial compensation, and our executive officers are not obligated to contribute
any specific number of hours per week to our affairs. Our independent directors also serve as officers and board members for other
entities. If our executive 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
which may have a negative impact on our ability to complete our initial business combination. For a complete discussion of our
executive officers' and directors' other business affairs, please see "Management — Officers, Directors and
Director Nominees."
67
Our officers and directors presently have, and any of
them in the future may have, additional fiduciary or contractual obligations to other entities and, accordingly, may have conflicts
of interest in 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 or entities. Certain of our officers and directors presently have, 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 to such entity, subject to his or her fiduciary duties under Cayman Islands law. 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, subject to their fiduciary duties under Cayman Islands law. In particular, certain of our executive officers and directors
also serve as executive officers or directors of Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition
Corp. (XYGJ), TradeUP 88 Corp. (TUFU), and TradeUP Global Corporation (Nasdaq: TUGC), each of which is focused on searching for
businesses that may provide significant opportunities for attractive investor returns in industries similar to the industries in
which our search is focused.
In addition, our sponsor, our officers, and our
directors are and may in the future become affiliated with other blank check companies that may have acquisition objectives that
are similar to ours. These conflicts may not be resolved in our favor and a potential target business may be presented to such
other blank check companies prior to its presentation to us, subject to our officers' and directors' fiduciary duties
under Cayman Islands law. Our amended and restated memorandum and articles of association will provide that, to the fullest extent
permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except to the extent
expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines
of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in,
any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us,
on the other.
For a complete discussion of our executive officers'
and directors' business affiliations and the potential conflicts of interest that you should be aware of, please see "Management — Officers,
Directors and Director Nominees," "Management — Conflicts of Interest" and "Certain Relationships and
Related Party Transactions."
Our executive officers, directors, security holders
and their respective affiliates may have competitive pecuniary interests that conflict with our interests.
We have not adopted a policy that expressly prohibits
our directors, executive officers, security holders or 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. In fact,
we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or executive
officers, although currently we do not intend to do so, or we may acquire a target business through an Affiliated Joint Transaction
with one or more affiliates of US Tiger. Nor do we 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.
The personal and financial interests of our directors
and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination.
Consequently, our directors' and officers' discretion in identifying and selecting a suitable target business may result
in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate
and in our shareholders' best interest. If this were the case, it would be a breach of their fiduciary duties to us as a
matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders'
rights. See the section titled "Description of Securities — Certain Differences in Corporate Law — Shareholders'
suits" for further information on the ability to bring such claims. However, we might not ultimately be successful in any
claim we may make against them for such reason.
68
We may engage in a business combination with one or
more target businesses that have relationships with entities that may be affiliated with our sponsor, executive officers, directors
or initial shareholders which may raise potential conflicts of interest.
In light of the involvement of our sponsor, executive
officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, executive
officers, directors or initial shareholders. Our directors also serve as officers and board members for other entities, including,
without limitation, those described under "Management — Conflicts of Interest." Our sponsor, officers and directors
are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with
which they are affiliated, and there have been no substantive 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 and guidelines for a business combination
as set forth in "Proposed Business — Effecting Our Initial Business Combination — Evaluation of a target business
and structuring of our initial business combination" and such transaction was approved by a majority of our independent and
disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions 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 sponsor, executive officers, directors or
initial shareholders, 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.
Moreover, we may, at our option, pursue an Affiliated
Joint Transaction opportunity with US Tiger, its affiliates or with other entities to which an officer or director has a fiduciary,
contractual or other obligation or duty. Any such parties 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 parties, which may give rise to certain conflicts of interest. In order to satisfy applicable regulatory or other legal
requirements applicable to an Affiliated Joint Transaction, our initial business combination may be effected on less favorable
terms than otherwise would apply if the initial business combination were not an Affiliated Joint Transaction.
We may acquire a target business through an Affiliated Joint
Transaction with one or more affiliates of US Tiger, which may result in conflicts of interest as well as dilutive issuances of
our securities.
We may, at our option, pursue an Affiliated Joint Transaction opportunity
with an entity affiliated with US Tiger. Any such parties would co-invest only if (i) permitted by applicable regulatory and
other legal limitations; (ii) we and US Tiger considered a transaction to be mutually beneficial to us as well as the affiliated
entity; and (iii) other business reasons exist to do so, such as the strategic merits of including such co-investors, the
need for additional capital beyond the amount held in our trust account to fund the initial business combination and/or the desire
to obtain committed capital for closing the initial business combination. An Affiliated Joint Transaction may be effected through
a co-investment with us in the target business at the time of our initial business combination, or we could raise additional proceeds
to complete the initial business combination by issuing to such parties a class of equity or equity-linked securities. Accordingly,
such persons or entities may have a conflict between their interests and ours.
In addition, any specified future issuance in connection with an
Affiliated Joint Transaction would trigger the anti-dilution provisions of our Class B ordinary shares, which, unless waived,
would result in an adjustment to the conversion ratio of our Class B ordinary shares such that our initial shareholders and
their permitted transferees, if any, would retain their aggregate percentage ownership of founder shares at 20% of the sum of the
total number of all ordinary shares issued and outstanding upon completion of this offering plus all shares issued in the specified
future issuance. If such adjustment is not waived as described elsewhere in this prospectus, the specified future issuance would
not reduce the percentage ownership of holders of our Class B ordinary shares, but would reduce the percentage ownership of
holders of our Class A ordinary shares.
69
We may engage US Tiger, or another affiliate of our sponsor,
as our financial advisor on our business combination and other transactions. Furthermore, we may acquire a target company
that has engaged US Tiger, or another affiliate of our sponsor, as a financial advisor. Any fee in connection with such engagement
may be conditioned upon the completion of such transactions. This financial interest in the completion of such transactions may
influence the advice such affiliate provides.
We may engage US Tiger, or another affiliate of our sponsor, as
a financial advisor in connection with our initial business combination and pay such affiliate a customary financial advisory fee
in an amount that constitutes a market standard financial advisory fee for comparable transactions. Furthermore, we may acquire
a target company that has engaged US Tiger, or another affiliate of our sponsor, as a financial advisor. Pursuant to any such engagement,
the affiliate may earn its fee upon closing of the initial business combination. The payment of such fee would likely be conditioned
upon the completion of the initial business combination. Therefore, our sponsor may 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.
We may compete with other affiliates of US Tiger or of our
sponsor, directors and officers for acquisition opportunities for our company, which could negatively impact our ability to locate
a suitable business combination.
Our business strategy may overlap with some of the strategies
of US Tiger and certain of its other affiliates. In order to minimize potential conflicts of interest which may arise from
multiple affiliations, our officers and directors will be required to present all suitable target businesses to Fortune Rise
Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (XYGJ), TradeUP 88 Corp. (TUFU), TradeUP
Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC) prior to presenting
them to us, unless such opportunity is expressly offered to such individual solely in his capacity as an 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 such individual is permitted to refer that opportunity to us without violating another
legal obligation. In addition, US Tiger and its affiliates specialize in financial services and finance for institutional
customers operating in the global financial markets. Acquisition opportunities that may be of interest to us may come to
those other affiliates instead of us or may be pursued by those affiliates. Our affiliates are not restricted from competing
with our business and none of our affiliates are required to refer any such opportunities to us. Our sponsor and its
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.
Since our sponsor, executive officers and directors
will lose their entire investment in us if our initial business combination is not completed (other than with respect to public
shares they may acquire during or after this offering), and because our sponsor, officers and directors who have an interest in
founder shares may profit substantially from a business combination even under circumstances where our public shareholders would
experience losses in connection with their investment, a conflict of interest may arise in determining whether a particular business
combination target is appropriate for our initial business combination.
On February 3, 2022, our sponsor entered into
a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B
ordinary shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Prior to the initial investment in
the company of $25,000 by the sponsor, the company had no assets, tangible or intangible. The per share price of the founder shares
was determined by dividing the amount contributed to the company by the number of founder shares issued. If we increase or decrease
the size of this offering, we will effect a share capitalization or a share surrender or redemption or other appropriate mechanism,
as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such
amount as to maintain the number of founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding
ordinary shares upon the consummation of this offering (not including the private placement shares). The founder shares will be
worthless if we do not complete an initial business combination. In addition, our sponsor has committed, pursuant to a written
agreement, to purchase an aggregate of 330,000 private placement units, at a price of $10.00 per unit, in a private placement that
will close simultaneously with the closing of this offering. If we do not consummate an initial business within 15 months from
the closing of this offering
(or up to 21 months, as applicable)
, the private placement
warrants will expire worthless.
70
The personal and financial interests of our executive
officers and directors 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 and may result
in a misalignment of interests between the holders of our founder shares and our officers and directors, on the one hand, and our
public shareholders, on the other. In particular, because the founder shares were purchased at approximately $0.012 per share,
the holders of our founder shares (including members of our management team that directly or indirectly own founder shares) could
make a substantial profit after our initial business combination even if our public shareholders lose money on their investment
as a result of a decrease in the post-combination value of their Class A ordinary shares (after accounting for any adjustments
in connection with an exchange or other transaction contemplated by the business combination). For example, a holder of 1,000 founder
shares would have paid approximately $12.00 to obtain such shares. At the time of an initial business combination, such holder
would be able to convert such founder shares into 1,000 shares of Class A ordinary shares, and would receive the same consideration
as a public shareholder for the same number of Class A ordinary shares. If the value of the Class A ordinary shares on
a post-combination basis (after accounting for any adjustments in connection with an exchange or other transaction contemplated
by the business combination) were to decrease to $5.00 per Class A ordinary share, the holder of our founder shares would
obtain a profit of approximately $4,988 on account of the 1,000 founder shares that the holder had converted into Class A
ordinary shares in connection with the initial business combination. By contrast, a public shareholder holding 1,000 Class A
ordinary shares would lose approximately $5,000.00 in connection with the same transaction.
In addition, this risk may become more acute as
the 12-month anniversary of the closing of this offering nears, which is the deadline for our consummation of an initial business
combination.
Risks Associated with Acquiring and Operating a Business in
Foreign Countries
If we pursue a target company with operations or opportunities
outside of the United States for our initial business combination, we may face additional burdens in connection with investigating,
agreeing to and completing such initial business combination, and if we effect such initial business combination, we would be subject
to a variety of additional risks that may negatively impact our operations.
If we pursue a target a company with operations
or opportunities outside of the United States for our initial business combination, we would be subject to risks associated with
cross-border business combinations, including in connection with investigating, agreeing to and completing our initial business
combination, conducting due diligence in a foreign jurisdiction, having such transaction approved by any local governments, regulators
or agencies and changes in the purchase price based on fluctuations in foreign exchange rates.
If we effect our initial business combination
with such a company, we would be subject to any special considerations or risks associated with companies operating in an international
setting, including any of the following:
·
costs and difficulties inherent in managing cross-border business operations;
·
rules and regulations regarding currency redemption;
·
laws governing the manner in which future business combinations may be effected;
·
exchange listing and/or delisting requirements;
71
·
tariffs and trade barriers;
·
regulations related to customs and import/export matters;
·
local or regional economic policies and market conditions;
·
unexpected changes in regulatory requirements;
·
longer payment cycles;
·
tax issues, including complex withholding or other tax regimes which may apply in connection with our business combination
or to our structure following our business combination, variations in tax laws as compared to the United States, and potential
changes in the applicable tax laws in the United States and/or relevant non-U.S. jurisdictions;
·
currency fluctuations and exchange controls;
·
rates of inflation;
·
challenges in collecting accounts receivable;
·
cultural and language differences;
·
employment regulations;
·
underdeveloped or unpredictable legal or regulatory systems;
·
corruption;
·
protection of intellectual property;
·
social unrest, crime, strikes, riots and civil disturbances;
·
regime changes and political upheaval;
·
terrorist attacks, natural disasters and wars; and
·
deterioration of political relations with the United States.
We may not be able to adequately address these
additional risks. If we were unable to do so, we may be unable to complete such initial business combination, or, if we complete
such combination, our operations might suffer, either of which may adversely impact our business, financial condition and results
of operations.
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, our
management may 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 United States securities 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.
72
After our initial business combination, substantially
all of our assets may be located in a foreign country and substantially all of our revenue may be derived from our operations in
any such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic,
political and social conditions and government policies, developments and conditions in the country in which we operate.
The economic, political and social conditions,
as well as government policies, of the country in which our operations are located could affect our business. Economic growth could
be uneven, both geographically and among various sectors of the economy and such growth may not be sustained in the future. If
in the future such country's economy experiences a downturn or grows at a slower rate than expected, there may be less demand
for spending in certain industries. A decrease in demand for spending in certain industries could materially and adversely affect
our ability to find an attractive target business with which to consummate our initial business combination and if we effect our
initial business combination, the ability of that target business to become profitable.
Exchange rate fluctuations and 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, and 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.
We may reincorporate in another jurisdiction in connection
with our initial business combination, and the laws of such jurisdiction may govern some or all of our future material agreements
and we may not be able to enforce our legal rights.
In connection with our initial business combination,
we may relocate the home jurisdiction of our business from the Cayman Islands to another jurisdiction. If we determine to do this,
the laws of such jurisdiction may govern some or all of our future material agreements. 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.
We are subject to changing law and regulations regarding
regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.
We are subject to rules and regulations by various
governing bodies, including, for example, the SEC, which are charged with the protection of investors and the oversight of companies
whose securities are publicly traded, and to new and evolving regulatory measures under applicable law. Our efforts to comply with
new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative
expenses and a diversion of management time and attention from seeking a business combination target.
Moreover, because these laws, regulations and
standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available.
This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions
to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes,
we may be subject to penalty and our business may be harmed.
73
Risks Relating to Taxation
Transactions in connection with or in anticipation
of our initial business combination and our structure thereafter may not be tax-efficient to our shareholders and warrant holders.
As a result of our business combination, our tax obligations may be more complex, burdensome and uncertain.
Although we will attempt to structure transactions
in connection with our initial business combination in a tax-efficient manner, tax structuring considerations are complex, the
relevant facts and law are uncertain and may change, and we may prioritize commercial and other considerations over tax considerations.
For example, in anticipation of or as a result of our initial business combination and subject to requisite shareholder approval,
we may enter into one or more transactions that require shareholders and/or warrant holders to recognize gain or income for tax
purposes or otherwise increase their tax burden. We do not intend to make any cash distributions to shareholders or warrant holders
to pay taxes in connection with our business combination or thereafter. Accordingly, a shareholder or a warrant holder may be required
to satisfy any liability resulting from any such transactions with cash from its own funds or by selling all or a portion of such
holder's shares or warrants. In addition, we may effect a business combination with a target company in another jurisdiction
(including, but not limited to, the jurisdiction in which the target company or business is located). As a result, shareholders
and warrant holders may be subject to additional income, withholding or other taxes with respect to their ownership of us after
our initial business combination.
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 Companies Act, 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 in any other jurisdictions in which the shareholder or warrant holder is subject
to tax. 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.
An investment in our securities, and certain subsequent
transactions with respect to our securities, may result in uncertain or adverse U.S. federal income tax consequences.
An investment in our securities, and certain subsequent
transactions with respect to our securities, may result in uncertain U.S. federal income tax consequences for an investor. For
instance, because there are no authorities that directly address the U.S. federal income tax implications of instruments similar
to the units we are issuing in this offering, the allocation an investor makes with respect to the purchase price of a unit between
the Class A ordinary shares and the one-half of one warrant to purchase one Class A ordinary share included in each unit
could be challenged by the Internal Revenue Service ("IRS") or courts. Furthermore, the U.S. federal income tax consequences
of a cashless exercise of warrants is unclear under current law. Finally, it is unclear whether the redemption rights with respect
to our Class A ordinary shares suspend the running of a U.S. Holder's (as defined below in "Taxation — United States
Federal Income Tax Considerations — General") holding period for purposes of determining whether any gain or loss realized
by such holder on the sale or exchange of Class A ordinary shares is long-term capital gain or loss and for determining whether
any dividend we pay would be considered "qualified dividends" eligible for favorable U.S. federal income tax treatment.
See the section of this prospectus captioned "Taxation — United States Federal Income Tax Considerations" for a
summary of the U.S. federal income tax considerations of an investment in our securities. Prospective investors are urged to consult
with and rely on their tax advisors with respect to these and other tax consequences when purchasing, holding or disposing of our
securities.
74
We may be a passive foreign investment company, or "PFIC,",
which could result in adverse U.S. federal income tax consequences to U.S. investors.
If we are a PFIC for any taxable
year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the section of this prospectus
captioned "Taxation — United States Federal Income Tax Considerations — General") of our Class A ordinary
shares or warrants, such U.S. Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional
reporting requirements. Our PFIC status for our current and subsequent taxable years may depend on, among other things, whether
we qualify for the PFIC start-up exception, the timing of our initial business combination, the amount of our passive income and
assets in the year of the business combination, and the amount of passive income and assets of the acquired business (see the section
of this prospectus captioned "Taxation — United States Federal Income Tax Considerations — U.S. Holders — Passive
Foreign Investment Company Rules"). Our actual status as a PFIC for our current taxable year or any subsequent taxable year
will not be determinable until after the end of such taxable year (and in the case of our start-up year, possibly not until after
the close of the second taxable year following our start-up year). Accordingly, we cannot assure you that we will not be a PFIC
in our current taxable year or in any future taxable year.
If we determine we are a PFIC for any taxable
year we will endeavor to provide, upon written request, to a U.S. Holder such information as the IRS may require, including a PFIC
annual information statement, in order to enable the U.S. Holder to make and maintain a "qualified electing fund" ("QEF")
election in respect of our Class A ordinary shares, but there can be no assurance that we will timely provide such required
information and, any such election would be unavailable with respect to our warrants. The rules dealing with PFICs and with the
QEF election are very complex and are affected by various factors in addition to those described in this prospectus. Accordingly,
U.S. investors are strongly urged to consult with and rely solely upon their own tax advisors regarding the application of the
PFIC rules to them in their particular circumstances. For a more detailed discussion of the tax consequences of PFIC classification
to U.S. Holders, see the section of this prospectus captioned "Taxation — United States Federal Income Tax Considerations — U.S.
Holders — Passive Foreign Investment Company Rules."
General Risk Factors
We are a recently incorporated exempted 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 recently incorporated exempted company,
incorporated under the laws of the Cayman Islands 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 initial
business combination. If we fail to complete our initial business combination, we will never generate any operating revenues.
Past performance by our management team or their respective
affiliates may not be indicative of future performance of an investment in us.
Information regarding performance is presented
for informational purposes only. Any past experience or performance of our management team and their respective affiliates is not
a guarantee of either (i) our ability to successfully identify and execute a transaction or (ii) success with respect
to any business combination that we may consummate. You should not rely on the historical record of our management team or their
respective affiliates as indicative of the future performance of an investment in us or the returns we will, or are likely to,
generate going forward. Our management has no experience in operating special purpose acquisition companies.
75
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" or "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 ordinary shares 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.
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 accounting standards used.
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 ordinary shares
held by non-affiliates exceeds $250 million as of the prior June 30, or (2) our annual revenues exceeded $100 million
during such completed fiscal year and the market value of our ordinary shares held by non-affiliates exceeds $700 million
as of the prior June 30. 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.
76
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS AND
RISK FACTOR SUMMARY
Some of the statements contained 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," "intends,"
"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. These risks and uncertainties include, but
are not limited to, the following risks, uncertainties and other factors:
·
our ability to select an appropriate target business or businesses;
·
our ability to complete our initial business combination;
·
our expectations around the performance of a 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;
·
our potential ability to obtain additional financing to complete our initial business combination;
·
our pool of prospective target businesses;
·
our ability to consummate an initial business combination due to the uncertainty resulting from the recent COVID-19 pandemic;
·
the ability of our officers and directors to generate a number of potential business combination 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;
·
our financial performance following this offering; or
·
the other risk and uncertainties discussed in "Risk Factors" and elsewhere in this prospectus.
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 under the heading "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.
77
USE OF PROCEEDS
We are offering 7,500,000 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 shares will be used as set forth in the following table.
Without
Over-
Allotment
Option
Over-
Allotment
Option Fully
Exercised
Gross proceeds
Gross proceeds from units offered to public
(1)
$
75,000,000
$
86,250,000
Gross proceeds from private shares offered in the private placement
$
3,300,000
$
3,525,000
Total gross proceeds
$
78,300,000
$
89,775,000
Offering expenses
(2)
Underwriting commissions (2% of gross proceeds from units offered to public)
$
1,500,000
$
1,725,000
Legal fees and expenses
$
300,000
$
300,000
Accounting fees and expenses
$
50,000
$
50,000
SEC/FINRA expenses
$
21,434
$
21,434
Nasdaq listing and filing fees
$
50,000
$
50,000
Director and officer liability insurance premiums
$
500,000
$
500,000
Printing and engraving expenses
$
35,000
$
35,000
Miscellaneous
$
193,566
$
193,566
Total offering expenses (excluding underwriting commissions)
$
1,150,000
$
1,150,000
Proceeds after offering expenses
$
75,650,000
$
86,900,000
Held in trust account
(3)
$
75,000,000
$
86,250,000
% of public offering size
100
%
100
%
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
% 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
$
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 $400,000 as described in this prospectus. This amount will
be repaid upon completion of this offering out of the $1,150,000 of 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.
78
(3)
Upon completion of our initial business combination, $2,625,000
(or $3,018,750 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.
(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.
Of the $78,300,000 in proceeds we receive from
this offering and the sale of the private placement units described in this prospectus, or $89,775,000 if the underwriters'
over-allotment option is exercised in full, $75,000,000 ($10.00 per unit), or $86,250,000 if the underwriters' over-allotment
option is exercised in full ($10.00 per unit), will be deposited into a non-interest bearing U.S. based trust account with Wilmington Trust, National Association acting as trustee, including $2,625,000 or up to $3,018,750 if the underwriters'
over-allotment option is exercised in full, of deferred underwriting commissions. The proceeds held in the trust account will be
invested only in U.S. government treasury obligations 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 not be permitted to withdraw any of the principal or interest held in the trust account, except with respect to interest
earned on the funds held in the trust account that may be released to us to pay our franchise and income taxes, if any, until the
earliest of (i) the completion of our initial business combination, (ii) the redemption of our public shares if we have
not consummated an initial business combination within 15 months from the closing of this offering
(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
, subject to
applicable law, or (iii) the redemption of our public shares properly submitted in connection with a shareholder vote to approve
an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing
of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering
(or up to 21 months from the closing of
this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable)
or (B) with respect to any other provision
relating to the rights of holders of our Class A ordinary shares. Based on current interest rates, we expect that interest
income earned on the trust account (if any) will be sufficient to pay our franchise and income taxes.
79
We will have until 15 months from the closing
of this offering to consummate an initial business combination. However, if we anticipate that we may not be able to consummate
our initial business combination within 15 months, we will, by resolution of our board if requested by our sponsor, extend the
period of time to consummate a business combination by up to two times, each time by an additional three months (for a total of
21 months to complete a business combination), subject to the sponsor depositing additional funds into the trust account as set
out below. In connection with any such extension, public shareholders will not be offered the opportunity to vote on or redeem
their shares. Pursuant to the terms of our amended and restated memorandum and articles of association and the trust agreement
to be entered into between us and Wilmington Trust, National Association on the date of this prospectus, in order to extend
the time available for us to consummate our initial business combination for an additional month, our sponsor or its affiliates
or designees must deposit into the trust account $250,000, or up to $287,500 if the underwriter's over-allotment option is
exercised in full ($0.0333 per share in either case), up to an aggregate of $1,500,000, or $0.20 per share, on or prior to the
date of the deadline. We will issue a press release announcing each extension at least three days prior to the deadline. In addition,
we will issue a press release the day after the deadline, announcing whether the funds have been timely deposited. Our sponsor
and its affiliates or designees are obligated to fund the trust account in order to extend the time for us to complete our initial
business combination, but our sponsor will not be obligated to extend such time. In addition to the foregoing arrangements, we
may extend the period of time to consummate a business combination by a shareholder vote to amend our amended and restated memorandum
and articles of association.
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 initial business combination.
If our initial business combination is paid for using equity or debt, 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 the redemption of our public shares,
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-business combination company, 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. There is no limitation
on our ability to raise funds privately or through loans in connection with our initial business combination.
We believe that amounts not held in trust, together
with funds available to us from loans from our sponsor, its affiliates or members of our management team will be sufficient to
pay the costs and expenses to which such proceeds are allocated. 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 sponsor or an affiliate of our
sponsor or certain of our officers and directors although they are under no obligation to advance funds to us in such circumstances.
Prior to the closing of this offering, our sponsor
has agreed to loan us up to $400,000 to be used for a portion of the expenses of this offering. To date, we have no borrowings
under the promissory note with our sponsor. These loans are non-interest bearing, unsecured and are due at the earlier of September
30, 2022 and 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 sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we may repay
such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans may 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 $1,500,000 of such loans may be convertible into private placement 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. Except as set forth above, the
terms of such loans, 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 sponsor, its affiliates
or any members of our management team 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.
80
DIVIDEND POLICY
We have not paid any cash dividends on our ordinary
shares to date and do not intend to pay cash dividends prior to the completion of 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 after completion of our initial business combination. The payment of any cash dividends after our initial business combination
will be within the discretion of our board of directors at such time. If we increase the size of this offering, we will effect
a share capitalization or other appropriate mechanism immediately prior to the consummation of this offering in such amount as
to maintain the number of founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding ordinary
shares upon the consummation of this offering (not including the private placement shares). Further, if we incur any indebtedness
in connection with a business combination, our ability to declare dividends may be limited by restrictive covenants we may agree
to in connection therewith.
81
DILUTION
The difference between the public offering price
per Class A ordinary share, assuming no value is attributed to the warrants included in the units we are offering pursuant
to this prospectus or the private placement warrants, and the pro forma net tangible book value per Class A ordinary share
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 placement warrants, 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
ordinary shares which may be redeemed for cash), by the number of issued and outstanding Class A ordinary shares.
At February 7, 2022, our net tangible book deficit was $225,010,
or approximately ($0.10) per ordinary share. After giving effect to the sale of 7,500,000 Class A ordinary shares included
in the units we are offering by this prospectus (or 8,625,000 Class A ordinary shares if the underwriters' over-allotment
option is exercised in full), the sale of the private placement units and the deduction of underwriting commissions and estimated
expenses of this offering, our pro forma net tangible book deficit at February 7, 2022 would have been ($1,956,333) or ($0.89)
per share (or ($2,350,083) or ($0.94) per share if the underwriters' over-allotment option is exercised in full), representing
an immediate decrease in net tangible book value (as decreased by the value of 7,500,000 Class A ordinary shares that may
be redeemed for cash, or 8,625,000 Class A ordinary shares if the underwriters' over-allotment option is exercised in
full) of ($0.79) per share (or ($0.84) per share if the underwriters' over-allotment option is exercised in full) to our
sponsor as of the date of this prospectus. Total dilution to public shareholders from this offering will be $10.89 per share (or
$10.94 if the underwriters' over-allotment option is exercised in full).
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
placement warrants:
Without
over-allotment
With
over-allotment
Public offering price
$
10.00
$
10.00
Net tangible book value before this offering
(0.10
)
(0.10
)
Decrease attributable to public shareholders
(0.79
)
(0.84
)
Pro forma net tangible book value after this offering and the sale of the private placement units
(0.89
)
(0.94
)
Dilution to public shareholders
$
10.89
$
10.94
Percentage of dilution to public shareholders
108.9
%
109.4
%
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 $75,000,000 because holders 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 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 franchise and income taxes, if any, divided by the number of the then-issued and outstanding public shares).
The following table sets forth information with
respect to our sponsor and the public shareholders:
Shares purchased
Total consideration
Average
Number
Percentage
Amount
Percentage
price per-share
Class B Ordinary Shares
(1)
1,875,000
19.32
%
$
25,000
0.03
%
$
0.01
Private Shares
330,000
3.40
%
$
3,300,000
4.22
%
$
10.00
Public Shareholders
7,500,000
77.28
%
$
75,000,000
95.75
%
$
10.00
9,705,000
100.0
%
$
78,325,000
100.00
%
(1)
Assumes no exercise of the underwriters' over-allotment
option and the corresponding forfeiture of 281,250 Class B ordinary shares held by our sponsor.
82
The pro forma net tangible book value per share
after this offering (assuming that the underwriters do not exercise their over-allotment option) is calculated as follows:
Without
over-allotment
With
over-allotment
Numerator:
Net tangible book value before this offering
$
(225,010
)
$
(225,010
)
Net proceeds from this offering and sale of the private placement warrants
(1)
$
75,650,000
$
86,900,000
Plus: Offering costs accrued or paid in advance, excluded from tangible book value
$
243,677
$
243,677
Less: Deferred underwriting commissions
$
(2,625,000
)
$
(3,018,750
)
Less: Proceeds held in trust subject to redemption
(2)
$
(75,000,000
)
$
(86,250,000
)
$
(1,956,333
)
$
(2,350,083
)
Denominator:
Ordinary shares issued and outstanding prior to this offering
2,156,250
2,156,250
Ordinary shares forfeited if over-allotment is not exercised
(281,250
)
—
Ordinary shares included in the units offered
7,500,000
8,625,000
Ordinary shares included in the private placement units
330,000
352,500
Less: Ordinary shares subject to redemption
(7,500,000
)
(8,625,000
)
2,205,000
2,508,750
(1)
Expenses applied against gross proceeds include offering
expenses of $1,150,000 and underwriting commissions of $1,500,000 (if the underwriter's over-allotment option is not exercised)
or $1,725,000 (if the underwriters' over-allotment option is exercised) (in all cases excluding the deferred underwriting
commissions). See "Use of Proceeds."
(2)
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 sponsor, directors, executive officers, advisors or their affiliates may purchase public shares or warrants in privately
negotiated transactions or in the open market either prior to or following the completion of our initial business combination.
In the event of any such purchases of our shares prior to the completion of our initial business combination, the number of Class A
ordinary shares subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible
book value per share. See "Proposed Business — Effecting Our Initial Business Combination — Permitted purchases
and other transactions with respect to our securities."
83
CAPITALIZATION
The following table sets forth our capitalization
at February 7, 2022, and as adjusted to give effect to the filing of our amended and restated memorandum and articles of association,
the sale of our units in this offering and the private placement warrants and the application of the estimated net proceeds derived
from the sale of such securities:
February 7, 2022
Actual
As adjusted
(1)
Note payable-related party
(2)
$
—
$
—
Deferred underwriting commissions
—
2,625,000
Class A ordinary shares, $0.0001 par value, 200,000,000 shares authorized; none and 7,500,000 shares subject to possible redemption, actual and as adjusted, respectively
(3)
—
75,000,000
Preference shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted
—
—
Class A ordinary shares, $0.0001 par value, 200,000,000 shares authorized; none and 330,000 shares issued and outstanding, actual and as adjusted, respectively
(4)(5)
—
33
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized; 2,156,250 and 1,875,000 shares issued and outstanding, actual and as adjusted, respectively
216
188
Additional paid-in capital
24,784
—
Accumulated deficit
(6,333
)
(1,956,554
)
Total shareholders' equity (deficit)
18,667
(1,956,333
)
Total capitalization
$
18,667
$
75,668,667
(1)
Assumes no exercise of the underwriters' over-allotment
option and the corresponding forfeiture of 281,250 Class B ordinary shares held by our sponsor.
(2)
Our sponsor has agreed to loan us up to $400,000 to be
used for a portion of the expenses of this offering. As of February 7, 2022, we had no borrowings under the promissory note with
our sponsor.
(3)
Upon the completion of our initial business combination,
we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal
to the aggregate amount then on deposit in the trust account calculated 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 franchise and income taxes, if any, divided by the number of the then-issued and outstanding public shares, subject
to the limitations described herein whereby redemptions cannot cause our net tangible assets to be less than the amount required
such that our Class A ordinary shares will not become a "penny stock" and any limitations (including, but not
limited to, cash requirements) created by the terms of the proposed 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.
(5)
All of the 7,500,000 Class A ordinary shares sold as part
of the units in the offering contain a redemption feature which allows for the redemption of such public shares in connection
with our liquidation, if there is a shareholder vote or tender offer in connection with the business combination and in connection
with certain amendments to our amended and restated memorandum and articles of association. In accordance with SEC and its guidance
on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control
of a company require common stock subject to redemption to be classified outside of permanent equity. Given that the 7,500,000
Class A ordinary shares sold as part of the units in the offering will be issued with other freestanding instruments (i.e., public
warrants), the initial carrying value of ordinary shares classified as temporary equity will be the allocated proceeds determined
in accordance with ASC 470-20. Our ordinary shares are subject to ASC480-10-S99. If it is probable that the equity instrument
will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date
of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption
date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount
of the instrument to equal the redemption value at the end of each reporting period. We have elected to recognize the changes
immediately. The accretion or remeasurement will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in
absence of retained earnings, additional paid-in capital).
84
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Overview
We are a blank check company incorporated on January
5, 2022 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses or entities. 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. However, we will not complete our initial business combination with a target that is headquartered in China
(including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau). We intend to effectuate
our initial business combination using cash from the proceeds of this offering and the sale of the private placement units, our
shares, debt or a combination of cash, equity and debt.
The issuance of additional shares 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 ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one
basis upon conversion of the Class B ordinary shares;
·
may subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to
those afforded our Class A ordinary shares;
·
could cause a change in control if a substantial number of our Class A ordinary shares 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;
·
may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of
a person seeking to obtain control of us;
·
may adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants; and
·
may not result in adjustment to the exercise price of our warrants.
Similarly, if we issue debt or otherwise incur
significant debt, 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 is payable on demand;
·
our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such
financing while the debt is outstanding;
·
our inability to pay dividends on our Class A ordinary shares;
85
·
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 Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and 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;
·
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,
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 February 7, 2022, we had no cash and a working capital deficit of approximately $225,010. Further, we expect to incur significant
costs in the pursuit of our initial business combination. 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 (i) $25,000 paid by our sponsor to cover certain of our offering costs in exchange
for the issuance of the founder shares to our sponsor and (ii) the receipt of loans to us of up to $400,000 by our sponsor
under an unsecured promissory note. To date, we have no borrowings under the promissory note with our sponsor.
We estimate that the net proceeds from (i) the
sale of the units in this offering, after deducting estimated offering expenses of $1,150,000, underwriting commissions of $1,500,000
(excluding deferred underwriting commissions of $2,625,000, or $3,018,750 if the underwriters' over-allotment option is exercised
in full), and (ii) the sale of the private placement units for a purchase price of $3,300,000 will be $75,650,000 (or $86,900,000
if the underwriters' over-allotment option is exercised in full). Of this amount, $75,000,000 (or $86,250,000 if the underwriters'
over-allotment option is exercised in full) will be held in the trust account, which includes the deferred underwriting commissions
described above.
The proceeds held in the trust account will be
invested only in U.S. government treasury obligations 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.
With current treasury returns, we anticipate immaterial funds from the trust account investments. The remaining $650,000 will not
be held in the trust account. In the event that our offering expenses exceed our estimate of $1,150,000, 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 $1,150,000,
the amount of funds we intend to be held outside the trust account would increase by a corresponding amount.
86
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 taxes payable and deferred
underwriting commissions), to complete our initial business combination. We may withdraw interest income (if any) to pay income
taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held
in the trust account. We expect the interest income earned on the amount in the trust account (if any) will be sufficient to pay
our franchise and income taxes. To the extent that our equity 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 $650,000 of proceeds held outside the trust account, as well as certain funds from loans
from our sponsor, its affiliates or members of our management team. We will use these funds to primarily 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.
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 prior to our initial business
combination, other than funds available from loans from our sponsor, its affiliates or members of our management team. 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 initial business combination. In order to fund working capital deficiencies or finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we may repay
such loaned amounts out of the proceeds of the trust account released to us. 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 $1,500,000 of such loans may be convertible into units
of the post-business combination entity at a price of $10.00 per unit at the option of the lender. The units would be identical
to the private placement units. The terms of such loans, 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 sponsor, its affiliates or our management team 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.
We expect our primary liquidity requirements during
that period to include approximately $400,000 for legal, accounting, due diligence, travel and other expenses associated with structuring,
negotiating and documenting successful business combinations; $100,000 for legal and accounting fees related to regulatory reporting
obligations; and $150,000 for administrative and support services.
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.
87
Moreover, we may need to obtain additional financing
to complete our initial business combination, either because the transaction requires more cash than is available from the proceeds
held in our trust account, or because we become obligated to redeem a significant number of our public shares upon completion of
the business combination, in which case we may issue additional securities or incur debt in connection with such business combination.
If we have not consummated our initial business combination within the required time period because we do not have sufficient funds
available to us, we will be forced to cease operations and liquidate the trust account.
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, 2022. Only in the event that we are
deemed to be a large accelerated filer or an accelerated filer and no longer qualify as an emerging growth company would we be
required to comply with the independent registered public accounting firm attestation requirement on internal control over financial
reporting. 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 independent registered public accounting firm tested our systems, of our 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 initial 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 expenses 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 registered public accounting firm to audit and render an opinion on such report
when required by Section 404 of the Sarbanes-Oxley Act. The independent registered public accounting firm may identify additional
issues concerning a target business's internal controls while performing their audit of internal control over financial reporting.
88
Quantitative and Qualitative Disclosures about Market Risk
The proceeds held in the trust account will be
invested only in U.S. government treasury obligations 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.
However, if the interest rates of U.S. Treasury obligations become negative, we may have less interest income available to us for
payment of taxes, and a decline in the value of the assets held in the trust account could reduce the principal below the amount
initially deposited in the trust account.
Related Party Transactions
On February 3, 2022, our sponsor
entered into a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250
founder shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Of the 2,156,250 founder shares issued
and outstanding, 281,250 of such founder shares held by our sponsor are subject to forfeiture in the event the underwriter's
over-allotment option is not exercised in full, as further described herein.
The number of founder shares issued and outstanding
was determined based on the expectation that the founder shares would represent 20% of the issued and outstanding ordinary shares
upon the completion of this offering. Our initial shareholders will collectively own 20% of our issued and outstanding ordinary
shares after this offering (assuming they do not purchase any units in this offering). If we increase or decrease the size of this
offering, we will effect a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable
with respect to our founder shares immediately prior to the closing of this offering in such amount as to maintain the ownership
of founder shares by our initial shareholders at 20% of our issued and outstanding ordinary shares upon the completion of this
offering.
Our management team, and our sponsor and 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 by us to them 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 has agreed to loan us up to $400,000
to be used for a portion of the expenses of this offering. To date, we have no borrowings under the promissory note with our sponsor.
Any loans under the promissory note will be non-interest bearing, unsecured and will be due at the earlier of September 30, 2022
and the closing of this offering. Such loans will be repaid upon the completion of this offering out of the offering proceeds not
held in the trust account.
In addition, in order to fund working capital
deficiencies or finance transaction costs in connection with an intended initial business combination, our management team and
our sponsor and/or any of their respective affiliates 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. 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 $1,500,000
of such loans may be convertible into units of the post-business combination entity at a price of $10.00 per unit at the option
of the lender. Such units would be identical to the private placement units. The terms of such loans, 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 management
team, or our sponsor or any of their respective affiliates, if any, 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.
89
Our sponsor has committed to purchase an aggregate
of 330,000 (or 352,500 if the underwriter's over-allotment option is exercised in full) private placement units at a price
of $10.00 per unit, for aggregate proceeds of $3,300,000 (or $3,525,000 if the underwriter's over-allotment option is exercised
in full) in the private placement that will close simultaneously with the closing of this offering. Each private placement unit
consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as provided herein. The placement
units (including the private placement shares and private placement warrants) 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. The private
placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in this
offering.
Pursuant to a registration and shareholder rights
agreement with our initial shareholders, we may be required to register certain securities for sale under the Securities Act. Our
sponsors, holders of private placement warrants and holders of warrants issued upon conversion of working capital loans, 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. However, the registration rights agreement provides that we will not be required to effect or permit any registration
or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions,
as described herein. We will bear the costs and expenses of filing any such registration statements. Please see "Certain
Relationships and Related Party Transactions."
Off-balance Sheet Arrangements; Commitments and Contractual
Obligations; Quarterly Results
As of February 7, 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 not conducted any operations to date.
JOBS Act
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 of the Sarbanes-Oxley Act, (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 chief executive officer's compensation to median employee compensation. These exemptions will apply for a period of five
years following the completion of our initial public offering or until we are no longer an "emerging growth company,"
whichever is earlier.
90
PROPOSED BUSINESS
Our Company
We are a blank check company incorporated as a
Cayman Islands exempted company 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. We have not selected any specific 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 with respect to an initial business combination
with us. We are focused on identifying unique business concepts with high-performing organizations that have both aspirations to
accelerate growth and create enduring value within the technology, hospitality or consumer services sector.
Our Management Team and Board of Directors
Management
Lei Huang,
Chief Executive Officer
Mr. Huang currently serves as the Chief
Executive Officer of US Tiger and is a member of the board of directors of its parent company, UP Fintech Holding Limited
(Nasdaq: TIGR) and is Co-Chief Executive Officer of TradeUP Global Corporation (Nasdaq: TUGC), a special purpose acquisition
company incorporated in January 2021 and TradeUP 88 Corp. (Nasdaq: TUFU), a special purpose acquisition company incorporated in
April 2021 which is currently seeking Nasdaq listing. Mr. Huang also serves as the Chief Executive Officer and is a member of the board of directors
of Fortune Rise Acquisition Corporation (Nasdaq: FRLA), a special purpose acquisition company incorporated in January 2021 and TradeUP Securities, a broker/dealer company incorporated in December 2021.
Mr. Huang also serves as a member of the board of directors of MDLand International Corporation. Prior to joining US Tiger, Mr. Huang was the Chief Executive Officer of Haitong Securities USA LLC, and also served as
Chief Compliance Officer and Operation Manager of CICC US Securities, Inc. from 2010 through 2018. Prior to that, Mr. Huang
served as a Compliance Officer at Morgan Stanley, Lehman Brothers and Barclays. Mr. Huang also formerly served as a
Regulatory Supervisor at the National Association of Securities Dealers.
Mr. Huang earned an M.S. degree in Global Financial Analysis from
Bentley University.
You ("Patrick") Sun,
Chief Financial Officer
Mr. Sun is an experienced banking and asset management professional.
Since August 2020, Mr. Sun has served as the Chief Financial Officer of Lake Crystal Energy LLC, an oil and gas company. As the
Chief Financial Officer, Mr. Sun evaluates and sources potential investments in oil and gas assets. He also oversees all financial
functions of the company. Prior to this role, from August 2014 to December 2019, Mr. Sun served as a Vice President and an E&P
Analyst of Seaport Global Securities LLC, a full-service investment bank, capital markets advisory and research platform based in New York.
From July 2008 to May 2012, Mr. Sun served as Vice President of the Pacific Securities Co., Ltd., a Chinese investment bank and
brokerage firm.
Mr. Sun earned an MBA from Washington University in St. Louis, Olin
Business School, and a B.S. degree in Mechanics from Peking University.
91
Independent Directors
Jim Mao,
Director
Mr. Mao will serve as our Director
upon the effectiveness of our registration statement on Form S-1, of which this prospectus forms a part. Mr. Mao is a
founding and managing partner of Citta Capital ("Citta"), a firm focused on investing in early growth stage
technology startups in Enterprise/SaaS, Blockchain, ESG, AI applications, cloud computing and healthcare technology. As of
December 31, 2021, Citta has a diverse portfolio of companies that includes Kintsugi (a leading AI based mental health
diagnostics company), Openprise, Inc. (automation solutions), Sequoia Games, Inc. (combining the latest technology with
professional sports), SetPoint (clinical stage neuro treatment), Zeit Medical (early heart stroke detection with FDA
breakthrough destination), and Ryu Games (Web3.0 Gamify). Prior to that, Mr. Mao was a Partner at WestSummit Capital
("WSC"), a leading global technology growth capital venture firm. At WSC, Mr. Mao led deal sourcing and investment activities in the areas of Enterprise, Cloud, Big Data, AI, robotics, and
digital media. WSC was a lead investor of a number of unicorns including Unity, Cloudwise, Twitch, Mirantis, Couchbase, GigaDevice,
VeriSilicon and Movidius. Previously, Mr. Mao worked in Internet, mobile/wireless, digital media, telecom, semiconductor and
enterprise software industries. He has also co-authored five U.S. patents. He has over 20 years of working experience in
private equity and technology sectors, including enterprise software, Internet, mobile applications, digital media,
intelligent hardware, advanced manufacturing/materials, medical devices and clean tech. Prior to WSC, Mr. Mao was Managing
Director of Cagan McAfee Capital Partners, a leading technology-focused private equity firm based in Silicon Valley, during
which Mr. Mao was instrumental in helping portfolio companies raise growth capital, formalize effective business strategy and
close large M&A transactions. Previously, Mr. Mao was General Manager of Asia Pacific Development ("APAC") for Advanced Fibre Communications (acquired by Tellabs), member of
the original founding team and General Manager of APAC for Turin Networks (acquired by Dell), and Vice President and General
Manager of APAC for Cortina Systems, Inc. (acquired by Inphi Corporation). Mr. Mao has led and participated in numerous successful
corporate investments and cross border M&A transactions which have resulted in billions of dollars of value for
investors. Mr. Mao is currently also a director of US Digital Mining Corp.
Mr. Mao earned an MBA from the University of Southern
California, an M.S. degree in Electrical and Computer Engineering and a B.S. degree in Applied Physics from the University of
Waterloo.
Kevin D. Vassily,
Director
Mr. Vassily will serve as our Director upon the effectiveness
of our registration statement on Form S-1, of 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. Mr. Vassily is also a member of the board of directors of Fortune Joy International Acquisition Corporation
(Nasdaq: XYGJ), a special purpose acquisition company incorporated in August 2021 which is currently seeking Nasdaq listing. Prior
to this role, 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 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 November 2019, Mr. Vassily
has served as a director of Zhongchao Inc., 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 & private equity firm focused on the "green" economy. 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, where he was responsible for a complete
product overhaul 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. In this role, he was responsible for establishing the firm's presence and relevance covering
Asia Technology. From 2003 to 2006, he served as a Senior Research Analyst in the semiconductor technology group at Susquehanna
International Group, where he was responsible for research in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily
served as a Vice President and Senior Research Analyst for semiconductor capital equipment at Thomas Weisel Partners, where he
was 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.
92
Mr. Vassily earned a B.A. degree from Denison University and
an MBA from Dartmouth College, Tuck School of Business.
Together, we believe our directors
and the rest of our management team bring additional expertise that will enhance our ability to identify and execute our initial
business combination, and may enhance our ability to execute upon various value creation initiatives after successful completion
of our business combination.
Notwithstanding our management
team's past experiences, including investments and transactions in which they have participated and businesses with which
they have been associated, past performance is not a guarantee (i) that we will be able to identify a suitable candidate for
our initial business combination or (ii) that we will provide an attractive return to our shareholders from any business combination
we may consummate. 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. In order to minimize potential conflicts of
interest which may arise from multiple affiliations, our officers and directors who are also officers and directors of any other
entities will be required to present all suitable target businesses to such entities prior to presenting them to us, unless 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 such individual is permitted to refer that opportunity to us without violating another legal obligation. You
should not rely on the historical record of our management's performance as indicative of our future performance. See "Risk
Factors —  Past performance by our management team or their respective affiliates may not be indicative of future performance
of an investment in us." For a list of our executive officers, directors and entities for which a conflict of interest may
or does exist between such officers, directors and the company, please refer to "Management — Conflicts of Interest."
Business Strategy and Competitive Strengths
Our business strategy is to identify and complete
our initial business combination with a company within the technology, hospitality or consumer services sector. Our selection process
will leverage our team's broad and deep relationship network, unique industry experiences and proven deal sourcing capabilities
to access a broad spectrum of differentiated opportunities. This network has been developed through our team's extensive
experience and demonstrated success in both investing in and operating businesses in our target sectors and across a variety of
industries.
Upon completion of this offering, members of our team will communicate
with their networks of relationships to articulate the parameters for our search for a target company and a potential business
combination and begin the process of pursuing and reviewing potential opportunities.
We believe that our management team is well
positioned to identify attractive business combination opportunities with a compelling industry backdrop and an opportunity for
transformational growth. Our team's objectives are to generate attractive returns for shareholders and enhance value through
improving operational performance of the acquired company. We expect to favor opportunities with certain industry and business
characteristics. Key industry characteristics include compelling long-term growth, attractive competitive dynamics, consolidation
opportunities and low risk of technological obsolescence. Key business characteristics include high barriers to entry, significant
streams of recurring revenue, opportunity for operational improvement, attractive steady-state margins, high incremental margins
and attractive free cash flow characteristics. See the section entitled "Proposed Business" for further information
on such key industry and business characteristics we intend to address in our search for and growth of a target business.
93
Business Combination Criteria
Consistent with our business strategy, we have identified the following
general criteria and guidelines that we believe are important in evaluating prospective target businesses. We will use these criteria
and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business combination with a
target business that does not meet these criteria and guidelines. We intend to seek to acquire businesses that we believe:
·
are fundamentally sound but are underperforming their potential;
·
exhibit unrecognized value or other characteristics that we believe have been misevaluated by the marketplace;
·
are at an inflection point where we believe we can drive improved financial performance;
·
offer opportunities to enhance financial performance through organic initiatives and/or inorganic growth opportunities that we identify in our analysis and due diligence;
·
can benefit from our team's knowledge of the target sectors, proven collection of operational strategies and tools, and past experiences in profitably and rapidly scaling businesses;
·
are valued attractively relative to their existing cash flows and potential for operational improvement; and
·
offer an attractive potential return for our shareholders, weighing potential growth opportunities and operational improvements in the target business against any identified downside risks.
These criteria and guidelines 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 criteria and guidelines as well as other considerations, factors and criteria that our management may deem relevant. However,
we will not complete our initial business combination with a target that is headquartered in China (including Hong Kong or Macau)
or conducts a majority of its business in China (including Hong Kong and Macau). 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 and guidelines in our shareholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents
that we would file with the SEC.
Our Acquisition Process
In evaluating a prospective target business, we
expect to conduct a thorough due diligence review which will encompass, among other things, meetings with incumbent management,
document reviews, inspection of facilities, as well as a review of financial, operational, legal and other information which will
be made available to us. We will also utilize our management team's expertise in analyzing and evaluating operating plans,
financial projections and determining the appropriate return expectations given the risk profile of the target business as well
as the suitability of the target to become a public company.
Members of our management team and board of directors
may, directly or indirectly, own founder shares and/or private placement units following this offering and, accordingly, may have
a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. In particular, because the founder shares were purchased at approximately $0.012 per share, the
holders of our founder shares (including our management team that directly or indirectly own founder shares) could make a substantial
profit after our initial business combination even if our public shareholders lose money on their investment as a result of a decrease
in the post-combination value of their ordinary shares (after accounting for any adjustments in connection with an exchange or
other transaction contemplated by the business combination). Further, such 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.
94
Initial Business Combination
Nasdaq rules require that we must complete one
or more business combinations with a total aggregate fair market value of at least 80% of the value of the assets held in the trust
account (excluding any deferred underwriters' fees and taxes payable on the interest income earned on the trust account)
at the time of our signing of a definitive agreement in connection with our initial business combination. We refer to this as the
80% of net assets test. If our board of directors determines that it 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 or an independent valuation
or appraisal firm, with respect to the satisfaction of such criteria. In addition, pursuant to Nasdaq rules, any initial business
combination must be approved by a majority of our independent directors.
We will
have until 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we will, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination by up to two times, each time by an additional
three months (for a total of 21 months to complete a business combination), subject to the sponsor depositing additional funds
into the trust account as set out below. In connection with any such extension, public shareholders will not be offered the opportunity
to vote on or redeem their shares. Pursuant to the terms of our amended and restated memorandum and articles of association and
the trust agreement to be entered into between us and
Wilmington Trust, National Association
on
the date of this prospectus, in order to extend the time available for us to consummate our initial business combination for an
additional month, our sponsor or its affiliates or designees must deposit into the trust account $250,000, or up to $287,500 if
the underwriter's over-allotment option is exercised in full ($0.0333 per share in either case), up to an aggregate of $1,500,000,
or $0.20 per share, on or prior to the date of the deadline. We will issue a press release announcing each extension at least three
days prior to the deadline. In addition, we will issue a press release the day after the deadline, announcing whether the funds
have been timely deposited. Our sponsor and its affiliates or designees are obligated to fund the trust account in order to extend
the time for us to complete our initial business combination, but our sponsor will not be obligated to extend such time. In addition
to the foregoing arrangements, we may extend the period of time to consummate a business combination by a shareholder vote to amend
our amended and restated memorandum and articles of association.
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 outstanding 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, 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 a controlling interest in the target business sufficient for it 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 our initial business combination may collectively own a minority
interest in the post-transaction company, depending on valuations ascribed to the target and us in our initial business combination
transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all
of the outstanding shares of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a
result of the issuance of a substantial number of new shares, our shareholders immediately prior to our initial business combination
could own less than a majority of our issued and outstanding shares after our initial business combination. 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 taken into account for purposes of the 80% of net assets
test. If our initial 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. In addition, we have agreed not to enter into a definitive agreement regarding
an initial business combination without the prior consent of our sponsor. If our securities are not then listed on Nasdaq for whatever
reason, we would no longer be required to meet the foregoing 80% of net asset test.
95
To the extent we effect our initial business combination
with a company or business that may be financially unstable or in its early stages of development or growth, we may be affected
by numerous risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in
a particular target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.
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 initial 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.
Other Considerations
We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with a company that is affiliated with our sponsor or any of our officers or directors, we, or
a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such 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.
We currently do not have any specific business
combination under consideration. Our officers and directors have neither individually selected nor considered a target business
nor have they had any substantive discussions regarding possible target businesses among themselves or with our underwriters or
other advisors. Our management team is regularly 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) contacted any prospective target business
or had any substantive discussions, formal or otherwise, with respect to a business combination transaction with our company. Additionally,
we have not, nor has anyone on our behalf, taken any substantive measure, directly or indirectly, to identify or locate any suitable
acquisition candidate for us, nor have we engaged or retained any agent or other representative to identify or locate any such
acquisition candidate.
In addition, certain of our officers and directors
presently have, and any of them in the future may have, additional fiduciary and contractual duties to other entities. As a result,
if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which
the officer or director has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman
Islands law, the officer or director will need to honor such fiduciary or contractual obligations to present such business combination
opportunity to such entity, before we can pursue such opportunity. If these other entities decide to pursue any such opportunity,
we may be precluded from pursuing the same. However, we do not expect these duties to materially affect our ability to complete
our initial business combination. Our amended and restated memorandum and articles of association will provide that, to the fullest
extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the
extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities
or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate
in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and
us, on the other. Our officers and directors would continue to be subject to all other fiduciary duties owed to us and our shareholders
and no other waivers of their respective fiduciary obligations have been provided to any such officers and directors. We do not
have any plan for any waiver of the fiduciary duties of our officers and directors post-business combination.
96
Our officers and directors are not required to
commit any specified amount of time to our affairs, and, accordingly, will have conflicts of interest in allocating management
time among various business activities, including identifying potential business combinations and monitoring the related due diligence.
We do not believe, however, that any such potential conflicts would materially affect our ability to complete our initial business
combination.
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 with us. In a business combination transaction
with us, the owners of the target business may, for example, exchange their stock, shares or other equity interests in the target
business for our Class A ordinary shares (or shares of a new holding company) or for a combination of our Class A ordinary
shares and cash, allowing us to tailor the consideration to the specific needs of the sellers. We believe target businesses will
find this method a more expeditious and cost effective method to becoming a public company than the typical initial public offering.
The typical initial public offering process takes a significantly longer period of time than the typical business combination transaction
process, and there are significant expenses in the initial public offering process, including underwriting discounts and commissions,
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 have negative valuation consequences. Once public, we believe the target business would then have greater
access to capital, an additional means of providing management incentives consistent with shareholders' interests and the
ability to use its shares as currency for acquisitions. Being a public company can offer further benefits by augmenting a company's
profile among potential new customers and vendors and aid in attracting talented employees.
While we believe that our structure and our management
team's backgrounds will make us an attractive business partner, some potential target businesses may view our status as a
blank check company, such as our lack of an operating history and our ability to seek shareholder approval of any proposed initial
business combination, negatively.
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 ordinary shares that are held by non-affiliates exceeds
$700 million as of the prior June 30th, 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.
97
Financial Position
With funds available for a business combination
initially in the amount of $72,375,000, after payment of the estimated non-reimbursed expenses of this offering and $2,625,000
of deferred underwriting fees (or $83,231,250 after payment of the estimated expenses of this offering and $3,018,750 of deferred
underwriting fees if the underwriters' over-allotment option is exercised in full), 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 ratio. Because we are able to complete our initial 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
General
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 effectuate our initial business
combination using cash from the proceeds of this offering and the sale of the private placement units, our equity, 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.
If our initial business combination is paid for
using equity or debt, 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 redemptions of our Class A ordinary shares, 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-business combination company, 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.
We have not selected any business combination
target and we have not, nor has anyone on our behalf, initiated any substantive discussions with any business combination target.
Additionally, we have not engaged or retained any agent or other representative to identify or locate any suitable acquisition
candidate, to conduct any research or take any measures, directly or indirectly, to locate or contact a target business, other
than our officers and directors. Accordingly, there is no current basis for investors in this offering to evaluate the possible
merits or risks of the target business with which we may ultimately complete our initial business combination. Although our management
will assess the risks inherent in a particular target business with which we may combine, we cannot assure you that this assessment
will result in our identifying all risks that a target business may encounter. Furthermore, some of those risks may be outside
of our control, meaning that we can do nothing to control or reduce the chances that those risks will adversely affect a target
business.
We may need to obtain additional financing to
complete our initial business combination, either because the transaction requires more cash than is available from the proceeds
held in our trust account, or because we become obligated to redeem a significant number of our public shares upon completion of
the business combination, in which case we may issue additional securities or incur debt in connection with such business combination.
There are no prohibitions on our ability to issue securities or incur debt in connection with our initial business combination.
We are not currently a party to any arrangement or understanding with any third party with respect to raising any additional funds
through the sale of securities, the incurrence of debt or otherwise.
98
Sources of target businesses
We expect our officers and directors, as well
as their affiliates, to 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. In addition, we expect to receive a number of proprietary
deal flow opportunities that would not otherwise necessarily be available to us as a result of the business relationships of our
officers and directors. We further anticipate that target business candidates may be brought to our attention from various unaffiliated
sources, including investment market participants, private equity groups, investment banking firms, consultants, accounting firms
and large business enterprises. Target businesses may be brought to our attention by such unaffiliated sources as a result of being
solicited by us through calls or mailings. These sources may also introduce us to target businesses in which they think we may
be interested on an unsolicited basis, since some of these sources will have read this prospectus and know what types of businesses
we are targeting. While we do not presently anticipate engaging the services of professional firms or other individuals that specialize
in business acquisitions on any formal basis, we may engage these firms or other individuals in the future, in which event we may
pay a finder's fee, consulting fee or other compensation to be determined in an arm's length negotiation based on the
terms of the transaction. We will engage a finder only to the extent our management determines that the use of a finder may bring
opportunities to us that may not otherwise be available to us or if finders approach us on an unsolicited basis with a potential
transaction that our management determines is in our best interest to pursue. Payment of finder's fees is customarily tied
to completion of a transaction, in which case any such fee will be paid out of the funds held in the trust account. In no event,
however, will our sponsor or any of our existing officers or directors, or their respective affiliates be paid by us any finder's
fee, consulting 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). Some of our officers and directors may enter into
employment or consulting agreements with the post-business combination 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.
We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with a company that is affiliated with our sponsor or any of our officers or directors, we, or
a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such 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.
We may, at our option, pursue an Affiliated Joint
Transaction jointly with one or more entities affiliated with US Tiger and/or one or more investors in funds or separate accounts
managed by or affiliated with US Tiger. Any such parties would co-invest only if (i) permitted by applicable regulatory and
other legal limitations; (ii) we and US Tiger considered a transaction to be mutually beneficial to us as well as the affiliated
entity; and (iii) other business reasons exist to do so, such as the strategic merits of including such co-investors, the
need for additional capital beyond the amount held in our trust account to fund the initial business combination and/or the desire
to obtain committed capital for closing the initial business combination. An Affiliated Joint Transaction may be effected through
a co-investment with us in the target business at the time of our initial business combination, or we could raise additional proceeds
to complete the initial business combination by issuing to such parties a class of equity or equity-linked securities. We refer
to this potential future issuance, or a similar issuance to other specified purchasers, as a "specified future issuance"
throughout this prospectus. The amount and other terms and conditions of any such specified future issuance would be determined
at the time thereof. We are not obligated to make any specified future issuance and may determine not to do so. This is not an
offer for any specified future issuance. Pursuant to the anti-dilution provisions of our Class B ordinary shares, any such
specified future issuance would result in an adjustment to the conversion ratio such that our initial shareholders and their permitted
transferees, if any, would retain their aggregate percentage ownership of founder shares at 20% of the sum of the total number
of all ordinary shares issued and outstanding upon completion of this offering plus all shares issued in the specified future issuance,
unless the holders of a majority of the then-issued and outstanding Class B ordinary shares agreed to waive such adjustment
with respect to the specified future issuance at the time thereof. We cannot determine at this time whether a majority of the holders
of our Class B ordinary shares at the time of any such specified future issuance would agree to waive such adjustment to the
conversion ratio. They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are
part of the agreement for our initial business combination; (ii) negotiation with Class A shareholders on structuring
an initial business combination; (iii) negotiation with parties providing financing which would trigger the anti-dilution
provisions of the Class B ordinary shares; or (iv) as part of the Affiliated Joint Transaction. If such adjustment is
not waived, the specified future issuance would not reduce the percentage ownership of holders of our Class B ordinary shares,
but would reduce the percentage ownership of holders of our Class A ordinary shares. If such adjustment is waived, the specified
future issuance would reduce the percentage ownership of holders of both classes of our ordinary shares.
99
Certain of our officers and directors presently
have, and any of them in the future may have, additional, fiduciary or contractual obligations to other entities, including entities
that are affiliates of our sponsor, pursuant to which such officer or director is or will be required to present a business combination
opportunity to such entity. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity
which is suitable for an entity to which the officer or director has then-current fiduciary or contractual obligations, the officer
or director will honor such fiduciary or contractual obligations to present such business combination opportunity to such entity,
subject to their fiduciary duties under Cayman Islands law. We may, at our option, pursue an Affiliated Joint Transaction opportunity
with an entity to which US Tiger or an officer or director has a fiduciary or contractual obligation. 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 initial business combination by making a specified future issuance to any such entity. See "Management — Conflicts
of Interest."
Evaluation of a target business and structuring of our
initial business combination
In evaluating a prospective target business, we
expect to conduct an extensive due diligence review which may encompass, as applicable and among other things, meetings with incumbent
management and employees, document reviews, interviews of customers and suppliers, inspection of facilities and a review of financial
and other information about the target and its industry. We will also utilize management team's expertise in analyzing and
evaluating operating plans and financial projections. If we determine to move forward with a particular target, we will proceed
to structure and negotiate the terms of the business combination transaction.
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, and negotiation
with, a prospective target business with which our initial 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. The company will not pay any consulting
fees to members of our management team, or their respective affiliates, for services rendered to or in connection with our initial
business combination.
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. By completing our initial 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
·
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 initial business combination with that business,
our assessment of the target business's 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, if any, in the target business cannot presently be stated with any certainty. The determination as to whether
any of the members of our management team will remain with the combined company will be made at the time of our initial business
combination. While it is possible that one or more of our directors will remain associated in some capacity with us following our
initial business combination, it is unlikely that any of them will devote their full efforts to our affairs after our initial 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.
100
We cannot assure you that any of our key personnel
will remain in senior management or advisory positions with the combined company. The determination as to whether any of our key
personnel will remain with the combined company will be made at the time of our initial business combination.
Following a business combination, we may seek
to recruit additional managers to supplement the incumbent management 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 subject to the provisions of our amended and restated memorandum and articles
of association. However, we will seek shareholder approval if it is required by applicable law or stock exchange listing requirement,
or we may decide to seek shareholder approval for business or other reasons.
Under Nasdaq's listing rules, shareholder
approval would typically be required for our initial business combination if, for example:
·
we issue ordinary shares that will be equal to or in excess of 20% of the number of our ordinary shares then-issued and outstanding
(other than in a public offering);
·
any of our directors, officers or substantial security holder (as defined by the Nasdaq rules) has a 5% or greater interest,
directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance of ordinary
shares could result in an increase in issued and outstanding ordinary shares or voting power of 1% or more (or 5% or more if the
related party involved is classified as such solely because such person is a substantial security holder); or
·
the issuance or potential issuance of ordinary shares will result in our undergoing a change of control.
The decision as to whether we will seek shareholder
approval of a proposed business combination in those instances in which shareholder approval is not required by law will be made
by us, solely in our discretion, and will be based on business and reasons, which include a variety of factors, including, but
not limited to:
·
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;
·
the expected cost of holding a shareholder vote;
·
the risk that the shareholders would fail to approve the proposed business combination;
·
other time and budget constraints of the company; and
·
additional legal complexities of a proposed business combination that would be time-consuming and burdensome to present to
shareholders.
101
Permitted purchases and other transactions with respect
to our securities
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 sponsor, directors, executive officers, advisors or their affiliates may purchase public shares or warrants in
privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination.
Additionally, at any time at or prior to our initial business combination, subject to applicable securities laws (including with
respect to material nonpublic information), our sponsor, directors, executive officers, advisors or their affiliates may enter
into transactions with investors and others to provide them with incentives to acquire public shares, vote their public shares
in favor of our initial business combination or not redeem their public shares. 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 public shares or warrants in such transactions. If they engage in such
transactions, they will be restricted from making 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. After the consummation of this offering, we will adopt
an insider trading policy which will require insiders to: (i) refrain from purchasing securities during certain blackout periods
and when they are in possession of any material non-public information; and (ii) to clear all trades with a designated officer
prior to execution. We cannot currently determine whether our insiders will make such purchases pursuant to a Rule 10b5-1
plan, as it will be dependent upon several factors, including but not limited to, the timing and size of such purchases. Depending
on such circumstances, our insiders may either make such purchases pursuant to a Rule 10b5-1 plan or determine that such a
plan is not necessary.
In the event that our sponsor, directors, officers,
advisors or their affiliates purchase shares in privately negotiated transactions from public shareholders who have already elected
to exercise their redemption rights or submitted a proxy to vote against our initial business combination, such selling shareholders
would be required to revoke their prior elections to redeem their shares and any proxy to vote against our initial business combination.
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 be required to comply
with such rules.
The purpose of any such transaction could be to
(i) vote in favor of the business combination and thereby increase the likelihood of obtaining shareholder approval of the
business combination, (ii) reduce the number of public warrants outstanding or vote such warrants on any matters submitted
to the warrant holders for approval in connection with our initial business combination or (iii) 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 initial
business combination, where it appears that such requirement would otherwise not be met. Any such purchases of our securities may
result in the completion of our initial business combination that may not otherwise have been possible.
In addition, if such purchases are made, the public
"float" of our Class A ordinary shares or public warrants 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 sponsor, officers, directors and/or their
affiliates anticipate that they may identify the shareholders with whom our sponsor, officers, directors or their affiliates may
pursue privately negotiated transactions by either the shareholders contacting us directly or by our receipt of redemption requests
submitted by shareholders (in the case of Class A ordinary shares) following our mailing of tender offer or proxy materials
in connection with our initial business combination. To the extent that our sponsor, officers, directors, advisors or their affiliates
enter into a private transaction, they would identify and contact only potential selling or redeeming shareholders who have expressed
their election to redeem their shares for a pro rata share of the trust account or vote against our initial business combination,
whether or not such shareholder has already submitted a proxy with respect to our initial business combination but only if such
shares have not already been voted at the general meeting related to our initial business combination. Our sponsor, executive officers,
directors, advisors or their affiliates will select which shareholders to purchase shares from based on the negotiated price and
number of shares and any other factors that they may deem relevant, and will be restricted from purchasing shares if such purchases
do not comply with Regulation M under the Exchange Act and the other federal securities laws.
102
Our sponsor, officers, directors and/or their
affiliates will be restricted from making purchases of shares if the purchases would violate Section 9(a)(2) or Rule 10b-5
of the Exchange Act. We expect any such purchases would be reported by such person pursuant to Section 13 and Section 16
of the Exchange Act to the extent such purchasers are subject to such reporting requirements.
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 Class A ordinary shares upon the completion of our initial business combination
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two
business days prior to the consummation of the initial business combination, including interest earned on the funds held in the
trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of then-issued
and outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated
to be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be
reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement
that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the
completion of our initial business combination with respect to our warrants. Further, we will not proceed with redeeming our public
shares, even if a public shareholder has properly elected to redeem its shares, if a business combination does not close. Our sponsor
and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their
redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion
of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum
and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A
ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering
(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
or (B) with
respect to any other provision relating to the rights of holders of our Class A ordinary shares.
Limitations on redemptions
Our amended and restated memorandum and articles
of association will provide that in no event will we redeem our public shares in an amount that would cause our net tangible assets
to be less than $5,000,001 either prior to or upon consummation of an initial business combination (so that we do not then become
subject to the SEC's "penny stock" rules). However, 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 Class A ordinary
shares 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 Class A ordinary shares submitted for redemption will be returned to the holders thereof.
103
Manner of conducting redemptions
We will provide our public shareholders with the
opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of our initial business combination
either (i) in connection with a general 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
requirement or whether we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder
approval under SEC rules). Asset acquisitions and share purchases would not typically require shareholder approval while direct
mergers with our company where any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek
to amend our amended and restated memorandum and articles of association would typically require shareholder approval. We currently
intend to conduct redemptions in connection with a shareholder vote unless shareholder approval is not required by applicable law
or stock exchange listing requirement or we choose to conduct redemptions pursuant to the tender offer rules of the SEC for business
or other reasons. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with
the Nasdaq rules.
If we held a shareholder vote to approve our initial
business combination, we will, pursuant to our amended and restated memorandum and articles of association:
·
conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which
regulates the solicitation of proxies, and not pursuant to the tender offer rules; and
·
file proxy materials with the SEC.
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 of our initial
business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands Law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares
and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders' founder
shares and private placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are voted and
the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial
business combination at the meeting in order to have our initial business combination approved. However, assuming only the minimum
number of shares representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are voted, and assuming
the over-allotment option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding shares are voted
and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an
initial business combination at the meeting in order to have our initial business combination approved. Each public shareholder
may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all.
In addition, our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they
have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with
(i) the completion of a business combination and (ii) a shareholder vote to approve an amendment to our amended and restated
memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders
of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing
of this offering
(or up to 21 months from the closing of this offering, if we extend the
period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the
Shareholder Extension Period, as applicable)
or (B) with respect to any other provision relating to the rights of holders
of our Class A ordinary shares.
If we conduct redemptions pursuant to the tender
offer rules of the SEC, we will, pursuant to our amended and restated memorandum and articles of association:
104
·
conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of 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
of the Exchange Act, which regulates the solicitation of proxies.
Upon the public announcement of our initial business
combination, if we elect to conduct redemptions pursuant to the tender offer rules, we and our sponsor will terminate any plan
established in accordance with Rule 10b5-1 to purchase Class A ordinary shares in the open market, in order to comply
with Rule 14e-5 under the Exchange Act.
In the event 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 the number of public
shares we are permitted to redeem. If public shareholders tender more shares than we have offered to purchase, we will withdraw
the tender offer and not complete such initial business combination.
Limitation on redemption upon completion of our initial
business combination if we seek shareholder approval
If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender
offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group"
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than
an aggregate of 15% of the shares sold in this offering, which we refer to as "Excess Shares," without our prior consent.
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, our sponsor 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 without our prior consent, we believe we will limit the ability of a small group of shareholders
to unreasonably attempt to block our ability to complete our initial 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 Excess Shares) for or against our initial business combination.
Tendering share certificates in connection with a tender
offer or redemption rights
Public shareholders seeking to exercise their
redemption rights, whether they are record holders or hold their shares in "street name," will be required to either
tender their certificates (if any) to our transfer agent prior to the date set forth in the proxy solicitation or tender offer
materials, as applicable, mailed to such holders, or to deliver their shares to the transfer agent electronically using The Depository
Trust Company's DWAC (Deposit/ Withdrawal At Custodian) System (the "DWAC System"), at the holder's option,
in each case up to two business days prior to the initially scheduled vote to approve the business combination. The proxy solicitation
or tender offer materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business
combination will indicate the applicable delivery requirements, which will include the requirement that a beneficial holder must
identify itself in order to validly redeem its shares. 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 business days prior to the initially scheduled
vote on the proposal to approve 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 period in which to exercise redemption rights,
it is advisable for shareholders to use electronic delivery of their public shares.
105
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 a fee of approximately $80.00 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 the shareholder could monitor the price of the company's
shares in the market. If the price rose above the redemption price, the shareholder 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 general 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 shareholder'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 two business days prior to the initially scheduled vote on the proposal to approve the business
combination, unless otherwise agreed to by us. 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 initial 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 15 months from the closing
of this offering
(or up to 21 months from the closing of this offering, if we extend the
period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the
Shareholder Extension Period, as applicable)
.
106
Redemption of public shares and liquidation if no initial
business combination
Our amended and restated memorandum and articles
of association will provide that we will have only 15 months from the closing of this offering
(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
to consummate
an initial business combination. If we have not consummated an initial business combination within 15 months from the closing of
this offering
(or up to 21 months from the closing of this offering, if we extend the period
of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder
Extension Period, as applicable)
, 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 franchise and income taxes, if any (less up to $100,000 of interest
to pay dissolution expenses) divided by the number of the then-issued and outstanding public shares, which redemption will completely
extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions,
if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands 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 consummate an initial business combination
within 15 months from the closing of this offering
(or up to 21 months from the closing of
this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable)
. Our amended and restated memorandum and articles
of association will provide that, if we wind up for any other reason prior to the consummation of our initial business combination,
we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible
but not more than ten business days thereafter, subject to applicable Cayman Islands law.
Our sponsor and each member of our management
team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions
from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within
15 months from the closing of this offering
(or up to 21 months from the closing of this
offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable),
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.
Our sponsor, executive officers, directors and
director nominees have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended
and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide
holders of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing
of this offering
(or up to 21 months from the closing of this offering, if we extend the
period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the
Shareholder Extension Period, as applicable)
or (B) with respect to any other provision relating to the rights of holders
of our Class A ordinary shares, unless we provide our public shareholders with the opportunity to redeem their public shares
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 franchise
and income taxes, if any, divided by the number of the then-issued and outstanding public shares. However, we may not redeem our
public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either prior to or upon consummation
of an initial business combination (so that we do not then become 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, we would not proceed with the amendment or the related redemption of our public shares at such
time. This redemption right shall apply in the event of the approval of any such amendment, whether proposed by our sponsor, any
executive officer, director or director nominee, or any other person.
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
$650,000 held outside the trust account plus up to $100,000 of funds from the trust account available to us to pay dissolution
expenses, although we cannot assure you that there will be sufficient funds for such purpose.
107
If we were to expend all of the net proceeds of
this offering and the sale of the private placement 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 $10.00. 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 less than $10.00. 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 (other than our independent registered public accounting firm), prospective target businesses and 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, 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. In order to protect the amounts held in the trust account, 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 (other than our independent registered public accounting firm), or a prospective target business with which we have
discussed entering into a transaction agreement, reduce the amounts in the trust account to below the lesser of (i) $10.00
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 $10.00 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 our 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 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. However, we have not asked our
sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient
funds to satisfy its indemnity obligations and we believe that our sponsor's only assets are securities of our company. Therefore,
we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify
us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
In the event that the proceeds in the trust account
are reduced below the lesser of (i) $10.00 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 $10.00 per public share due to reductions in the value
of the trust assets, in each case net of the amount of interest which may be withdrawn to pay our income tax obligations, 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 in any particular instance. 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 $10.00 per public share.
108
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 following this offering and the sale of the private placement units with which
to pay any such potential claims (including costs and expenses incurred in connection with our liquidation, currently estimated
to be no more than approximately $100,000). 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, however such liability will not be greater than the amount of funds from our trust account received by any such shareholder.
In the event that our offering expenses exceed our estimate of $1,150,000, 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 $1,150,000, the amount
of funds we intend to be held outside the trust account would increase by a corresponding amount.
If we file a bankruptcy or winding-up petition
or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the proceeds held in the trust account
could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy or insolvency estate and subject
to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy or insolvency claims
deplete the trust account, we cannot assure you we will be able to return $10.00 per public share to our public shareholders. Additionally,
if we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is
not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy or
insolvency laws as either a "preferential transfer" or a "fraudulent conveyance." As a result, a bankruptcy
or insolvency 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, and 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 initial
business combination within 15 months from the closing of this offering
(or up to 21 months
from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail
in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
, (ii) in connection with
a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or
timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering
(or up to 21 months from the closing of
this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable)
or (B) with respect to any other provision
relating to the rights of holders of our Class A ordinary shares, or (iii) if they redeem their respective shares for
cash upon the completion of the initial business combination. Public shareholders who redeem their Class A ordinary shares
in connection with a shareholder vote described in clause (ii) in the preceding sentence shall not be entitled to funds from
the trust account upon the subsequent completion of an initial business combination or liquidation if we have not consummated an
initial business combination within 15 months from the closing of this offering
(or up to
21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
, with respect
to such Class A ordinary shares so redeemed. 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 described above. These provisions of our amended and restated memorandum and articles of association, like all provisions
of our amended and restated memorandum and articles of association, may be amended with a shareholder vote.
109
Comparison of redemption or purchase prices in connection with
our initial business combination and if we fail to complete our initial 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 have not consummated an initial business combination within 15 months from the closing of this offering
(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
:
Redemptions in
connection with our
initial business
combination
Other permitted
purchases of public
shares by 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 calculated as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.00 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of the then-issued and outstanding public shares, subject to the limitation that no redemptions will take place if all of the redemptions would cause our net tangible assets to be less than $5,000,001 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 sponsor, directors, officers, advisors or their affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following completion of our initial business combination. There is no limit to the prices that our sponsor, directors, officers, advisors or their affiliates may pay in these transactions. If they engage in such transactions, they will be restricted from making 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 Exchange Act. After the consummation of this offering, we will adopt an insider trading policy which will require insiders to: (i) refrain from purchasing securities during certain blackout periods and when they are in possession of any material non-public information; and (ii) to clear all trades with a designated officer prior to execution. We cannot currently determine whether our insiders will make such purchases pursuant to a Rule 10b5-1 plan, as it will be dependent upon several factors, including but not limited to, the timing and size of such purchases. Depending on such circumstances, our insiders may either make such purchases pursuant to a Rule 10b5-1 plan or determine that such a plan is not necessary. 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 be required to comply with such rules.
If we have not consummated an initial business combination within 15 months from the closing of this offering (or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable), 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 $10.00 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-issued and outstanding public shares.
110
Redemptions in
connection with our
initial business
combination
Other permitted
purchases of public
shares by 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 the deferred underwriting commissions and taxes payable.
If the permitted purchases described above are made, there will 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 initial business combination will reduce the book value per share for the shares held by our sponsor, who will be our only remaining shareholder 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 (assuming no deferral of any underwriting commissions or discounts), 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
$75,000,000 of the net proceeds of this offering and the sale of the private placement units will be deposited into a trust account located in the United States with Wilmington Trust, National Association acting as trustee.
$66,150,000 of the offering proceeds, would be required to 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.
111
Terms of our offering
Terms under a Rule 419 offering
Investment of net proceeds
$75,000,000 of the net proceeds of this offering and the sale of the private placement units held in trust may be invested only in U.S. government treasury obligations 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 income (if any) on proceeds from the trust account to be paid to shareholders is reduced by (i) any income taxes paid or payable and (ii) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 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 income 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.
Limitation on fair value or net assets of target business
The Nasdaq rules require that 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 the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the trust account) at the time of signing the agreement to enter into the initial business combination. If our securities are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% of net asset test.
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 are expected to begin trading on or promptly after the
        date of this prospectus. The Class A ordinary shares and warrants comprising the units will begin separate trading on the
        52nd 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. If the 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 over-allotment option. The units will automatically separate into their component parts and will not be traded
        after completion of our initial business combination.
No trading of the units or the underlying Class A ordinary shares 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.
112
Terms of our offering
Terms under a Rule 419 offering
Exercise of the warrants
The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination and twelve 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.
Election to remain an investor
We will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of the then-issued and outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by applicable law or stock exchange listing requirement to hold a shareholder vote. If we are not required by applicable law or stock exchange listing requirement and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, 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 proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval of our initial business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. Our amended and restated memorandum and articles of association will require that at least five days' notice will be given of any such general 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 he, she or it elects to remain a shareholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45th 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.
113
Terms of our offering
Terms under a Rule 419 offering
Business combination deadline
If we have not consummated an initial business combination within 15 months from the closing of this offering (or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable), 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 franchise and income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-issued and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
If an acquisition has not been completed within 15 months after the effective date of the company's registration statement, funds held in the trust or escrow account are returned to investors.
Release of funds
Except for the withdrawal of interest income (if any) to pay our
        franchise and income taxes, if any, none of the funds held in trust will be released from the trust account until the earliest
        of:
(i)     the
        completion of our initial business combination,
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.
114
Terms of our offering
Terms under a Rule 419 offering
(ii)    the redemption
        of our public shares if we have not consummated an initial business combination within 15 months from the closing of this offering
        (or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as
        described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable), subject
        to applicable law, and
(iii)   the
        redemption of our public shares properly submitted in connection with a shareholder vote to approve an amendment to our amended
        and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide
        holders of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing
        of this offering (or up to 21 months from the closing of this offering, if we extend the period of time to consummate a business
        combination, as described in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
        or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares.
Competition
In identifying, evaluating and selecting a target
business for our initial 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, leveraged buyout funds, public companies 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 us. 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.
Facilities
Our executive offices are located at 437 Madison
Avenue, 27
th
Floor, New York, New York 10022.
Employees
We currently have one executive officer. This
individual is not obligated to devote any specific number of hours to our matters but he intends to devote as much of his time
as he deems necessary to our affairs until we have completed our initial business combination. The amount of time he 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 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.
115
Periodic reporting and financial information
We will register our units, Class A ordinary
shares 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.
We will provide shareholders with audited financial
statements of the prospective target business as part of the proxy solicitation or tender offer materials, as applicable, sent
to shareholders. These financial statements may be required to be prepared in accordance with, or reconciled to, U.S. GAAP, or
IFRS, depending on the circumstances, and the historical financial statements may be required to be audited in accordance with
the standards of the 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 statements in time for us to disclose such statements in accordance with federal
proxy rules and complete our initial business combination within the prescribed time frame. We cannot assure you that any particular
target business identified by us as a potential acquisition candidate will have financial statements prepared in accordance with
the requirements outlined above, or that the potential target business will be able to prepare its financial statements in accordance
with the requirements outlined above. To the extent that these requirements 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, 2022 as required by the Sarbanes-Oxley Act. Only in the event we are deemed
to be a large accelerated filer or an accelerated filer and no longer qualify as an emerging growth company, will we not be required
to comply with the independent registered public accounting firm attestation requirement on our internal control over financial
reporting. A target business 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.
Prior to the effectiveness of the registration
statement of which this prospectus forms a part, 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 after the consummation of our initial business combination.
We are a Cayman Islands exempted company. Exempted
companies are Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted from complying
with certain provisions of the Companies Act. As an exempted company, we have applied for and received a tax exemption undertaking
from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (As Revised) of the Cayman
Islands, for a period of 20 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any
tax to be levied on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to
be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable
(i) on or in respect of our shares, debentures or other obligations or (ii) by way of the withholding in whole or in
part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or
interest or other sums due under a debenture or other obligation of us.
116
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 ordinary shares that are held by non-affiliates exceeds
$700 million as of the prior June 30th, 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.
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 ordinary shares
held by non-affiliates exceeds $250 million as of the prior June 30, or (2) our annual revenues exceeded $100 million
during such completed fiscal year and the market value of our ordinary shares held by non-affiliates exceeds $700 million
as of the prior June 30.
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.
117
MANAGEMENT
Officers, Directors and Director Nominees
Our officers, directors and director nominees
are as follows:
Name
Age
*
Position
Lei Huang
51
Chief Executive Officer
You ("Patrick") Sun
35
Chief Financial Officer
Jim Mao
54
Director
Kevin Vassily
56
Director
*Age as of the date of this prospectus.
Management and Board of Directors
Management
Lei Huang,
Chief Executive Officer
Mr. Huang currently serves as the Chief
Executive Officer of US Tiger and is a member of the board of directors of its parent company, UP Fintech Holding Limited
(Nasdaq: TIGR) and is Co-Chief Executive Officer of TradeUP Global Corporation (Nasdaq: TUGC), a special purpose acquisition
company incorporated in January 2021 and TradeUP 88 Corp. (Nasdaq: TUFU), a special purpose acquisition company incorporated
in April 2021 which is currently seeking Nasdaq listing. Mr. Huang also serves as the Chief Executive Officer and is a member of the board of directors
of Fortune Rise Acquisition Corporation (Nasdaq: FRLA), a special purpose acquisition company incorporated in January 2021 and TradeUP Securities, a broker/dealer company incorporated in December 2021.
Mr. Huang also serves as a member of the board of directors of MDLand International Corporation. Prior to joining US Tiger, Mr. Huang was the Chief Executive Officer of Haitong Securities USA LLC, and also served as
Chief Compliance Officer and Operation Manager of CICC US Securities, Inc. from 2010 through 2018. Prior to that, Mr. Huang
served as a Compliance Officer at Morgan Stanley, Lehman Brothers and Barclays. Mr. Huang also formerly served as a
Regulatory Supervisor at the National Association of Securities Dealers.
Mr. Huang earned an M.S. degree in Global Financial Analysis from
Bentley University.
You ("Patrick") Sun,
Chief Financial Officer
Mr. Sun is an experienced banking and asset management professional.
Since August 2020, Mr. Sun has served as the Chief Financial Officer of Lake Crystal Energy LLC, an oil and gas company. As the
Chief Financial Officer, Mr. Sun evaluates and sources potential investments in oil and gas assets. He also oversees all financial
functions of the company. Prior to this role, from August 2014 to December 2019, Mr. Sun served as a Vice President and an E&P
Analyst of Seaport Global Securities LLC, a full-service investment bank, capital markets advisory and research platform based in New York.
From July 2008 to May 2012, Mr. Sun served as Vice President of the Pacific Securities Co., Ltd., a Chinese investment bank and
brokerage firm.
Mr. Sun earned an MBA from Washington University in St. Louis, Olin
Business School, and a B.S. degree in Mechanics from Peking University.
118
Independent Directors
Jim Mao,
Director
Mr. Mao will serve as our Director upon
the effectiveness of our registration statement on Form S-1, of which this prospectus forms a part. Mr. Mao is a founding
and managing partner of Citta Capital ("Citta"), a firm focused on investing in early growth stage technology startups
in Enterprise/SaaS, Blockchain, ESG, AI applications, cloud computing and healthcare technology.  As of December 31, 2021, Citta has a diverse portfolio of companies that includes Kintsugi (a leading AI based mental health
diagnostics company), Openprise, Inc. (automation solutions), Sequoia Games, Inc. (combining the latest technology with professional
sports), SetPoint (clinical stage neuro treatment), Zeit Medical (early heart stroke detection with FDA breakthrough destination),
and Ryu Games (Web3.0 Gamify). Prior to that, Mr.
Mao was a Partner at WestSummit Capital ("WSC"), a leading global technology growth capital venture firm. At WSC, Mr. Mao led deal sourcing and investment activities in the areas of Enterprise, Cloud, Big Data, AI, robotics, and
digital media. WSC was a lead investor of a number of unicorns including Unity, Cloudwise, Twitch, Mirantis, Couchbase, GigaDevice,
VeriSilicon and Movidius. Previously, Mr. Mao worked in Internet, mobile/wireless, digital media, telecom, semiconductor and
enterprise software industries. He has also co-authored five U.S. patents. He has over
20 years of working experience in private equity and technology sectors, including enterprise software, Internet, mobile applications,
digital media, intelligent hardware, advanced manufacturing/materials, medical devices and clean tech. Prior to WSC, Mr. Mao was
Managing Director of Cagan McAfee Capital Partners, a leading technology-focused private equity firm based in Silicon Valley,
during which Mr. Mao was instrumental in helping portfolio companies raise growth capital, formalize effective business strategy
and close large M&A transactions. Previously, Mr. Mao was General Manager of Asia Pacific Development ("APAC") for Advanced Fibre Communications (acquired by Tellabs), member of
the original founding team and General Manager of APAC for Turin Networks (acquired by Dell), and Vice President and General Manager
of APAC for Cortina Systems, Inc. (acquired by Inphi Corporation). Mr. Mao has led and participated in numerous successful corporate
investments and cross border M&A transactions which have resulted in billions of dollars of value for investors. Mr. Mao is
currently also a director of US Digital Mining Corp.
Mr. Mao earned an MBA from the University of Southern
California, an M.S. degree in Electrical and Computer Engineering and a B.S. degree in Applied Physics from the University of
Waterloo.
Kevin D. Vassily,
Director
Mr. Vassily will serve as our Director upon the effectiveness
of our registration statement on Form S-1, of 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. Mr. Vassily is also a member of the board of directors of Fortune Joy International Acquisition Corporation
(Nasdaq: XYGJ), a special purpose acquisition company incorporated in August 2021 which is currently seeking Nasdaq listing. Prior
to this role, 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 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 November 2019, Mr. Vassily
has served as a director of Zhongchao Inc., 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 & private equity firm focused on the "green" economy. 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, where he was responsible for a complete
product overhaul 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. In this role, he was responsible for establishing the firm's presence and relevance covering
Asia Technology. From 2003 to 2006, he served as a Senior Research Analyst in the semiconductor technology group at Susquehanna
International Group, where he was responsible for research in semiconductor and related technologies. From 2001 to 2003, Mr. Vassily
served as a Vice President and Senior Research Analyst for semiconductor capital equipment at Thomas Weisel Partners, where he
was 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.
119
Mr. Vassily earned a B.A. degree from Denison University and
an MBA from Dartmouth College, Tuck School of Business.
Number and terms of office of officers and directors
Upon the effectiveness of the registration statement
of which this prospectus forms a part, we expect that our board of directors will consist of                 members. Holders of our
founder shares will have the right to elect all of our directors prior to consummation of our initial business combination and
holders of our public shares will not have the right to vote on the appointment of directors during such time. These provisions
of our amended and restated memorandum and articles of association may only be amended if approved by holders of at least 90% of
our issued and outstanding ordinary shares entitled to vote thereon. Each of our directors will hold office for a two-year term.
Subject to any other special rights applicable to the shareholders, any vacancies on our board of directors may be filled by the
affirmative vote of a majority of the remaining directors of our board or by a majority of the holders of our ordinary shares (or,
prior to our initial business combination, a majority of the holders of our founder shares).
Pursuant to an agreement to be entered into on
or prior to the closing of this offering, our sponsor, upon and following consummation of an initial business combination, will
be entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities
covered by the registration and shareholder rights agreement.
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 amended and restated memorandum and articles of association as it deems appropriate.
Our amended and restated memorandum and articles of association will provide that our officers may consist of one or more chair
of the board, chief executive officer, president, chief financial officer, vice presidents, secretary, treasurer 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. Although Nasdaq may consider us to be a "controlled company", in which case
we would not be obligated to comply with this listing requirement, we do intend to comply with this requirement. Our board of directors
has determined that                   are "independent directors" as defined in the Nasdaq listing standards. We expect a majority
of our board of directors to be comprised of independent directors within 15 months from the date of listing to comply with the
majority independent board requirement in Rule 5605(b) of the Nasdaq listing rules. Our independent directors will have regularly
scheduled meetings at which only independent directors are present.
120
Executive Officer and Director Compensation
None of our executive officers or directors have
received any cash compensation for services rendered to us. Our sponsor, executive officers and directors, or 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 by us to our sponsor, executive officers or directors, or their affiliates. Any such
payments prior to an initial business combination will be made using funds held outside the trust account. Other than quarterly
audit committee review of such reimbursements, we do not expect to have any additional controls in place governing our reimbursement
payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with our activities on
our behalf in connection with identifying and consummating an initial business combination. Other than these payments and reimbursements,
no compensation of any kind, including finder's and consulting fees, will be paid by the company to our sponsor, executive
officers and directors, or their respective affiliates, prior to completion of our initial business combination.
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 proxy solicitation materials or tender
offer 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 executive officer and director compensation. Any compensation to be paid to our executive
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.
We do not intend to take any action to ensure
that members of our management team maintain their positions with us after the consummation of our initial business combination,
although it is possible that some or all of our executive officers and directors may negotiate employment or consulting arrangements
to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements
to retain their positions with us may influence our management's motivation in identifying or selecting a target business
but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination
will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements
with our executive officers and directors that provide for benefits upon termination of employment.
Committees of the Board of Directors
Upon the effectiveness of the registration statement
of which this prospectus forms a part, our board of directors will have one standing committee: an audit 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.
Audit committee
Upon the effectiveness of the registration statement
of which this prospectus forms a part, we will establish an audit committee of the board of directors.                  will serve as
members of our audit committee. Our board of directors has determined that each of                  are independent under the Nasdaq listing
standards and applicable SEC rules.                  will serve as the Chair 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
within one year of the listing of our Class A ordinary shares. Each member of the audit committee is financially literate
and our board of directors has determined that                  qualify as an "audit committee financial expert" as defined
in applicable SEC rules.
The audit committee is responsible for:
·
meeting with our independent registered public accounting firm regarding, among other issues, audits, and adequacy of our accounting
and control systems;
121
·
monitoring the independence of the independent registered public accounting firm;
·
verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit
partner responsible for reviewing the audit as required by law;
·
inquiring and discussing with management our compliance with applicable laws and regulations;
·
pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting
firm, including the fees and terms of the services to be performed;
·
appointing or replacing the independent registered public accounting firm;
·
determining the compensation and oversight of the work of the independent registered public accounting firm (including resolution
of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or
issuing an audit report or related work;
·
establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal
accounting controls or reports which raise material issues regarding our financial statements or accounting policies;
·
monitoring compliance on a quarterly basis with the terms of this offering and, if any noncompliance is identified, immediately
taking all action necessary to rectify such noncompliance or otherwise causing compliance with the terms of this offering; and
·
reviewing and approving all payments made to our existing shareholders, executive officers or directors and their respective
affiliates. Any payments made to members of our audit committee will be reviewed and approved by our board of directors, with the
interested director or directors abstaining from such review and approval.
Compensation committee interlocks and insider participation
None of our executive officers currently serves,
and in the past year has not served, as a member of the compensation committee of any entity that has one or more executive officers
serving on our board of directors.
Code of Ethics
Upon the effectiveness of the registration statement
of which this prospectus forms a part, we will have adopted a Code of Ethics applicable to our directors, officers and employees.
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.
Conflicts of Interest
Certain of our officers are employed by US Tiger
or its affiliates. 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 will not have any duty to offer acquisition opportunities to us,
US Tiger may become aware of a potential transaction that is an attractive opportunity for us, which US Tiger may decide to share
with us. In addition, our officers and directors may have a duty to offer acquisition opportunities to other entities to which
they owe duties or clients of affiliates of our sponsor.
122
As a result, affiliates of our sponsor and their
respective clients may compete with us for acquisition 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.
In addition, investment ideas generated within US Tiger, including by any of our officers and other persons who may make decisions
for the company, may be suitable both for us and for affiliates of our sponsor or any of their respective clients, and will be
directed initially to such persons rather than to us. None of US Tiger nor members of our management team who are also employed
by US Tiger or any of its affiliates have any obligation to present us with any opportunity for a potential business combination
of which they become aware unless it is offered to them solely in their capacity as a director or officer of the Company and after
they have satisfied their contractual and fiduciary obligations to other parties.
We may, at our option, pursue an Affiliated Joint
Transaction opportunity with any such fund or other investment vehicle, but such parties would co-invest only if permitted by applicable
regulatory and other legal limitations and to the extent considered appropriate. 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 initial business
combination by making a specified future issuance to any such fund or vehicle. US Tiger and 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. We believe, however, that the fiduciary duties or contractual obligations of US Tiger
and our officers or directors will not materially affect our ability to complete our initial business combination. We may, at our
option, pursue an Affiliated Joint Transaction opportunity with an entity to which US Tiger or an officer or director has a fiduciary
or contractual obligation. 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 initial business combination by making a specified future issuance to any
such entity.
Our sponsor, officers, directors, US Tiger and
their affiliates may participate in the formation of, or become an officer or director of, any other blank check company prior
to completion of our initial business combination. In particular, certain of our executive officers and directors also serve as
executive officers or directors of Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (XYGJ),
TradeUP 88 Corp. (TUFU), and TradeUP Global Corporation (Nasdaq: TUGC), each of which is focused on searching for businesses that
may provide significant opportunities for attractive investor returns in industries similar to the industries in which our search
is focused. As a result, our sponsor, officers or directors could have conflicts of interest in determining whether to present
business combination opportunities to us or to any other blank check company with which they may become involved.
Under Cayman Islands law, directors and officers
owe the following fiduciary duties:
·
duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;
·
duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;
·
duty to not improperly fetter the exercise of future discretion;
·
duty to exercise powers fairly as between different sections of shareholders;
·
duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal
interests; and
·
duty to exercise independent judgment.
123
In addition to the above, directors also owe a
duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person
having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions
as are carried out by that director in relation to the company and the general knowledge skill and experience of that director.
As set out above, directors have a duty not to
put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result
of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in
advance by the shareholders
provided
that there is full disclosure by the directors. This can be done by way of permission
granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at general
meetings.
US Tiger will own approximately 50,000 founder
shares prior to the offering. Our sponsor has committed to transfer such shares to US Tiger at the original purchase price as
designee of Mr. Huang. We may utilize Mr. Huang'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 Fortune Rise Acquisition Corp. (Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (Nasdaq:
XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), TradeUP Acquisition Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC).
If we engage US Tiger to assist with marketing of our business combination, we may compete with Fortune Rise Acquisition Corp.
(Nasdaq: FRLA), Fortune Joy International Acquisition Corp. (Nasdaq: XYGJ), TradeUP 88 Corp. (Nasdaq: TUFU), TradeUP Acquisition
Corp. (Nasdaq: UPTD), and TradeUP Global Corporation (Nasdaq: TUGC) for business opportunities. Certain of our officers and directors
presently have, and any of them in the future may have additional, fiduciary and contractual duties to other entities. As a result,
if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which
the officer or director has then-current fiduciary or contractual obligations, then, subject to their fiduciary duties under Cayman
Islands law, the officer or director will need to honor such fiduciary or contractual obligations to present such business combination
opportunity to such entity, before we can pursue such opportunity. If these other entities decide to pursue any such opportunity,
we may be precluded from pursuing the same. However, we do not expect these duties to materially affect our ability to complete
our initial business combination. Our amended and restated memorandum and articles of association provide that, to the fullest
extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the
extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities
or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate
in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and
us, on the other.
Below is a table summarizing the entities to which
our executive officers and directors currently have fiduciary duties, contractual obligations or other material management relationships:
Individual
Entity
Entity's business
Affiliation
Lei Huang
US Tiger Securities, Inc.
Bybit FINTEC US Limited LLC
TradeUP Securities
MDL and International Corp.
TradeUP Global Corporation
TradeUP 88 Corp.
Fortune Rise Acquisition
        Corp.
Investment Bank
Finance
Broker/Dealer
Health Technology
SPAC
SPAC
SPAC
Chief Executive Officer
Director
Chief Executive Officer and Director
Director
Co-Chief Executive Officer
Co-Chief Executive Officer
Chief Executive Officer and
        Director
You ("Patrick") Sun
Lake Crystal Energy LLC
Oil and Gas
Chief Financial Officer
Jim Mao
Citta Capital Management LLC
Venture Capital Firm
Chief Executive Officer, Director and Managing
        Partner
US Digital Mining Group, LLC
Finance
Director
Kevin Vassily
iPower Inc.
Zhongchao Inc.
Fortune Joy International
        Acquisition Corp.
Hydroponic Equipment Retailer
Internet Technology Company
SPAC
Chief Financial Officer and
        Director
Director
Director
Potential investors should also be aware of the
following other potential conflicts of interest:
·
Our executive officers and directors are not required to, and will not, commit their full time to our affairs, 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. We do not intend to have any full-time employees prior to the completion of our initial business combination. Each
of our executive officers is engaged in several other business endeavors for which he may be entitled to substantial compensation,
and our executive officers are not obligated to contribute any specific number of hours per week to our affairs.
124
·
Our sponsor subscribed for founder shares prior to the date of this prospectus and will purchase private placement units in
a transaction that will close simultaneously with the closing of this offering.
·
Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed
to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the
completion of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated
memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders
of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing
of this offering
(or up to 21 months from the closing of this offering, if we extend the
period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the
Shareholder Extension Period, as applicable)
or (B) with respect to any other provision relating to the rights of holders
of our Class A ordinary shares. Additionally, our sponsor has agreed to waive its rights to liquidating distributions from
the trust account with respect to its founder shares if we fail to complete our initial business combination within the prescribed
time frame. If we do not complete our initial business combination, the private placement warrants will expire worthless. Except
as described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their
founder shares until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent
to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00
per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the
date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public
shareholders having the right to exchange their ordinary shares for cash, securities or other property. Except as described herein,
the private placement units will not be transferable until 30 days following the completion of our initial business combination.
Because each of our executive officers and director nominees will own ordinary shares or warrants directly or indirectly, they
may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination.
·
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 is included by a target business as a condition to any agreement
with respect to our initial business combination.
·
Our sponsor, officers and directors may sponsor, form, or participate in other blank check companies similar to ours during
the period in which we are seeking an initial business combination. Any such companies may present additional conflicts of interest
in pursuing an acquisition target, particularly in the event there is overlap among investment mandates.
We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with a company that is affiliated with our sponsor or any of our officers or directors, we, or
a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such 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.
Furthermore, in no event will our sponsor or any
of our existing officers or directors, or their respective affiliates, be paid by us any finder's fee, consulting fee or
other compensation prior to, or for any services they render in order to effectuate, the completion of our initial business combination.
125
We cannot assure you that any of the above mentioned
conflicts will be resolved in our favor.
If we seek shareholder approval of our initial
business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares
and public shares in favor of our initial business combination.
Limitation on Liability and Indemnification of Officers and
Directors
Cayman Islands law does not limit the extent to
which a company's memorandum and articles of association may provide for indemnification of officers and directors, except
to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against willful default, willful neglect, civil fraud or the consequences of committing a crime. Our amended and restated memorandum
and articles of association will provide for indemnification of our officers and directors to the maximum extent permitted by law,
including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful
neglect. We will enter into agreements with our directors and officers to provide contractual indemnification in addition to the
indemnification provided for in our amended and restated memorandum and articles of association. We expect to 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.
Our officers and directors have agreed to waive
any right, title, interest or claim of any kind in or to any monies in the trust account, and have agreed to waive any right, title,
interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will
not seek recourse against the trust account for any reason whatsoever (except to the extent they are entitled to funds from the
trust account due to their ownership of public shares). Accordingly, any indemnification provided will only be able to be satisfied
by us if (i) we have sufficient funds outside of the trust account or (ii) we consummate an initial business combination.
Our indemnification obligations may discourage
shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also
may have the effect of reducing the likelihood of derivative litigation against our 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 our officers and directors pursuant to these indemnification
provisions.
We believe that these provisions, the insurance
and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.
126
PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding
the beneficial ownership of our ordinary shares as of the date of this prospectus, and as adjusted to reflect the sale of our Class A
ordinary shares 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 issued and outstanding ordinary shares;
·
each of our executive officers, directors and director nominees that beneficially owns ordinary shares; and
·
all our executive officers and directors 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 of our ordinary shares beneficially owned
by them. The following table does not reflect record or beneficial ownership of the private placement warrants as these warrants
are not exercisable within 60 days of the date of this prospectus.
On February 3, 2022, our sponsor entered into
a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B
ordinary shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Prior to the initial investment in
the company of $25,000 by the sponsor, the company had no assets, tangible or intangible. The per share price of the founder shares
was determined by dividing the amount contributed to the company by the number of founder shares issued. The post-offering percentages
in the following table assume that the underwriter does not exercise their over-allotment option and that there are 9,705,000 ordinary
shares issued and outstanding after this offering.
Before offering
After offering
Name and address of beneficial owner
(1)
Number
    of
shares
beneficially
owned
(2)
Approximate
percentage
of issued and
outstanding
ordinary
shares
Number
    of
shares
beneficially
owned
(5)
Approximate
percentage
of issued and
outstanding
ordinary
shares
Denali Global Investments LLC (our sponsor)
2,026,250
(3)(4)
94
%
1,745,000
18
%
Lei Huang
(6)
50,000
2
%
50,000
0.5
%
You ("Patrick") Sun
20,000
1
%
20,000
0.2
%
20,000
1
%
20,000
0.2
%
Jim Mao
20,000
1
%
20,000
0.2
%
Kevin Vassily
20,000
1
%
20,000
0.2
%
All officers, directors and director nominees as a group (5 individuals)
2,156,250
100
%
1,875,000
19.3
%
*
Less than one percent.
(1)
Unless otherwise noted, the business address of each of
our shareholders is 437 Madison Avenue, 27
th
Floor, New York, New York 10022.
(2)
Interests shown consist solely of founder shares, classified
as Class B ordinary shares. Such shares will automatically convert into Class A ordinary shares at the time of our initial
business combination as described in the section entitled "Description of Securities."
(3)
The shares reported above are held in the name of our sponsor.
Jiandong Xu is the manager and controlling member of our sponsor. As such, each of the sponsor and Jiandong Xu may be deemed to
share beneficial ownership of the ordinary shares held directly by our sponsor. Jiandong Xu disclaims any beneficial ownership
of the ordinary shares held directly by our sponsor, and disclaims any beneficial ownership of such shares other than to the extent
of any pecuniary interest each may have therein, directly or indirectly.
(4)
Includes up to 281,250 founder shares that will be surrendered
to us for no consideration by our sponsor depending on the extent to which the underwriters' over-allotment option is exercised.
(5)
Excludes 281,250 founder shares that will be surrendered
to us for no consideration by our sponsor assuming no exercise of the underwriters' over-allotment option.
(6)
US Tiger is the record holder of the shares of common stock
reported hereto. Mr. Huang is also the CEO of US Tiger and, at Mr. Huang's request, the sponsor has agreed to transfer 50,000
shares directly to US Tiger.
127
Immediately after this offering, our initial shareholders
will beneficially own approximately 20% of the then issued and outstanding ordinary shares (not including the private placement
shares and assuming they do not purchase any units in this offering) and will have the right to appoint all of our directors prior
to our initial business combination. Holders of our public shares will not have the right to appoint any directors to our board
of directors prior to our initial business combination. Because of this ownership block, our sponsor may be able to effectively
influence the outcome of all other matters requiring approval by our shareholders, including amendments to our amended and restated
memorandum and articles of association and approval of significant corporate transactions including our initial business combination.
If we increase or decrease the size of this offering, we will effect a share capitalization or a share surrender or redemption
or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation
of this offering in such amount as to maintain the number of founder shares, on an as-converted basis, at approximately 20% of
our issued and outstanding ordinary shares upon the consummation of this offering (not including the private placement shares).
Our sponsor has agreed (a) to vote any founder
shares and public shares held by it in favor of any proposed business combination and (b) not to redeem any founder shares or public
shares held by it in connection with a shareholder vote to approve a proposed initial business combination.
Our sponsor, our officers, our directors and US
Tiger are deemed to be our "promoters" as such term is defined under the federal securities laws.
Transfers of Founder Shares and Private Placement Units
The founder shares, private placement units, private
placement shares, private placement warrants and any Class A ordinary shares issued upon conversion or exercise thereof are
each subject to transfer restrictions pursuant to lock-up provisions in the agreement entered into by our sponsor and management
team. Our sponsor and each member of our management team have agreed not to transfer, assign or sell any of their founder shares
until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our
initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share
(as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date
on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders
having the right to exchange their ordinary shares for cash, securities or other property. The private placement units and the
securities within the units are not transferable or salable until 30 days after the completion of our initial business combination.
The foregoing restrictions are not applicable to transfers (a) to our officers or directors, any affiliates or family members
of any of our officers or directors, any members or partners of our sponsor or their affiliates, any affiliates of our sponsor,
or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the individual's
immediate family or to a trust, the beneficiary of which is a member of the individual's immediate family, 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 any forward purchase agreement or similar arrangement or in connection with
the consummation of a business combination at prices no greater than the price at which the founder shares, private placement units
or Class A ordinary shares, as applicable, were originally purchased; (f) by virtue of our sponsor's organizational
documents upon liquidation or dissolution of our sponsor; (g) to the Company for no value for cancellation in connection with
the consummation of our initial business combination; (h) in the event of our liquidation prior to the completion of our initial
business combination; or (i) in the event of our completion of a liquidation, merger, share exchange or other similar transaction
which results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities
or other property after our completion of our initial business combination;
provided
, however, that in the case of clauses (a)
through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions
and the other restrictions contained in the letter agreement.
128
CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS
On February 3, 2022, our sponsor entered into
a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B
ordinary shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Prior to the initial investment in
the company by the 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 issued and outstanding shares upon completion
of this offering (not including the private placement shares). If we increase or decrease the size of this offering, we will effect
a share capitalization or a share surrender or redemption or other appropriate mechanism, as applicable, with respect to our Class B
ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares,
on an as-converted basis, at approximately 20% of the issued and outstanding ordinary shares upon the consummation of this offering
(not including the private placement shares). Up to 281,250 founder shares are subject to forfeiture by our sponsor depending on
the extent to which the underwriters' over-allotment option is exercised. The founder shares (including the Class A
ordinary shares issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold
by the holder.
Our chief executive officer, Lei Huang, is also
the chief executive officer of US Tiger, a representative to the underwriters to this offering. As a result, US Tiger is
deemed to have a "conflict of interest" under FINRA Rule 5121(f)(5). Accordingly, our initial public offering will
be made in compliance with FINRA Rule 5121, 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 EF Hutton 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 EF Hutton
against certain liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under
the Securities Act. EF Hutton will not receive any additional fees 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.
Our sponsor has committed, pursuant to a written
agreement, to purchase an aggregate of 330,000 private placement units (or 352,500 placement units if the underwriters exercise
their over-allotment option in full), at a price of $10.00 per unit ($3,300,000, or $3,525,000 if the underwriters exercise their
over-allotment option in full) in a private placement that will occur simultaneously with the closing of this offering. Each private
placement warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share, subject to adjustment. The
placement units (including the private placement shares and private placement warrants) 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.
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 the officer or director has then-current
fiduciary or contractual obligations, the officer or director 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
that may take priority over their duties to us.
We may engage US Tiger, or another affiliate of
our sponsor, as a financial advisor in connection with our initial business combination and pay such affiliate a customary financial
advisory fee in an amount that constitutes a market standard financial advisory fee for comparable transactions. Furthermore, we
may acquire a target company that has engaged US Tiger, or another affiliate of our sponsor, as a financial advisor, and such target
company may pay such affiliate a financial advisory fee in connection with our initial business combination.
129
No compensation of any kind, including finder's
and consulting fees, will be paid to our sponsor, officers and directors, or their respective affiliates, for services rendered
prior to or in connection with the completion of an initial business combination. However, 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 by us to our sponsor, officers, directors 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.
Prior to the consummation of this offering, our
sponsor has agreed to loan us up to $400,000 to be used for a portion of the expenses of this offering. To date, we have no borrowings
under the promissory note with our sponsor. These loans are non-interest bearing, unsecured and are due at the earlier of September
30, 2022 and 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 sponsor or an affiliate of our sponsor 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 may repay such loaned amounts out of the proceeds of the trust account released to us. 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 $1,500,000 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. The
terms of such loans by our officers and directors, 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 sponsor, its affiliates or our management team 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.
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 general 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 and shareholder
rights agreement pursuant to which our sponsor will be entitled to certain registration rights with respect to the private placement
units, the warrants issuable upon conversion of working capital loans (if any) and the Class A ordinary shares issuable upon
exercise of the foregoing and upon conversion of the founder shares, and, upon consummation of our initial business combination,
to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by
the registration and shareholder rights agreement, which is described under the section of this prospectus entitled "Description
of Securities — Registration and Shareholder Rights."
Policy for Approval of Related Party Transactions
The audit committee of our board of directors will adopt a charter,
providing for the review, approval and/or ratification of "related party transactions," which are those transactions
required to be disclosed pursuant to Item 404 of Regulation S-K as promulgated by the SEC, by the audit committee. At
its meetings, the audit committee shall be provided with the details of each new, existing, or proposed related party transaction,
including the terms of the transaction, any contractual restrictions that the company has already committed to, the business purpose
of the transaction, and the benefits of the transaction to the company and to the relevant related party. Any member of the committee
who has an interest in the related party transaction under review by the committee shall abstain from voting on the approval of
the related party transaction, but may, if so requested by the chair of the committee, participate in some or all of the committee's
discussions of the related party transaction. Upon completion of its review of the related party transaction, the committee may
determine to permit or to prohibit the related party transaction.
130
DESCRIPTION OF SECURITIES
We are a Cayman Islands exempted company and our
affairs will be governed by our amended and restated memorandum and articles of association, the Companies Act and the common law
of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, which will be adopted prior
to the consummation of this offering, we will be authorized to issue 200,000,000 Class A ordinary shares and 20,000,000 Class B
ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. Immediately after this offering, there will be
192,170,000 and 18,125,000 (assuming in each case that the underwriters have not exercised their over-allotment option) authorized
but unissued Class A ordinary shares and Class B ordinary shares, respectively, available for issuance which amount does
not take into account shares reserved for issuance upon exercise of outstanding warrants or shares issuable upon conversion of
the Class B ordinary shares, if any. The following description summarizes the material terms of our shares as set out more
particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain
all the information that is important to you.
Units
Each unit has an offering price of $10.00 and
consists of one Class A ordinary share and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase
one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in this prospectus. Pursuant
to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company's Class A
ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder.
The Class A ordinary shares and warrants
comprising the units are expected to begin separate trading on the 52nd 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 Class A ordinary
shares 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
Class A ordinary shares and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants
will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.
In no event will the Class A ordinary shares
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 and the sale of the private placement
warrants. We will file a Current Report on Form 8-K which includes this audited balance sheet promptly after the completion
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.
Additionally, the units will automatically separate
into their component parts and will not be traded after completion of our initial business combination.
Ordinary Shares
Prior to the date of this prospectus, there were
2,156,250 Class B ordinary shares issued and outstanding, all of which were held of record by our initial shareholders, so
that our initial shareholders will own approximately 20% of our issued and outstanding shares after this offering and the expiration
of the underwriters' option to purchase additional units. Upon the closing of this offering, 9,705,000 of our ordinary shares
will be issued and outstanding (assuming no exercise of the underwriters' over-allotment option) including:
·
7,500,000 Class A ordinary shares underlying the units issued as part of this offering;
131
·
330,000 Class A ordinary shares underlying the private placement units being sold in the private placement; and
·
1,875,000 Class B ordinary shares held by our sponsor.
If we increase or decrease the size of this offering,
we will effect a share capitalization or a compulsory redemption or redemption or other appropriate mechanism, as applicable, with
respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain
the number of founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding ordinary shares upon
the consummation of this offering (not including the private placement shares).
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 our shareholders except as required by law. Unless specified in our amended and restated memorandum and articles of association,
or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority
of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain
actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least two-thirds of our ordinary
shares that are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending
our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another
company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with
only one class of directors being appointed in each year. There is no cumulative voting with respect to the appointment of directors,
with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors.
Our 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 our initial business combination, (i) only holders of our 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
our Class B ordinary shares will have ten votes for every Class B ordinary share and holders of our Class A ordinary
shares will have one vote for every Class A ordinary share. These provisions of our amended and restated memorandum and articles
of association may only be amended by a special resolution passed by not less than 90% of our ordinary shares who attend and vote
at our general meeting which shall include the affirmative vote of a simple majority of our Class B ordinary shares. Holders
of our 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 our founder shares may remove a
member of the board of directors for any reason. In connection with our initial business combination, we 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.
Because our amended and restated memorandum and
articles of association will authorize the issuance of up to 200,000,000 Class A ordinary shares, 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 Class A
ordinary shares which we will be 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 initial business combination.
In accordance with the Nasdaq corporate governance
requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our
listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings to appoint
directors. We may not hold an annual general meeting to appoint new directors prior to the consummation of our initial business
combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by
a nominee chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination,
holders of a majority of our founder shares may remove a member of the board of directors for any reason.
132
We will provide our public shareholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior
to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not
previously released to us to pay our franchise and income taxes, if any, divided by the number of the then-issued and outstanding
public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00
per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by
the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement that
a beneficial owner must identify itself in order to valid redeem its shares. Our sponsor and each member of our management team
have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any
founder shares and public shares held by them in connection with (i) the completion of our initial business combination and
(ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that
would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have
their shares redeemed 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 15 months from the closing of this offering
(or up
to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
or (B) with
respect to any other provision relating to the rights of holders of our Class A ordinary shares. 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 applicable law or stock exchange listing requirements, if a shareholder
vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for
business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions
pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business
combination. Our amended and restated memorandum and articles of association 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, a shareholder approval of the transaction is required by applicable law or stock
exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank
check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to
the tender offer rules. If we seek shareholder approval of our initial business combination, we will complete our initial business
combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote
of a majority of the shareholders who attend and vote at a general meeting of the company. However, the participation of our sponsor,
officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this prospectus), if any,
could result in the approval of our initial business combination even if a majority of our public shareholders vote, or indicate
their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued
and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum
is obtained. Our amended and restated memorandum and articles of association will require that at least five days' notice
will be given of any general meeting.
If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender
offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group"
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares,
without our prior consent. However, we would not be restricting our shareholders' ability to vote all of their shares (including
Excess Shares) for or against our initial business combination. Our shareholders' inability to redeem the Excess Shares will
reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material
loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption
distributions with respect to the Excess Shares if we complete our initial business combination. 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
shares in open market transactions, potentially at a loss.
133
If we seek shareholder approval of our initial
business combination, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares
and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders' founder
shares and private placement shares, we would need 2,647,501, or 35.3% (assuming all issued and outstanding shares are voted and
the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an initial
business combination at the meeting in order to have our initial business combination approved. However, assuming only the minimum
number of shares representing a quorum (4,852,501 shares or a majority of our issued and outstanding shares) are voted, and assuming
the over-allotment option is not exercised, we would need 221,251, or 3.0% (assuming all issued and outstanding shares are voted
and the over-allotment option is not exercised), of the 7,500,000 public shares sold in this offering to be voted in favor of an
initial business combination at the meeting in order to have our initial business combination approved. Additionally, each public
shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or
vote at all.
Pursuant to our amended and restated memorandum
and articles of association, if we have not consummated an initial business combination within 15 months from the closing of this
offering
(or up to 21 months from the closing of this offering, if we extend the period of
time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder
Extension Period, as applicable)
, 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 franchise and income taxes, if any (less up to $100,000 of interest
to pay dissolution expenses) divided by the number of the then-issued and outstanding public shares, which redemption will completely
extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions,
if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law
to provide for claims of creditors and the requirements of other applicable law. Our sponsor and each member of our management
team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions
from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within
15 months from the closing of this offering
(or up to 21 months from the closing of this
offering, if we extend the period of time to consummate a business combination, as described in more detail in this prospectus,
or as may be extended by the Shareholder Extension Period, as applicable)
, 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. Our amended and restated memorandum and articles of association will provide that, if we wind
up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures
with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter,
subject to applicable Cayman Islands law.
In the event of a liquidation, dissolution or
winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having
preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund
provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem
their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes,
if any, divided by the number of the then-issued and outstanding public shares, upon the completion of our initial business combination,
subject to the limitations described herein.
134
Founder Shares
The founder shares are designated as Class B ordinary
shares and, except as described below, are identical to the Class A ordinary shares included in the units being sold in this offering,
and holders of founder shares have the same shareholder rights as public shareholders, except that: (a) the founder Class B ordinary
shares will automatically convert into our Class A ordinary shares at the time of our initial business combination, (b) the founder
shares are subject to certain transfer restrictions, as described in more detail below; (c) prior to our 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 our founder
shares may remove a member of the board of directors for any reason; (d) 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 our founder shares have ten votes for every founder share and, as a result, our initial shareholders will be able to
approve any such proposal without the vote of any other shareholder; (e) our sponsor and each member of our management team have
entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder
shares and public shares held by them in connection with (i) the completion of our initial business combination and (ii) a shareholder
vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance
or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed 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 15 months from the closing of this offering (or up to 21 months from the closing of this offering, if we extend the period
of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder
Extension Period, as applicable) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary
shares. Additionally, our sponsor has agreed to waive its rights to liquidating distributions from the trust account with respect
to its founder shares if we fail to complete our initial business combination within the prescribed time frame. If we do not complete
our initial business combination, the private placement warrants will expire worthless. Except as described herein, our sponsor
and our directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until the earliest
of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination,
(x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary
shares for cash, securities or other property. Except as described herein, the private placement units will not be transferable
until 30 days following the completion of our initial business combination. Because each of our executive officers and director
nominees will own ordinary shares or warrants directly or indirectly, they may have a conflict of interest in determining whether
a particular target business is an appropriate business with which to effectuate our initial business combination; and (f) the
founder shares are entitled to registration rights. If we seek shareholder approval of our initial business combination, we will
complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which
requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such
case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of
our initial business combination.
135
The founder shares are designated as Class B ordinary
shares and will automatically convert into Class A ordinary shares at the time of our initial business combination at a ratio such
that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted
basis, approximately 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of this offering,
plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class
A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement
units issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans. In no
event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.
Except as described herein, our sponsor and each
member of our management team have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A)
one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if
the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share
capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange
or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares
for cash, securities or other property. We refer to such transfer restrictions throughout this prospectus as the lock-up. Any permitted
transferees would be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers
with respect to any founder shares.
Prior to our initial business combination, only
holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not
be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business
combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions
of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less
than 90% of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple
majority of our Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any
vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders
of our public shares will vote together as a single class, with each share entitling the holder to one vote.
Register of Members
Under Cayman Islands law, we must keep a register
of members and there will be entered therein:
·
the names and addresses of the members, together with a statement of the shares held by each member and such statement shall
confirm (i) the amount paid or agreed to be considered as paid on the shares of each member, (ii) the number and category of shares
held by each member, and (iii) whether each relevant category of shares held by a member carries voting rights under the articles
of association of the company, and if so, whether such voting rights are conditional;
·
the date on which the name of any person was entered on the register as a member; and
·
the date on which any person ceased to be a member.
136
Under Cayman Islands law, the register of members
of our company is prima facie evidence of the matters set out therein (i.e., the register of members will raise a presumption of
fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter
of Cayman Islands law to have legal title to the shares as set against its name in the register of members. Upon the closing of
this public offering, the register of members will be immediately updated to reflect the issue of shares by us. Once our register
of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares
set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court
for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has
the power to order that the register of members maintained by a company should be rectified where it considers that the register
of members does not reflect the correct legal position. If an application for an order for rectification of the register of members
were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands
court.
Preference Shares
Our amended and restated memorandum and articles
of association will authorize the issuance of up to 1,000,000 preference shares and provide that preference shares may be issued
from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations,
powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions
thereof, applicable to the shares of each series. Our board of directors will be able to, without shareholder approval, issue preference
shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary
shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder
approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management.
We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference
shares, we cannot assure you that we will not do so in the future. No preference shares are being issued or registered in this
offering.
Warrants
Public shareholders' warrants
Each whole warrant entitles the registered holder
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time
commencing on the later of one year from the closing of this offering and 30 days after the completion of our initial business
combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder may
exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised
at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants
will trade. Accordingly, unless 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 Class A
ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and
a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration,
or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A
ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event
will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised
warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A
ordinary share underlying such unit.
137
We have agreed that as soon as practicable,
but in no event later than 20 business days, after the closing of our initial business combination, we will use our 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 we will use our commercially reasonable efforts to cause the same to
become effective within 60 business days after the closing of our 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 our Class A ordinary shares are at the time of any
exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security"
under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of warrants who exercise their warrants
to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so
elect, we will not be required to file or maintain in effect a registration statement, and we will use our 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 we will have failed to maintain an effective registration statement, exercise warrants on
a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption, and we will
use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption
is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A
ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying
the warrants, multiplied by the excess of the "fair market value" (defined below) less the exercise price of the warrants
by (y) the fair market value. The "fair market value" as used in this paragraph means the volume weighted average
price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice
of exercise is received by the warrant agent.
Redemption of warrants when the price per
Class A ordinary share equals or exceeds $16.50.
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 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 we send the notice of redemption to the warrant holders).
We will not redeem the warrants as described
above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable
upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares 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 even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder
will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A
ordinary shares may fall below the $16.50 redemption trigger price (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") as well as the $11.50 (for whole shares) warrant exercise price after the redemption
notice is issued.
138
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 Class A ordinary shares 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 Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary
shares underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair market
value" (defined below) by (y) the fair market value. The "fair market value" shall mean the average volume
weighted average last reported sale price of the Class A ordinary shares for the 10 trading days ending on the third trading
day prior to the date on which the notice of 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 Class A ordinary shares
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.
Redemption procedures.
A holder of a warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the
extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Class A ordinary shares
issued and outstanding immediately after giving effect to such exercise.
Anti-dilution adjustments.
If the number
of issued and outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A
ordinary shares, or by a sub-division of ordinary shares or other similar event, then, on the effective date of such capitalization
or share dividend, share sub-division or similar event, the number of Class A ordinary shares issuable on exercise of each
warrant will be increased in proportion to such increase in the issued and outstanding ordinary shares. A rights offering made
to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less
than the "historical fair market value" (as defined below) will be deemed a share dividend of a number of Class A
ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A
ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights
offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible
into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there
will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or
conversion and (ii) "historical fair market value" means the volume weighted average price of Class A ordinary
shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class A
ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially
all of the holders of the Class A ordinary shares on account of such Class A ordinary shares (or other securities into
which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions
which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary
shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted
to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment
to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect
to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy
the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination,
(d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote
to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation
to provide holders of our Class A ordinary shares the right to have their shares redeemed 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 15 months from
the closing of this offering
(or up to 21 months from the closing of this offering, if we
extend the period of time to consummate a business combination, as described in more detail in this prospectus, or as may be extended
by the Shareholder Extension Period, as applicable)
or (B) with respect to any other provision relating to the rights
of holders of our Class A ordinary shares, 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 (but not less than zero), effective
immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other
assets paid on each Class A ordinary share in respect of such event.
139
If the number of issued and outstanding Class A
ordinary shares is decreased by a consolidation, combination, reverse share sub-division or reclassification of Class A ordinary
shares or other similar event, then, on the effective date of such consolidation, combination, reverse share sub-division, reclassification
or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion
to such decrease in issued and outstanding Class A ordinary shares.
Whenever the number of Class A ordinary
shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted
by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will
be the number of Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment
and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter.
In addition, if (x) we issue additional
Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial
business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or
effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor
or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior
to such issuance) (the "Newly Issued Price"), (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 volume weighted average trading
price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which
we consummate our initial business combination (such price, the "Market Value") is below $9.20 per share, the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price and the $16.50 per share redemption trigger price described above under "— Redemption of warrants when
the price per Class A ordinary share equals or exceeds $16.50" will be adjusted (to the nearest cent) to be equal to
165% of the higher of the Market Value and the Newly Issued Price.
The warrants will be issued in registered form
under a warrant agreement between VStock Transfer, LLC, as warrant agent, and us. The warrant agreement provides that the terms
of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any
mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant
agreement set forth in this prospectus, or defective provision, (ii) amending the provisions relating to cash dividends on
ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions
with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary
or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that
the approval by the holders of a majority of the then-outstanding warrants is required to make any change that adversely affects
the interests of the registered holders. 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 holders do not have the rights or
privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary
shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote
for each share held of record on all matters to be voted on by shareholders.
No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. 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 the number of Class A ordinary shares
to be issued to the warrant holder.
140
We have agreed that, subject to
applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement
will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any
such action, proceeding or claim. See "Risk Factors — 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." This provision applies to
claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal
district courts of the United States of America are the sole and exclusive forum.
Private placement units
The private placement units (including the private
placement shares, the private placement warrants and Class A ordinary shares issuable upon exercise of such warrants) will
not be transferable or salable until 30 days after the completion of our initial business combination (except, among other limited
exceptions as described under "Principal Shareholders — Transfers of Founder Shares and Private Placement Units,"
to our officers and directors and other persons or entities affiliated with our sponsor). Holders of our placement units are entitled
to certain registration rights. If we do not consummate an initial business combination within 15 months from the closing of this
offering
(or up to 21 months from the closing of this offering, if we extend the period of
time to consummate a business combination, as described in more detail in this prospectus, or as may be extended by the Shareholder
Extension Period, as applicable)
, the proceeds from the sale of the private placement units held in the trust account will
be used to fund the redemption of our public shares (subject to the requirements of applicable law) and the private placement units
(and the underlying securities) will expire worthless. Further, if we seek shareholder approval, we will complete our initial business
combination only if we receive an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority
of the shareholders who attend and vote at a general meeting of the company. In such case, our initial holders, sponsor and each
member of our management team have agreed to vote their founder shares, placement shares and any public shares purchased during
or after this offering in favor of our initial business combination. Otherwise, the placement units are identical to the units
sold in this offering.
Private placement warrants
Except as described below, the private
placement 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 placement warrants (including the Class A ordinary shares issuable upon exercise of the
private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial
business combination (except pursuant to limited exceptions as described under "Principal Shareholders —
Transfers of Founder Shares and Private Placement Warrants," to our officers and directors and other persons or
entities affiliated with the initial purchasers of the private placement warrants). Any amendment to the terms of the private
placement warrants or any provision of the warrant agreement with respect to the private placement warrants will require a
vote of holders of a majority of the number of the then outstanding warrants.
In order to fund working capital deficiencies
or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such
loans may be convertible into units of the post-business combination entity at a price of $10.00 per unit at the option of the
lender. Such units would be identical to the private placement units.
141
Dividends
We have not paid any cash dividends on our ordinary
shares to date and do not intend to pay cash dividends prior to the completion of 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 after completion of our initial business combination. The payment of any cash dividends after our initial business combination
will be within the discretion of our board of directors at such time. If we increase the size of this offering, we will effect
a share capitalization or other appropriate mechanism immediately prior to the consummation of this offering in such amount as
to maintain the number of founder shares, on an as-converted basis, at approximately 20% of our issued and outstanding ordinary
shares upon the consummation of this offering (not including the private placement shares). Further, if we incur any indebtedness
in connection with a business combination, our ability to declare dividends may be limited by restrictive covenants we may agree
to in connection therewith.
Our Transfer Agent and Warrant Agent
The transfer agent for our ordinary shares and
warrant agent for our warrants is VStock Transfer, LLC. We have agreed to indemnify VStock Transfer, LLC 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 claims and losses due to any
gross negligence or intentional misconduct of the indemnified person or entity.
Certain Differences in Corporate Law
Cayman Islands companies are governed by the
Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs
from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences
between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States
and their shareholders.
Mergers and similar arrangements.
In
certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between
a Cayman Islands exempted company and a company incorporated in another jurisdiction (
provided
that is facilitated by the
laws of that other jurisdiction) so as to form a single surviving company.
Where the merger or consolidation is between
two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain
prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually
a majority of two-thirds of the voting shares voted at a general meeting) of the shareholders of each company; or (b) such
other authorization, if any, as may be specified in such constituent company's articles of association. No shareholder resolution
is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in
a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent
company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that
the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies
will register the plan of merger or consolidation.
Where the merger or consolidation involves a
foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted
company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements
set out below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents
of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and
any requirements of those constitutional documents have been or will be complied with; (ii) that no petition or other similar
proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company
in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction
and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no scheme, order,
compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the
foreign company are and continue to be suspended or restricted.
142
Where the surviving company is the Cayman Islands
exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect
that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign
company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud
unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign
company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived;
(b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company;
and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with;
(iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered
or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against
the public interest to permit the merger or consolidation.
Where the above procedures are adopted, the
Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting
to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder
must give his written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation,
including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized
by the vote; (b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the
constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within
20 days following receipt of such notice from the constituent company, give the constituent company a written notice of his intention
to dissent including, among other details, a demand for payment of the fair value of his shares; (d) within seven days following
the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan
of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company
must make a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair
value and if the company and the shareholder agree the price within 30 days following the date on which the offer was made, the
company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such
30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting shareholder)
must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a
list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not
been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares
together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting
shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination
of fair value is reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to
dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer
quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed
on a national securities exchange or shares of the surviving or consolidated company.
Moreover, Cayman Islands law has separate statutory
provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement that
generally will be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in
the Cayman Islands as a "scheme of arrangement" which may be tantamount to a merger. In the event that a merger was
sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures
typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in
number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths
in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by
proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement
must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to
the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies
itself that:
·
we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority
vote have been complied with;
·
the shareholders have been fairly represented at the meeting in question;
143
·
the arrangement is such as a businessperson would reasonably approve; and
·
the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would
amount to a "fraud on the minority."
If a scheme of arrangement or takeover offer
(as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights
to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to
dissenting shareholders of United States corporations.
Squeeze-out provisions.
The Companies
Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient
minority shareholder upon a tender offer. When a takeover offer is made and accepted by holders of 90% of the shares to whom the
offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer
such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this
is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith, collusion
or inequitable treatment of the shareholders.
Further, transactions similar to a merger, reconstruction
and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share
capital exchange, asset acquisition or control, or through contractual arrangements of an operating business.
Shareholders' suits.
Maples and
Calder (Hong Kong) LLP, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman
Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed
the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to
us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both
on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied
by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:
·
a company is acting, or proposing to act, illegally or beyond the scope of its authority;
·
the act complained of, although not beyond the scope of the authority, could be only effected if duly authorized by more than
the number of votes which have actually been obtained; or
·
those who control the company are perpetrating a "fraud on the minority."
·
A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed
or are about to be infringed.
Enforcement of civil liabilities.
The
Cayman Islands has a less prescriptive body of securities laws as compared to the United States and provides less protection to
investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.
We have been advised by Maples and Calder (Hong
Kong) LLP, our Cayman Islands legal counsel, that there is uncertainty as to whether the courts of the Cayman Islands would (i)
recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil
liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States,
or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon
the federal securities laws of the United States or the securities laws of any state in the United States.
144
We have also been advised by Maples and Calder
(Hong Kong) LLP that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state
courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition
of such judgments), a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands
at common law, without any reexamination of the merits of the underlying dispute, by an action commenced on the foreign judgment
debt in the Grand Court of the Cayman Islands, provided such judgment (i) is given by a foreign court of competent jurisdiction,
(ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (iii) is final,
(iv) is not in respect of taxes, a fine or a penalty, and (v) was not obtained in a manner and is not of a kind the enforcement
of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely
to enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such
judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive
in nature. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
Special
considerations for exempted companies.
We are an exempted company with limited liability under the Companies Act. The Companies
Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands
but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements
for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:
·
an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;
·
an exempted company's register of members is not open to inspection;
·
an exempted company does not have to hold an annual general meeting;
·
an exempted company may issue shares with no par value;
·
an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually
given for 20 years in the first instance);
·
an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
·
an exempted company may register as a limited duration company; and
·
an exempted company may register as a segregated portfolio company.
"Limited liability" means that the liability of each
shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances,
such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in
which a court may be prepared to pierce or lift the corporate veil).
Amended and Restated Memorandum and Articles of Association
Our amended and restated memorandum and articles
of association will contain provisions designed to provide certain rights and protections relating to this offering that will apply
to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution
under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been
approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company's articles
of association) of a company's shareholders entitled to vote and so voting at a general meeting for which notice specifying
the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company's articles
of association, by a unanimous written resolution of all of the company's shareholders. Other than as described above, our
amended and restated memorandum and articles of association will provide that special resolutions must be approved either by at
least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible
under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.
145
Our initial shareholders and their permitted
transferees, if any, who will collectively beneficially own approximately 20% of our ordinary shares upon the closing of this offering
(not including the private placement shares and assuming they do not purchase any units in this offering), will participate in
any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner
they choose. Specifically, our amended and restated memorandum and articles of association will provide, among other things, that:
·
If we have not consummated an initial business combination within 15 months from the closing of this offering
(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
, we will (i) cease
all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business
days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay
our franchise and income taxes that were paid by us or are payable by us, if any (less up to $100,000 of interest to pay dissolution
expenses) divided by the number of the then-issued and outstanding public shares, which redemption will completely extinguish public
shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board
of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of
creditors and the requirements of other applicable law;
·
Prior to or in connection with our initial business combination, we may not issue additional securities that would entitle
the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on
our initial business combination or on any other proposal presented to shareholders prior to or in connection with the completion
of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association
to (x) extend the time we have to consummate a business combination beyond 15 months from the closing of this offering
(or
up to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
or (y) amend
the foregoing provisions;
·
Although we currently do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we,
or a committee of independent directors, will obtain an opinion from independent investment banking firm or another independent
entity that commonly renders valuation opinions 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 applicable law or stock exchange listing requirements
and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant
to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing
our initial business combination which contain substantially the same financial and other information about our initial business
combination and the redemption rights as is required under Regulation 14A of the Exchange Act;
·
So long as our securities are then listed on Nasdaq, 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 the amount
of deferred underwriting discounts held in trust and taxes payable on the income earned on the trust account) at the time of the
agreement to enter into the initial business combination;
146
·
If our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would
modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their
shares redeemed 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 15 months from the closing of this offering
(or up
to 21 months from the closing of this offering, if we extend the period of time to consummate a business combination, as described
in more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
or (B) with
respect to any other provision relating to the rights of holders of our Class A ordinary shares, we will provide our public
shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held
in the trust account and not previously released to us to pay our franchise and income taxes, if any, divided by the number of
the then-issued and outstanding public shares, subject to the limitations described herein; and
·
We will not effectuate our initial business combination solely with another blank check company or a similar company with nominal
operations.
In addition, our amended and restated memorandum
and articles of association will provide that under no circumstances will we redeem our public shares in an amount that would cause
our net tangible assets to be less than $5,000,001.
The Companies Act permits a company incorporated
in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution which requires
the approval of the holders of at least two-thirds of such company's issued and outstanding ordinary shares who attend and
vote at a general meeting or by way of unanimous written resolution. A company's articles of association may specify that
the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands
exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association
provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and
business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions
as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive
any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.
Anti-money Laundering — Cayman Islands
If any person in the Cayman Islands knows or
suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct or money laundering
or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their
attention in the course of business in the regulated sector or other trade, profession, business or employment, the person will
be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the
Proceeds of Crime Act (As Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii)
a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (As Revised)
of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report
shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment
or otherwise.
Data Protection — Cayman Islands
We have certain duties under the Data Protection
Act (As Revised) of the Cayman Islands (the "DPA") based on internationally accepted principles of data privacy.
147
Privacy Notice
Introduction
This privacy notice puts our shareholders on
notice that through investment in the company each shareholder will provide us with certain personal information which constitutes
personal data within the meaning of the DPA ("personal data"). In the following discussion, the "company"
refers to us and our affiliates and/or delegates, except where the context requires otherwise.
Investor data
We will collect, use, disclose, retain and secure
personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal
course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct
our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only
transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational
information security measures designed to protect against unauthorized or unlawful processing of the personal data and against
the accidental loss, destruction or damage to the personal data.
In our use of this personal data, we will be
characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may
receive this personal data from us in the conduct of our activities may either act as our "data processors" for the
purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.
We may also obtain personal data from other
public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals
connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information,
signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number,
bank account details, source of funds details and details relating to the shareholder's investment activity.
Who this affects
If you are a natural person, this will affect
you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited
partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in
the company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals
or otherwise advise them of its content.
How the company may use a shareholder's
personal data
The company, as the data controller, may collect,
store and use personal data for lawful purposes, including, in particular:
(a)
where this is necessary for the performance of our rights and obligations under any purchase agreements;
(b)
where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with
anti-money laundering and FATCA/CRS requirements); and
(c)
where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests,
fundamental rights or freedoms.
Should we wish to use personal data for other
specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.
148
Why we may transfer your personal data
In certain circumstances we may be legally obliged
to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as
the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign
authorities, including tax authorities.
We anticipate disclosing personal data to persons
who provide services to us and their respective affiliates (which may include certain entities located outside the United States,
the Cayman Islands or the European Economic Area), who will process your personal data on our behalf. This includes our transfer
agent.
The data protection measures we take
Any transfer of personal data by us or our duly
authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.
We and our duly authorized affiliates and/or
delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized
or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.
We shall notify you of any personal data breach
that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom
the relevant personal data relates.
Certain anti-takeover provisions of our amended and restated
memorandum and articles of association
Our amended and restated memorandum and articles
of association 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 general
meetings.
Our authorized but unissued Class A ordinary
shares and preference shares will be available for future issuances without shareholder approval and could be utilized for a variety
of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence
of authorized but unissued and unreserved Class A ordinary shares and preference shares could render more difficult or discourage
an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
Securities Eligible for Future Sale
Immediately after this offering, we will have
9,705,000 Class A ordinary shares (or 11,133,750 Class A ordinary shares if the underwriters' over-allotment option
is exercised in full) issued and outstanding. Of these shares, the Class A ordinary shares sold in this offering (7,500,000
Class A ordinary shares if the underwriters' over-allotment option is not exercised and 8,625,000 Class A ordinary
shares if the underwriters' over-allotment option is exercised in full) will be freely tradable without restriction or further
registration under the Securities Act, except for any Class A ordinary shares purchased by one of our affiliates within the
meaning of Rule 144 under the Securities Act. All of the issued and outstanding founder shares (1,875,000 founder shares if
the underwriters' over-allotment option is not exercised and 2,156,250 founder shares if the underwriters' over-allotment
option is exercised in full) and all of the outstanding private placement units (330,000 private placement units, or 352,500 private
placement units if the underwriters' over-allotment option is exercised in full) will be restricted securities under Rule 144,
in that they were issued in private transactions not involving a public offering.
Rule 144
Pursuant to Rule 144, a person who has
beneficially owned restricted shares or warrants for at least six months would be entitled to sell their securities
provided
that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months
preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before
the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the twelve months (or such
shorter period as we were required to file reports) preceding the sale.
149
Persons who have beneficially owned restricted
shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding,
a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period
only a number of securities that does not exceed the greater of:
·
1% of the total number of ordinary shares then-issued and outstanding, which will equal 78,300 shares immediately after this
offering (or 89,775 shares if the underwriters exercise their over-allotment option in full); or
·
the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks preceding the
filing of a notice on Form 144 with respect to the sale.
Sales by our affiliates under Rule 144
are also limited by manner of sale provisions and notice requirements and to the availability of current public information about
us.
Restrictions on the Use of Rule 144 by Shell Companies
or Former Shell Companies
Rule 144 is not available for the resale
of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have
been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if
the following conditions are met:
·
the issuer of the securities that was formerly a shell company has ceased to be a shell company;
·
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; and
·
the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the
preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K
reports; 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 sponsor will be able to sell
its founder shares and private placement units, as applicable, pursuant to Rule 144 without registration one year after we
have completed our initial business combination.
Registration and Shareholder Rights
The holders of the founder shares, private placement
shares and private placement warrants, including any of those issued upon conversion of working capital loans (and any Class A
ordinary shares issuable upon the exercise of the private placement warrants that may be issued upon conversion of working capital
loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed prior to
or on the effective date of this offering. 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 after our completion of our initial business combination. However, the registration
and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to
become effective until termination of the applicable lockup period, which occurs (i) in the case of the founder shares, as described
in the following paragraph, and (ii) in the case of the private placement units and the respective Class A ordinary shares
underlying such units, 30 days after the completion of our initial business combination. We will bear the expenses incurred in
connection with the filing of any such registration statements.
150
Except as described herein, our sponsor and
each member of our management team have agreed not to transfer, assign or sell any of their founder shares until the earliest of
(A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x)
if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary
shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements
of our sponsor with respect to any founder shares. We refer to such transfer restrictions throughout this prospectus as the lock-up.
In addition, pursuant to the registration and
shareholder rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled
to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by
the registration and shareholder rights agreement.
Listing of Securities
We intend to apply to have our units listed
on Nasdaq under the symbol "DECAU." Once the securities comprising the units begin separate trading, we expect that
the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols "DECA" and "DECAW,"
respectively. The units will automatically separate into their component parts and will not be traded following the completion
of our initial business combination.
151
TAXATION
The following summary of certain Cayman Islands
and U.S. federal income tax considerations generally applicable to an investment in our units, each consisting of one Class A
ordinary share and one-half of one warrant, which we refer to collectively as our securities, is based upon laws and relevant interpretations
thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible
tax consequences relating to an investment in our Class A ordinary shares and warrants, such as the tax consequences under
state, local and other tax laws.
Prospective investors should consult their advisors
on the possible tax considerations generally applicable to investing in our securities under the laws of their country of citizenship,
residence or domicile.
Cayman Islands Tax Considerations
The following is a discussion on certain Cayman
Islands income tax consequences of an investment in the securities of the Company. The discussion is a general summary of present
law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's
particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.
Under Existing Cayman Islands Laws
Payments of dividends and capital in respect
of our securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a
dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman
Islands income or corporate tax. The Cayman Islands currently has no income, corporate or capital gains tax and no estate duty,
inheritance tax or gift tax.
No stamp duty is payable in respect of the issue
of the warrants. An instrument of transfer in respect of a warrant is stampable if executed in or brought into the Cayman Islands.
No stamp duty is payable in respect of the issue
of our Class A ordinary shares or on an instrument of transfer in respect of such shares.
The Company has been incorporated under the
laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for and received an undertaking
from the Financial Secretary of the Cayman Islands in the following form:
The Tax Concessions Act
(As Revised)
Undertaking as to Tax Concessions
In accordance with the Tax Concessions Act (As
Revised), the following undertaking is given to Denali Capital Acquisition Corp. (the "Company"):
1. That no law which is hereafter enacted in
the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations;
and
2. In addition, that no tax to be levied on
profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:
2.1 on or in respect of the shares,
debentures or other obligations of the Company; or
2.2 by way of the withholding in whole
or in part of any relevant payment as defined in the Tax Concessions Act (As Revised).
These concessions shall be for a period of 20
years from the 17th day of January 2022.
152
United States Federal Income Tax Considerations
General
The following discussion summarizes certain
U.S. federal income tax considerations generally applicable to the acquisition, ownership and disposition of our units (each consisting
of one Class A ordinary share and one-half of one warrant) that are purchased in this offering by U.S. Holders (as defined
below) and Non-U.S. Holders (as defined below). Although not entirely clear, we intend to treat, for U.S. federal income tax purposes,
the holder of a unit as the owner of two separate securities (the one underlying Class A ordinary share and one-half of one warrant
that are the components of the unit). See "— Allocation of Purchase Price and Characterization of a Unit" below.
This disclosure assumes this treatment is appropriate, in which case, the discussion below with respect to holders of Class A
ordinary shares and warrants should also apply to holders of units (as the deemed owners of the underlying Class A ordinary
shares and warrants that constitute the units).
This discussion is limited to certain U.S. federal
income tax considerations to beneficial owners of our securities who are initial purchasers of a unit pursuant to this offering
and hold the unit and each component of the unit as a capital asset under the U.S. Internal Revenue Code of 1986, as amended (the
"Code").
This discussion assumes that the Class A
ordinary shares and warrants are treated as separate instruments for U.S. federal income tax purposes and that any distributions
made (or deemed made) by us on our Class A ordinary shares and any consideration received (or deemed received) by a holder
in consideration for the sale or other disposition of our securities will be in U.S. dollars. 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).
This discussion is general in nature and does not purport to be a complete description of the U.S. federal income tax consequences
that may be relevant to the acquisition, ownership and disposition of a unit by a prospective investor in light of its particular
circumstance or status, or to prospective investors subject to special treatment under the U.S. federal income tax laws, including:
·
our sponsor, officers, directors, holders of our Class B ordinary shares or holders of private placement units;
·
banks, financial institutions or financial services entities;
·
broker-dealers;
·
taxpayers that are subject to the mark-to-market method of accounting rules;
·
tax-exempt entities;
·
S-corporations;
·
governments or agencies or instrumentalities thereof;
·
insurance companies;
·
regulated investment companies;
·
real estate investment trusts;
·
expatriates or former long-term residents of the United States;
·
persons that actually or constructively own 5% or more of any class of our shares;
·
persons that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive
plans or otherwise as compensation or in connection with services;
·
persons required for U.S. federal income tax purposes to conform the timing of income accruals to their financial statements
under Section 451 of the Code;
·
persons that hold our securities as part of a straddle, constructive sale, hedging, wash sale, conversion or other integrated
or similar transaction; or
·
U.S. Holders (as defined below) whose functional currency is not the U.S. dollar.
The discussion below is based upon the provisions
of the Code, the Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as of
the date hereof. Those authorities may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive
basis, so as to result in U.S. federal income tax consequences different from those discussed below. Furthermore, this discussion
does not address any aspect of U.S. federal non-income tax laws, such as gift, estate or Medicare contribution tax laws, or
state, local or non-U.S. tax laws or considerations under any applicable income tax treaty.
153
We have not sought 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 affect the accuracy of the statements in this discussion.
As used herein, the term "U.S. Holder"
means a beneficial owner of units, Class A ordinary shares or warrants that is for U.S. federal income tax purposes:
·
an individual citizen or resident of the United States;
·
a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized
(or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia;
·
an estate the income of which is subject to U.S. federal income taxation regardless of its source; or
·
a trust if (A) a court within the United States is able to exercise primary supervision over the administration of the trust
and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (B) it has in effect under
applicable U.S. Treasury regulations a valid election to be treated as a U.S. person.
If a beneficial owner of our securities is
not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through entity for U.S. federal
income tax purposes, such owner will be considered a "Non-U.S. Holder." The U.S. federal income tax consequences
applicable specifically to Non-U.S. Holders are described below under the heading "— Non-U.S. Holders."
This discussion does not consider the tax treatment
of partnerships (or other pass-through entities or arrangements classified as a partnership for U.S. federal income tax purposes)
or persons who hold our securities through such entities. If a partnership (or other entity or arrangement classified as a partnership
for U.S. federal income tax purposes) is the beneficial owner of our securities, the U.S. federal income tax treatment of a partner
in the partnership (or other owner in a pass-through entity) generally will depend on the status of the partner (or other owner)
and the activities of the partner (or other owner) and the partnership (or other pass-through entity). Partnerships holding our
securities and partners in such partnerships should consult their own tax advisors.
THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES
ONLY, IS ONLY A SUMMARY OF CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP, AND DISPOSITION
OF OUR SECURITIES, AND IS NOT A SUBSTITUTE FOR CAREFUL TAX PLANNING. EACH PROSPECTIVE INVESTOR IN OUR SECURITIES SHOULD CONSULT
ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION, OWNERSHIP AND DISPOSITION
OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF U.S. FEDERAL, STATE, LOCAL, AND NON-UNITED STATES TAX LAWS, AS WELL
AS ANY APPLICABLE INCOME TAX TREATY.
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. We intend to treat, for U.S. federal income tax purposes, the acquisition of a unit as the
acquisition of one Class A ordinary share and one-half of one warrant, a whole one of which is exercisable to acquire one
Class A ordinary share. By purchasing a unit, you agree to adopt such treatment for applicable tax purposes. As a result,
for U.S. federal income tax purposes, each holder of a unit should allocate the purchase price paid by such holder for such unit
between the one Class A ordinary share 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, and should consult his or her tax advisor regarding the determination of value
for these purposes. The price allocated to each Class A ordinary share and one-half of one warrant should constitute the shareholder's
initial tax basis in such share or one-half of one warrant. Any disposition of a unit should be treated for U.S. federal income
tax purposes as a disposition of the Class A ordinary share and one-half of one warrant comprising the unit, and the amount
realized on the disposition should be allocated between the Class A ordinary share and one-half of one warrant based on their
respective relative fair market values at the time of disposition (as determined by the holder based on all relevant facts and
circumstances). Neither the separation of the Class A ordinary share and the one-half of one warrant constituting a unit nor
the combination of halves of one warrant into one whole warrant should be a taxable event for U.S. federal income tax purposes.
154
The foregoing treatment of the units, the Class A
ordinary shares and warrants and a holder's purchase price allocation are not binding on the 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 tax advisor 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
Taxation of Distributions
Subject to the PFIC rules discussed below, a
U.S. Holder generally will be required to include in gross income, in accordance with such U.S. Holder's method of accounting
for U.S. federal income tax purposes, as dividends the amount of any distribution paid on our Class A ordinary shares to the
extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income
tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder at the regular corporate rate and will not
be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from
other domestic corporations. Distributions in excess of such earnings and profits generally will be applied against and reduce
the U.S. Holder's basis in its Class A ordinary shares (but not below zero) and, to the extent in excess of such basis,
will be treated as gain from the sale or exchange of such Class A ordinary shares (see "— Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares and Warrants" below).
With respect to non-corporate U.S. Holders,
under tax laws currently in effect and subject to certain exceptions (including, but not limited to, dividends treated as investment
income for purposes of investment interest deduction limitations), dividends generally will be taxed at the lower applicable long-term
capital gains rate (see "— Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary
Shares and Warrants" below) only if our Class A ordinary shares are readily tradable on an established securities market
in the United States (such as the Nasdaq) and certain other requirements are met, including that we are not classified as a PFIC
during the taxable year in which the dividend is paid or the preceding taxable year and that the U.S. Holder satisfies certain
holding period requirements. It is unclear whether certain redemption rights with respect to our Class A Ordinary Shares may prevent
a U.S. Holder from satisfying the applicable holding period requirement. If the applicable holding period requirements are not
satisfied, a non-corporate U.S. Holder may be subject to tax on the dividend at regular ordinary income tax rates instead of the
preferential income tax rate that applies to qualified dividend income. U.S. Holders should consult their tax advisors regarding
the availability of such lower rate for any dividends paid with respect to our Class A ordinary shares.
Gain or Loss on Sale, Taxable Exchange or Other Taxable
Disposition of Class A Ordinary Shares and Warrants
Subject to the PFIC rules discussed below, a
U.S. Holder generally will recognize capital gain or loss on the sale or other taxable disposition of our Class A ordinary
shares or warrants (including on our dissolution and liquidation if we do not complete our initial business combination within
the required time period). Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder's
holding period for such Class A ordinary shares or warrants exceeds one year. Long-term capital gain realized by a non-corporate
U.S. Holder currently is subject to reduced tax rates. It is unclear, however, whether certain redemption rights described in this
prospectus may suspend the running of the applicable holding period for this purpose.
155
The amount of gain or loss recognized by a
U.S. Holder on a sale or other taxable disposition generally will be equal to the difference between (i) the sum of the amount
of cash and the fair market value of any property received on such disposition (or, if the Class A ordinary shares 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 ordinary shares or warrants based upon the then relative fair market values of the Class A ordinary shares
and the warrants included in the units) and (ii) the U.S. Holder's adjusted tax basis in its Class A ordinary shares
or warrants surrendered in the disposition. A U.S. Holder's adjusted tax basis in its Class A ordinary shares and warrants
generally will equal the U.S. Holder's acquisition cost (that is, the portion of the purchase price of a unit allocated to
a Class A ordinary share or one-half of one warrant, as described above under "— Allocation of Purchase Price and
Characterization of a Unit") reduced, in the case of Class A ordinary shares, by any prior distributions treated as a return
of capital. See "— Exercise, Lapse or Redemption of a Warrant" below for a discussion regarding a U.S. Holder's
tax basis in the Class A ordinary share acquired pursuant to the exercise of a warrant. The deduction of capital losses is
subject to certain limitations.
Redemption of Class A Ordinary Shares
Subject to the PFIC rules discussed below, in
the event that a U.S. Holder's Class A ordinary shares are redeemed pursuant to the redemption provisions described
in this prospectus under "Description of Securities — Ordinary Shares" or if we purchase a U.S. Holder's
Class A ordinary shares in an open market transaction (referred to herein as a "redemption"), the treatment of
the redemption for U.S. federal income tax purposes will depend on whether it qualifies as a sale or exchange of the Class A
ordinary shares under Section 302 of the Code. If the redemption qualifies as a sale or exchange of Class A ordinary
shares, the U.S. Holder will be treated as described under "— Gain or Loss on Sale, Taxable Exchange or Other Taxable
Disposition of Class A Ordinary Shares and Warrants" above. If the redemption does not qualify as a sale or exchange
of Class A ordinary shares, the U.S. Holder will be treated as receiving a distribution with the tax consequences described
above under "— Taxation of Distributions." Whether a redemption qualifies for sale or exchange treatment will
depend largely on the total number of our shares treated as held by the U.S. Holder (including any shares constructively owned
by the U.S. Holder described in the following paragraph) relative to all of our shares issued and outstanding both before and after
such redemption. The redemption of Class A ordinary shares generally will be treated as a sale or exchange of the Class A
ordinary shares (rather than as a distribution) if, within the meaning of Section 302 of the Code, such 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 our Class A ordinary shares actually owned by the U.S. Holder,
but also our shares that are constructively owned by it. A U.S. Holder may constructively own, in addition to shares owned directly,
shares 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 shares the U.S. Holder has a right to acquire by exercise of an option, which generally would include
Class A ordinary shares which could be acquired pursuant to the exercise of the warrants. In order to meet the substantially
disproportionate test, the percentage of our issued and outstanding voting shares actually and constructively owned by the U.S.
Holder immediately following the redemption of Class A ordinary shares must, among other requirements, be less than 80% of
the percentage of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately before
the redemption. Prior to our initial business combination, the Class A ordinary shares may not be treated as voting shares
for this purpose and, consequently, this substantially disproportionate test may not be applicable. There will be a complete termination
of a U.S. Holder's interest if either (i) all of our shares actually and constructively owned by the U.S. Holder are
redeemed or (ii) all of our shares 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 shares owned by certain family members and the U.S.
Holder does not constructively own any other of our shares. The redemption of the Class A ordinary shares will not be essentially
equivalent to a dividend with respect to a U.S. Holder if it 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
tax advisors as to the tax consequences of a redemption of any Class A ordinary shares.
156
If none of the foregoing tests are satisfied,
then the redemption will be treated as a corporate distribution and the tax effects will be as described under "— Taxation
of Distributions" above. After the application of those rules, any remaining tax basis of the U.S. Holder in the redeemed
Class A ordinary shares will be added to the U.S. Holder's adjusted tax basis in its remaining shares. If there are
no remaining shares, a U.S. Holder should consult its own tax advisors as to the allocation of any remaining basis.
Exercise, Lapse or Redemption of a Warrant
Subject to the PFIC rules discussed below and
except as discussed below with respect to the cashless exercise of a warrant, a U.S. Holder generally will not recognize gain or
loss upon the acquisition of a Class A ordinary share on the exercise of a warrant for cash. A U.S. Holder's initial
tax basis in a Class A ordinary share received upon exercise of the warrant generally will equal the sum of the U.S. Holder's
initial investment in the warrant (that is, the portion of the U.S. Holder's purchase price for the units 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 a U.S. Holder's holding period for the Class A ordinary share will commence
on the date of exercise of the warrant or the day following the date of exercise of the warrant; in either case, the holding period
will not include the period during which the U.S. Holder held the warrant. 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.
The tax consequences of a cashless exercise
of a warrant are not clear under current law. Subject to the PFIC rules discussed below, a cashless exercise may not be taxable,
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 situation, a U.S. Holder's tax basis in the Class A ordinary shares received
generally would equal the U.S. Holder's tax basis in the warrants exercised therefor. If the cashless exercise was not a
realization event, it is unclear whether a U.S. Holder's holding period for the Class A ordinary share will commence
on the date of exercise of the warrant or the day following the date of exercise of the warrant. If the cashless exercise were
treated as a recapitalization, the holding period of the Class A ordinary shares would include the holding period of the warrants.
It is also possible that a cashless exercise
may be treated as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. Holder may be deemed to have
surrendered a number of warrants having a value equal to the exercise price paid for the total number of warrants to be exercised.
In each case, subject to the PFIC rules discussed below, the U.S. Holder would recognize capital gain or loss in an amount equal
to the difference between the fair market value of the warrants deemed surrendered and the U.S. Holder's tax basis in such
warrants deemed surrendered. In this case, a U.S. Holder's tax basis in the Class A ordinary shares received would equal
the sum of the U.S. Holder's initial investment in the warrants deemed exercised (i.e., the portion of the U.S. Holder's
purchase price for the units 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 each Class A ordinary share would commence on the date of exercise of the warrant or the day following the date
of exercise of the warrant.
Due to the absence of authority on the U.S.
federal income tax treatment of a cashless exercise, 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, a U.S. Holder should consult its
tax advisor regarding the tax consequences of a cashless exercise.
Subject to the PFIC rules described below, if
we redeem warrants for cash pursuant to the redemption provisions 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 "— Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares and Warrants."
157
Possible Constructive Distributions
The terms of each warrant provide for an adjustment
to the number of Class A ordinary shares for which the warrant may be exercised or to the exercise price of the warrant in
certain events. 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 increases such U.S.
Holders' proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of Class A
ordinary shares that would be obtained upon exercise or through a decrease to the exercise price) as a result of a distribution
of cash or other property to the holders of our Class A ordinary shares. Such constructive distribution would be subject to
tax as described above under "— Taxation of Distributions" 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 and would increase a U.S. Holder's
adjusted tax basis in its warrants to the extent that such distribution is treated as a dividend.
Passive Foreign Investment Company Rules
A foreign (i.e., non-U.S.) corporation will
be classified as a PFIC for U.S. federal income tax purposes if either (i) at least 75% of its gross income in a taxable year,
including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares
by value, is passive income or (ii) at least 50% of its assets in a taxable year (ordinarily determined based on fair market value
and averaged quarterly over the year), including its pro rata share of the assets of any corporation in which it is considered
to own at least 25% of the shares by value, are held for the production of, or produce, passive income. Passive income generally
includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or
business) and gains from the disposition of passive assets.
Because we are a blank check company, with no
current active business, we believe that it is likely that we will meet the PFIC asset or income test during the taxable years
prior to our acquisition of a company or assets in a business combination (including any short taxable year that might result from
a business combination), which would generally result in us being treated as a PFIC in those taxable years. However, pursuant to
a start-up exception, a corporation will not be a PFIC for the first taxable year the corporation has gross income (the "start-up
year"), if (1) no predecessor of the corporation was a PFIC; (2) the corporation satisfies the IRS that it will
not be a PFIC for either of the two taxable years following the start-up year; and (3) the corporation is not in fact a PFIC
for either of those years.
The applicability of the start-up exception
to us is uncertain and will not be known until after the close of our current taxable year (or possibly not until after the close
of the first two taxable years following our start-up year, as described under the start-up exception), Additionally, it may be
possible that we could be treated as a PFIC for a taxable year prior to the taxable year, which is treated as our start-up year
(within the meaning of the start-up exception). Our actual PFIC status for our current taxable year or any subsequent taxable year,
however, will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect
to our status as a PFIC for our current taxable year or any future taxable year and prospective U.S. Holders are urged to consult
their tax advisors regarding the possible application of the PFIC rules, the potential unavailability of the start-up exception,
and the making of a QEF election (as discussed further below).
Although our PFIC status is determined annually,
an initial determination that our company is a PFIC generally will apply for subsequent years to a U.S. Holder who held Class A
ordinary shares or warrants while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent years. If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder
of our Class A ordinary shares or warrants and, in the case of our Class A ordinary shares, the U.S. Holder did not make
either a qualified electing fund ("QEF") election for our first taxable year as a PFIC in which the U.S. Holder held
(or was deemed to hold) Class A ordinary shares, a QEF election along with a purging election, or a mark-to-market election,
each as described below, such U.S. Holder generally will be subject to special rules with respect to (i) any gain recognized by
the U.S. Holder on the sale or other disposition of its Class A ordinary shares or warrants (which may include gain realized
by reason of transfers of Class A ordinary shares or warrants that would otherwise qualify as nonrecognition transfers for
U.S. federal income tax purposes) and (ii) any "excess distribution" made to the U.S. Holder (generally, any distributions
to such U.S. Holder during a taxable year of the U.S. Holder, other than the taxable year in which the U.S. Holder's holding
period on the Class A ordinary shares begins that are greater than 125% of the average annual distributions received by such U.S.
Holder in respect of the Class A ordinary shares during the three preceding taxable years of such U.S. Holder or, if shorter,
the portion of such U.S. Holder's holding period for the Class A ordinary shares before the current taxable year).
158
Under these rules:
·
the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for
the Class A ordinary shares or warrants;
·
the amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess
distribution, or to the period in the U.S. Holder's holding period before the first day of our first taxable year in which
we are a PFIC, will be taxed as ordinary income;
·
the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will
be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder; and
·
an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder
with respect to the tax attributable to each such other taxable year of the U.S. Holder.
In general, if we are determined to be a PFIC,
a U.S. Holder will avoid the PFIC tax consequences described above in respect of our Class A ordinary shares (but not our
warrants) by making a timely and valid QEF election (if eligible to do so) in the first taxable year in which the U.S. Holder held
(or was deemed to hold) Class A ordinary shares in which we are classified as a PFIC. If a U.S. Holder makes a timely QEF election
with respect to our Class A ordinary shares, each year such U.S. Holder will be required to include in income its pro rata share
of our net capital gains (as long-term capital gain) and other earnings and profits (as ordinary income) for our taxable year that
ends with or within the taxable year of the U.S. Holder, regardless of whether or not we make distributions to such U.S. Holder.
A U.S. Holder generally may make a separate election to defer the payment of taxes on undistributed income inclusions under the
QEF rules, but if deferred, any such taxes will be subject to an interest charge.
It is not entirely clear how the various aspects
of the PFIC rules apply to the warrants. However, a U.S. Holder may not make a QEF election with respect to its warrants to acquire
our Class A ordinary shares. As a result, if a U.S. Holder sells or otherwise disposes of such warrants (other than upon exercise
of such warrants) and we were a PFIC at any time during the U.S. Holder's holding period of such warrants, any gain recognized
generally may be treated as an excess distribution, taxed as described above. If a U.S. Holder that exercises such warrants properly
makes a QEF election with respect to the newly acquired Class A ordinary shares (or has previously made a QEF election with
respect to our Class A ordinary shares), the QEF election will apply to the newly acquired Class A ordinary shares. Notwithstanding
such QEF election, the adverse tax consequences relating to PFIC shares discussed above, adjusted to take into account the current
income inclusions resulting from the QEF election, will continue to apply with respect to such newly acquired Class A ordinary
shares (which generally will be deemed to have a holding period for purposes of the PFIC rules that includes the period the U.S.
Holder held the warrants), unless the U.S. Holder makes a purging election under the PFIC rules. Under one type of purging election,
the U.S. Holder is deemed to have sold such shares at their fair market value and any gain recognized on such deemed sale will
be treated as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will have a new
basis and holding period in the Class A ordinary shares acquired upon the exercise of the warrants for purposes of the PFIC
rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to the warrants.
The QEF election is made on a shareholder-by-shareholder
basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder generally makes a QEF election by attaching
a completed IRS Form 8621 (Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing
Fund), including the information provided in a PFIC Annual Information Statement (discussed below), to a timely filed U.S. federal
income tax return for the tax year to which the election relates. Retroactive QEF elections generally may be made only by filing
a protective statement with such return and if certain other conditions are met or with the consent of the IRS. U.S. Holders should
consult their tax advisors regarding the availability and tax consequences of a retroactive QEF election under their particular
circumstances.
159
In order to comply with the requirements of
a QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from us. If we determine we are a PFIC for any taxable
year we will endeavor to provide, upon written request, to a U.S. Holder such information as the IRS may require, including a PFIC
Annual Information Statement, in order to enable the U.S. Holder to make and maintain a QEF election, but there is no assurance
that we will timely provide such required information. There is also no assurance that we will have timely knowledge of our status
as a PFIC in the future or of the required information to be provided.
If a U.S. Holder has made a QEF election with
respect to our Class A ordinary shares, and the excess distribution rules discussed above do not apply to such shares (because
of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) such shares
or a purge of the PFIC taint pursuant to a purging election, as described above), any gain recognized on the sale of our Class A
ordinary shares generally will be taxable as capital gain and no additional tax or interest charge will be imposed under the PFIC
rules. As discussed above, if we are a PFIC for any taxable year, a U.S. Holder of our Class A ordinary shares that has made
a QEF election will be taxed currently on its pro rata share of our earnings and profits, whether or not distributed for such year.
A subsequent distribution of such earnings and profits that were previously included in income generally should not be taxable
when distributed to such U.S. Holder. The tax basis of a U.S. Holder's Class A ordinary shares will be increased by amounts
that are included in income, and decreased by amounts distributed but not taxed as dividends, under the above rules. Similar basis
adjustments apply to property if, by reason of holding such property, the U.S. Holder is treated under the applicable attribution
rules as owning shares in a QEF. In addition, if we are not a PFIC for any taxable year, such U.S. Holder will not be subject to
the QEF inclusion regime with respect to our Class A ordinary shares for such taxable year.
Alternatively, if we are a PFIC and our Class A
ordinary shares constitute "marketable stock," a U.S. Holder may avoid the adverse PFIC tax consequences discussed
above if such U.S. Holder, at the close of the first taxable year in which it holds (or is deemed to hold) our Class A ordinary
shares, makes a mark-to-market election with respect to such shares for such taxable year. Such U.S. Holder generally will include
for each of its taxable years as ordinary income the excess, if any, of the fair market value of its Class A ordinary shares
at the end of such year over its adjusted basis in its Class A ordinary shares. These amounts of ordinary income would not
be eligible for the favorable tax rates applicable to qualified dividend income or long-term capital gains. The U.S. Holder also
will recognize an ordinary loss in respect of the excess, if any, of its adjusted basis of its Class A ordinary shares over
the fair market value of its Class A ordinary shares at the end of its taxable year (but only to the extent of the net amount
of previously included income as a result of the mark-to-market election). The U.S. Holder's basis in its Class A ordinary
shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized on a sale or other taxable
disposition of its Class A ordinary shares will be treated as ordinary income. Any loss recognized on a sale or other taxable
disposition of the Class A ordinary shares will be treated as ordinary loss to the extent of the net amount of previously included
income as a result of the mark-to-market election and thereafter as capital loss. Currently, a mark-to-market election may not
be made with respect to warrants.
The mark-to-market election is available only
for "marketable stock," generally, stock that is regularly traded on a national securities exchange that is registered
with the Securities and Exchange Commission, including Nasdaq (on which we intend to list the Class A ordinary shares), or
on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate
and sound fair market value. If made, a mark-to-market election would be effective for the taxable year for which the election
was made and for all subsequent taxable years unless the Class A ordinary shares ceased to qualify as "marketable stock"
for purposes of the PFIC rules or the IRS consented to the revocation of the election. U.S. Holders should consult their tax advisors
regarding the availability and tax consequences of a mark-to-market election with respect to our Class A ordinary shares under
their particular circumstances.
If we are a PFIC and, at any time, have a foreign
subsidiary that is classified as a PFIC (a "lower-tier PFIC"), U.S. Holders generally would be deemed to own a portion
of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above
if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC or the U.S. Holders otherwise
were deemed to have disposed of an interest in the lower-tier PFIC. We will endeavor to cause any lower-tier PFIC to provide to
a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the lower-tier PFIC. There
can be no assurance that we will have timely knowledge of the status of any such lower-tier PFIC. In addition, we may not hold
a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to cause the lower-tier PFIC
to provide such required information. U.S. Holders are urged to consult their tax advisors regarding the tax issues raised by lower-tier
PFICs.
160
A U.S. Holder that owns (or is deemed to own)
shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form 8621 (whether or not a QEF or market-to-market
election is made) and such other information as may be required by the U.S. Treasury Department. If a U.S. Holder does not file
the required IRS Form 8621, such person may be subject to substantial penalties, and the statute of limitations on the assessment
and collection of all U.S. federal income taxes of such person for the related tax year may not close before the date which is
three years after the date on which such form is filed.
The rules dealing with PFICs and with the QEF
and mark-to-market elections are very complex and are affected by various factors in addition to those described above. Accordingly,
U.S. Holders of our Class A ordinary shares and warrants should consult their own tax advisors concerning the application
of the PFIC rules to our securities under their particular circumstances.
Tax Reporting
Certain U.S. Holders may be required to file
an IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer of property (including
cash) to us. Substantial penalties may be imposed on a U.S. Holder that fails to comply with this reporting requirement and the
period of limitations on assessment and collection of U.S. federal income taxes generally will be extended in the event of a failure
to comply. Furthermore, certain U.S. Holders who are individuals and certain entities generally will be required to report information
with respect to such U.S. Holder's investment in "specified foreign financial assets" on IRS Form 8938 (Statement
of Specified Foreign Financial Assets), subject to certain exceptions. Interests in the Company (including our Class A ordinary
shares and warrants) constitute specified foreign financial assets for these purposes. Persons who are required to report specified
foreign financial assets and fail to do so may be subject to substantial penalties and the period of limitations on assessment
and collection of U.S. federal income taxes generally will be extended in the event of a failure to comply. Potential investors
are urged to consult their tax advisors regarding the foreign financial asset and other reporting obligations and their application
to an investment in our Class A ordinary shares and warrants.
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 ordinary
shares or warrants (other than a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax
purposes) 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
the disposition of our units, Class A ordinary shares or warrants. If you are such an individual, you should consult your
tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership and sale or other disposition of our
securities.
Dividends (including constructive dividends)
paid or deemed paid to a Non-U.S. Holder in respect of our Class A ordinary shares generally will not be subject to U.S. federal
income tax, unless the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within
the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed
base that such holder maintains in the United States). In addition, a Non-U.S. Holder generally will not be subject to U.S. federal
income tax on any gain attributable to a sale or other taxable disposition of our Class A ordinary shares or warrants unless
such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable
income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States).
161
Dividends (including constructive dividends)
and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and,
if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains
in the United States) generally will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable
to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax purposes, also
may be subject to an additional branch profits tax at a 30% rate or a lower applicable income tax treaty rate.
The characterization for U.S. federal income
tax purposes of the redemption of a Non-U.S. Holder's Class A ordinary shares pursuant to the redemption provisions described
in this prospectus under "Description of Securities  — Ordinary Shares" or if we purchase your Class A ordinary
shares in an open-market transaction generally will correspond to the U.S. federal income tax characterization of such a redemption
of a U.S. Holder's Class A ordinary shares, as described under "— U.S. Holders — Redemption of Class A Ordinary
Shares" above, and the consequences of the redemption or repurchase to the Non-U.S. Holder generally will correspond to those
described in the preceding paragraphs above regarding dividends and gain on the sale or other disposition of our Class A ordinary
shares accordingly.
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, Lapse or Redemption of a Warrant," above, although to the extent a cashless exercise results in a
taxable exchange, the consequences would be similar to those described in the preceding paragraphs above for a Non-U.S. Holder's
gain on the sale or other disposition of our warrants. The U.S. federal income tax treatment of a redemption of warrants for cash
pursuant to the redemption provisions or if we purchase warrants in an open-market transaction, such redemption or purchase will
generally correspond to those described in the preceding paragraphs above regarding gain on the sale or other disposition of our
warrants. A Non-U.S. Holder is urged to consult its tax advisor regarding the tax consequences of an investment in a unit, receipt
of any dividend (including a constructive dividend), and a sale, redemption or other disposition of our Class A ordinary shares
or warrants.
Information Reporting and Backup Withholding
Dividend payments with respect to our Class A
ordinary shares or warrants and proceeds from the sale, exchange or redemption of our Class A ordinary shares or warrants
may be subject to information reporting to the IRS and possible United States backup withholding. Backup withholding will not apply,
however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes other required certifications, or who
is otherwise exempt from backup withholding and establishes such exempt status. Information reporting and backup withholding generally
will not apply to a Non-U.S. Holder who provides certification of its foreign status, under penalties of perjury, on a duly executed
applicable IRS Form W-8 or by otherwise establishing an exemption.
Backup withholding is not an additional tax.
Amounts withheld as backup withholding may be credited against a holder's U.S. federal income tax liability, and a holder
generally may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate
claim for refund with the IRS and furnishing any required information.
THE U.S. FEDERAL INCOME TAX DISCUSSION SET FORTH
ABOVE IS INCLUDED FOR GENERAL INFORMATION ONLY AND MAY NOT BE APPLICABLE DEPENDING UPON A HOLDER'S PARTICULAR SITUATION.
HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE TAX CONSEQUENCES TO THEM OF THE ACQUISITION, OWNERSHIP AND
DISPOSITION OF OUR UNITS, CLASS A ORDINARY SHARES AND WARRANTS, INCLUDING THE TAX CONSEQUENCES UNDER STATE, LOCAL, ESTATE, FOREIGN
AND OTHER TAX LAWS AND TAX TREATIES AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. OR OTHER TAX LAWS.
162
UNDERWRITING (CONFLICT OF INTEREST)
Under the terms and subject to the conditions
contained in 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 those underwriters, the number of units set forth opposite the underwriter's name below:
Underwriter
Number of units
US Tiger Securities, Inc.
EF Hutton, division of Benchmark Investments, LLC
Total
7,500,000
A copy of the underwriting agreement has been
filed as an exhibit to the registration statement of which this prospectus forms a part.
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 the units in this offering if any are purchased, other
than those units covered by the over-allotment option described herein.
Because our chief executive officer, Lei Huang,
is also the chief executive officer of US Tiger, all 50,000 founder shares acquired by Mr. Huang will be 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.
Listing of our Securities
We have applied to have our units listed on the
Nasdaq under the symbol "DECAU." Once the securities comprising the units begin separate trading, we expect that
the Class A ordinary shares and warrants will be listed on the Nasdaq under the symbols "DECA" and "DECAW,"
respectively.
Over-allotment Option
We have granted to the underwriters a 45-day
option to purchase up to 1,125,000 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. 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.
Commissions and Discounts
We have been advised by the underwriters that
they propose to offer the units to the public at the initial offering price set forth on the cover page of this prospectus. After
the initial public offering of the units, the underwriters may change the price and other selling terms. 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. Upon execution
of the underwriting agreement, the underwriters will be obligated to purchase the shares at the prices and upon the terms stated
therein.
163
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. Sales
of any units outside the United States may be made by affiliates of the underwriters.
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.
Paid by us
No Exercise
Full Exercise
Per Unit
(1)
$
0.55
$
0.55
Total
(1)
$
4,125,000
$
4,743,750
(1)
Includes $0.35 per unit, or $2,625,000 in the aggregate (or $3,018,750 in the aggregate if the over-allotment option is exercised
in full), payable to the underwriters for deferred underwriting commissions to be placed in a trust account located in the United
States as described herein.
We estimate that our non-reimbursed out-of-pocket
expenses for this offering will be approximately $1,150,000. We have agreed to pay for the FINRA-related fees of the underwriters'
legal counsel, not to exceed $75,000.
Transfer and Selling Restrictions
We, our sponsor and our officers and directors
have agreed that we will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, without the
prior written consent of the Representatives for a period of 180 days after the date of this prospectus, any units, warrants, ordinary
shares or any other securities convertible into, or exercisable, or exchangeable for, ordinary shares; provided, however, that
we may (1) issue and sell the private placement units; (2) issue and sell the additional units to cover our underwriter's
over-allotment option (if any); (3) register with the SEC pursuant to an agreement to be entered into on or prior to the closing
of this offering, the resale of the private placement units and the ordinary shares underlying the units and the founder shares;
and (4) issue securities in connection with our initial business combination. However, the foregoing shall not apply to the
forfeiture of any founder shares pursuant to their terms or any transfer of founder shares to any current or future independent
director of the company (as long as such current or future independent director is subject to the terms of the letter agreement,
filed herewith, at the time of such transfer; and as long as, to the extent any Section 16 reporting obligation is triggered
as a result of such transfer, any related Section 16 filing includes a practical explanation as to the nature of the transfer).
The Representatives, in their sole discretion, may release any of the securities subject to these lock-up agreements at any time
without notice.
Our sponsor and each member of our management
team have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the
completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing
price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or
other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for
cash, securities or other property (except pursuant to limited exceptions as described under "Principal Shareholders —
Transfers of Founder Shares and Private Placement Units"). Any permitted transferees would be subject to the same restrictions
and other agreements of our sponsor and our directors and executive officers with respect to any founder shares.
The private placement units (including the Class A
ordinary shares underlying the private placement units) will not be transferable, assignable or saleable until 30 days after the
completion of our initial business combination (except pursuant to limited exceptions as described under "Principal Shareholders — Transfers
of Founder Shares and Private Placement Units").
164
Indemnification
We have agreed to indemnify the underwriters
against certain liabilities, including civil liabilities under the Securities Act, or contribute to payments that the underwriters
may be required to make in that respect.
Pricing of Securities
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.
The determination of our per unit offering price
was more arbitrary than would typically be the case if we were an operating company. Among the factors considered in determining
the 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 ordinary shares 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 ordinary shares or warrants will develop and continue after this offering. While these various 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.
Waiver
The underwriters have agreed to waive their
rights to their deferred underwriting commission held in the trust account in the event we do not consummate an initial business
combination within 15 months from the closing of this offering
(or up to 21 months from the
closing of this offering, if we extend the period of time to consummate a business combination, as described in more detail in
this prospectus, or as may be extended by the Shareholder Extension Period, as applicable)
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.
Other Terms
We are not under any contractual obligation
to engage the underwriters to provide any services for us after this offering and have no present intent to do so. However, the
underwriters may, among other things, introduce us to potential target businesses or assist us in raising additional capital in
the future. If the underwriters provide services to us after this offering, we may pay the underwriters 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 underwriters and no fees for such services will be paid to the underwriters prior to the date that is 60 days from the date
of this prospectus, unless such payment would not be deemed underwriters' compensation in connection with this offering.
We may pay the underwriters of this offering or any entity with which they are affiliated, a finder's fee or other compensation
for services rendered to us in connection with the completion of a business combination.
The underwriters and their affiliates have engaged
in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us
or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.
In addition, in the ordinary course of their
business activities, the underwriters and their 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. Such investments and securities activities may involve securities and/or instruments of
ours or our affiliates. The underwriter and its affiliates may also make investment recommendations and/or publish or express independent
research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire,
long and/or short positions in such securities and instruments.
165
Electronic Distribution
A prospectus in electronic format may be made
available on the websites maintained by the underwriters, or selling group members, if any, participating in this offering and
the underwriters participating in this offering may distribute prospectuses electronically. The underwriters may allocate a number
of units for sale to their online brokerage account holders. Internet distributions will be allocated by the underwriters that
will make internet distributions on the same basis as other allocations. Other than the prospectus in electronic format, the information
on the underwriters' websites and any information contained in any other website 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.
Stabilization and Other Transactions
In connection with the offering, the underwriters
may purchase and sell units in the open market. The underwriters pursuant to Regulation M under the Exchange Act, 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 the units at a level above that which might otherwise
prevail in the open market. Establishing short sales positions may involve either "covered" short sales or "naked"
short sales.
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
made in an amount not greater than the underwriters' option to purchase additional units in this offering. The underwriters
may close out any covered short position by either exercising the over-allotment option or purchasing our securities in the open
market or from market participants. In determining the source of units to close out the covered short position, the underwriters
will consider, among other things, the price of units available for purchase in the market as compared to the price at which they
may purchase units through the over-allotment option.
"Naked" short sales are sales in
excess of the option to purchase additional units. The underwriters must close out any naked short position by purchasing units
in the open market. 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 this
offering.
A stabilizing bid is a bid for the purchase
of securities on behalf of the underwriters for the purpose of fixing or maintaining the price of the securities. A syndicate covering
transaction is the bid for or the purchase of securities on behalf of the underwriters to reduce a short position incurred by the
underwriters in connection with the offering. Similar to other purchase transactions, the underwriters' purchases to cover
the syndicate short sales may have the effect of raising or maintaining the market price of our securities or preventing or retarding
a decline in the market price of our securities. As a result, the price of our securities may be higher than the price that might
otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession
otherwise accruing to a syndicate member in connection with the offering if the securities originally sold by such syndicate member
are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.
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 securities. The underwriters are not obligated to engage in these activities and, if commenced, may end any
of these activities at any time. These transactions may be effected on the Nasdaq, in the over-the-counter market or otherwise.
166
The underwriters have advised us that, following
the completion of this offering, they currently intend to make a market in the units as permitted by applicable laws and regulations.
However, the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any
time without notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market
for the units, that you will be able to sell any of the units held by you at a particular time or that the prices that you receive
when you sell will be favorable.
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.
Conflicts of Interest
Our chief executive officer, Lei Huang, is also
the chief executive officer of US Tiger, a representative to the underwriters to this offering. As a result, US Tiger is
deemed to have a "conflict of interest" under FINRA Rule 5121(f)(5). Accordingly, our initial public offering
will be made in compliance with FINRA Rule 5121, 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 EF Hutton 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
EF Hutton against certain liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities
under the Securities Act. EF Hutton will not receive any additional fees 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.
Other 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.
The units are offered
for sale in the United States and other jurisdictions where it is lawful to make such offers.
The underwriters have represented and agreed
that they have not offered, sold or delivered and will not offer, sell or deliver any of the units directly or indirectly, or distribute
this prospectus or any other offering material relating to the units, in or from any jurisdiction except under circumstances that
will result in compliance with the applicable laws and regulations thereof and that will not impose any obligations on us except
as set forth in the underwriting agreement.
167
Canada
This prospectus constitutes an "exempt
offering document" as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been filed
with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the securities.
No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus or on
the merits of the securities and any representation to the contrary is an offence.
Canadian investors are advised that this
prospectus has been prepared in reliance on section 3A.3 of National Instrument 33-105
Underwriting Conflicts
("NI 33-105").
Pursuant to section 3A.3 of NI 33-105, this prospectus is exempt from the requirement that the issuer and the underwriter(s)
provide investors with certain conflicts of interest disclosure pertaining to "connected issuer" and/or "related
issuer" relationships that may exist between the issuer and the underwriter(s) as would otherwise be required pursuant to
subsection 2.1(1) of NI 33-105.
Resale Restrictions
The offer and sale of the securities in Canada
is being made on a private placement basis only and is exempt from the requirement that the issuer prepares and files a prospectus
under applicable Canadian securities laws. Any resale of the securities acquired by a Canadian investor in this offering must be
made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction, and which may
require resales to be made in accordance with Canadian prospectus requirements, pursuant to a statutory exemption from the prospectus
requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus
requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain
circumstances apply to resales of the securities outside of Canada.
Representations of Purchasers
Each Canadian investor who purchases the securities
will be deemed to have represented to the issuer and the underwriter(s) that the investor (i) is purchasing the securities
as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws, for investment
only and not with a view to resale or redistribution; (ii) is an "accredited investor" as such term is defined
in section 1.1 of National Instrument 45-106
Prospectus Exemptions
("NI 45-106") or, in Ontario, as
such term is defined in section 73.3(1) of the
Securities Act
(Ontario); and (iii) is a "permitted client"
as such term is defined in section 1.1 of National Instrument 31-103
Registration Requirements, Exemptions and Ongoing
Registrant Obligations
.
Taxation and Eligibility for Investment
Any discussion of taxation and related matters
contained in this prospectus does not purport to be a comprehensive description of all of the tax considerations that may be relevant
to a Canadian investor when deciding to purchase the securities and, in particular, does not address any Canadian tax considerations.
No representation or warranty is hereby made as to the tax consequences to a resident, or deemed resident, of Canada of an investment
in the securities or with respect to the eligibility of the securities for investment by such investor under relevant Canadian
federal and provincial legislation and regulations.
168
Rights of Action for Damages or Rescission
Securities legislation in certain of the Canadian
jurisdictions provides certain purchasers of securities pursuant to an offering memorandum (such as this prospectus), including
where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission
Rule 45-501
Ontario Prospectus and Registration Exemptions
and in Multilateral Instrument 45-107
Listing Representation
and Statutory Rights of Action Disclosure Exemptions
, as applicable, with a remedy for damages or rescission, or both, in addition
to any other rights they may have at law, where the offering memorandum, or other offering document that constitutes an offering
memorandum, and any amendment thereto, contains a "misrepresentation" as defined under applicable Canadian securities
laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser
within the time limits prescribed under, and are subject to limitations and defenses under, applicable Canadian securities legislation.
In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.
Language of Documents
Upon receipt of this document, each Canadian
investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the
securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English
language only.
Par la réception de ce document, chaque investisseur Canadien confirme par les présentes qu'il
a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à
la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation
d'achat ou tout avis) soient rédigés en anglais seulement.
Australia
This document does not constitute a prospectus,
product disclosure statement or other disclosure document under the Australia's Corporations Act 2001 (Cth) (the "Corporations
Act") of Australia. This document has not been lodged with the Australian Securities & Investments Commission and is
only directed to the categories of exempt persons set out below. Accordingly, if you receive this document in Australia:
You confirm and warrant that you are either:
·
a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;
·
a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an
accountant's certificate to the company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations
Act and related regulations before the offer has been made; or
·
a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act.
To the extent that you are unable to confirm
or warrant that you are an exempt sophisticated investor or professional investor under the Corporations Act any offer made to
you under this document is void and incapable of acceptance.
You warrant and agree that you will not offer
any of the shares issued to you pursuant to this document for resale in Australia within 15 months of those securities being issued
unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations
Act.
European Economic Area
In relation to each member state of the European
Economic Area (each a "Member State"), no securities have been offered or will be offered pursuant to the offer described
herein in that Member State prior to the publication of a prospectus in relation to the securities which has been approved by the
competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent
authority in that Member State, all in accordance with the Prospectus Regulation (defined below), except that the securities may
be offered to the public in that Member State at any time:
(i) to any legal entity which is a
qualified investor as defined under Article 2 of the Prospectus Regulation;
169
(ii) to fewer than 150 natural or
legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining
the prior consent of the underwriters for any such offer; or
(iii) in any other circumstances falling
within Article 1(4) of the Prospectus Regulation, provided that no such offer of securities shall require the issuer 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 person in a Member State who acquires any
securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the
issuer and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.
In the case of any securities being offered
to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary
will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired
by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to
their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale
in a Member State to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to
each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making
of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the
final placement of securities contemplated in this document.
The issuer and the underwriters and their affiliates
will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.
For the purposes of this provision, the expression
an "offer to the public" in relation to any securities in any Member State means the communication in any form and
by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to
decide to purchase, or subscribe for, any securities and the expression "Prospectus Regulation" means Regulation (EU)
2017/1129.
In Member States, this document is being distributed
only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the Prospectus
Regulation ("Qualified Investors"). This document must not be acted on or relied on in any Member State by persons
who are not Qualified Investors. Any investment or investment activity to which this document relates is available in any Member
State only to Qualified Investors and will be engaged in only with such persons.
Hong Kong
No securities have been, may be or will be offered
or sold in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures,
whether as principal or agent; or to "professional investors" as defined in the Securities and Futures Ordinance (Cap.
571) of Hong Kong (the "SFO") and any rules made thereunder; or in other circumstances which do not result in the document
being a "prospectus" as defined in the Companies (Winding UP and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong
Kong (the "C(WUMP)O"), or which do not constitute an offer to the public within the meaning of the C(WUMP)O. No document,
invitation or advertisement relating to the securities has been issued or may be issued or will be issued or may be in the 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 of Hong Kong (except if permitted under the securities laws of Hong Kong)
other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to
"professional investors" as defined in the SFO and any rules made thereunder.
170
This document has not been and will not be registered
with the Registrar of Companies in Hong Kong. Accordingly, this document may not be issued, circulated or distributed in Hong Kong,
and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities
will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers
of the securities described in this document and the relevant offering documents and that he is not acquiring, and has not been
offered any securities in circumstances that contravene any such restrictions.
Japan
The offering has not been and will not be registered
under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948 of Japan, as amended) (the "FIEA"),
and the Initial Purchaser will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of,
any resident of Japan (which term as used herein means, unless otherwise provided herein, any person resident in Japan, including
any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly,
in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance
with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan.
Singapore
This document has not been and will not be lodged
or registered with the Monetary Authority of Singapore. Accordingly, this document and any other document or material in connection
with the offer or sale, or the invitation for subscription or purchase of the securities may not be issued, circulated or distributed,
nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly
or indirectly, to any person 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 as defined under Section 275(2)
of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275
of the SFA and where (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018,
or (iii) otherwise pursuant to, and in accordance with the conditions of any other applicable provision of the SFA.
In
the event that you are not an investor falling within any of the categories set out above, please return this document immediately.
You may not forward or circulate this document to any other person in Singapore.
No offer is made to you with a view to the securities
being subsequently offered for sale to any other party. There are on-sale restrictions that may be applicable to investors who
acquire securities. As such, investors are advised to acquaint themselves with the provisions of the SFA relating to resale restrictions
and comply accordingly.
Where the securities are subscribed or purchased
under Section 275 of the SFA by a relevant person which is:
·
a corporation (which is not an accredited investor as defined under Section 4A of the SFA) the sole business of which
is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited
investor; or
·
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is
an accredited investor, securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the
SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable
within six months after that corporation or that trust has acquired the securities under Section 275 of the SFA except:
·
to an institutional investor under Section 274 of the SFA or to a relevant person defined in Section 275(2) of the
SFA, or to any person pursuant to an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
·
where no consideration is given for the transfer;
·
where the transfer is by operation of law;
·
as specified in Section 276(7) of the SFA; or
171
·
as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based
Derivatives Contracts) Regulations 2018 of Singapore.
Switzerland
The securities may not be publicly offered in
Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility
in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art.
652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the
SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document
nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise
made publicly available in Switzerland.
Neither this document nor any other offering
or marketing material relating to the offering, the issuer or the securities have been or will be filed with or approved by any
Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised
by, the Swiss Financial Market Supervisory Authority FINMA, or FINMA, and the offer of securities has not been and will not be
authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded to acquirers
of interests in collective investment schemes under the CISA does not extend to acquirers of securities.
Israel
This document does not constitute a prospectus
under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities
Authority. In the State of Israel, this document is being distributed only to, and is directed only at, and any offer of the shares
is directed only at, 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 will be 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.
United Kingdom
In relation to the United Kingdom, no securities
have been offered or will be offered pursuant to the offer described herein to the public in the United Kingdom prior to the publication
of a prospectus in relation to the securities which has been approved by the UK Financial Conduct Authority, except that the securities
may be offered to the public in the United Kingdom at any time:
(i) to any legal entity which is a
qualified investor as defined under Article 2 of the UK Prospectus Regulation;
(ii) to fewer than 150 natural or
legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining
the prior consent of the underwriters for any such offer; or
(iii) in any other circumstances falling
within Section 86 of the Financial Services and Markets Act 2000 (as amended) (the "FSMA"),
provided that no such offer of the securities shall require the
issuer or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to
Article 23 of the UK Prospectus Regulation.
172
Each person in the United Kingdom who acquires
any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with
the issuer and the underwriters that it is a qualified investor within the meaning of the UK Prospectus Regulation.
In the case of any securities being offered
to a financial intermediary as that term is used in Article 5(1) of the UK Prospectus Regulation, each such financial intermediary
will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired
by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to
their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale
in the United Kingdom to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained
to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making
of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the
final placement of securities contemplated in this document.
The issuer and the underwriters and their affiliates
will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.
For the purposes of this provision, the expression
an "offer to the public" in relation to the securities in the United Kingdom means the communication in any form and
by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to
decide to purchase or subscribe for any securities and the expression "UK Prospectus Regulation" means Regulation (EU)
2017/1129 as it forms part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018.
In the United Kingdom, this document is being
distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e)
of the UK Prospectus Regulation who are also: (i) persons who fall within the definition of "investment professionals"
in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order");
(ii) persons falling within Article 49(2) of the Order; or (iii) persons to whom it may otherwise lawfully be communicated
(all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on
in the United Kingdom by persons who are not relevant persons. Any investment or investment activity to which this document relates
is available in the United Kingdom only to relevant persons and will be engaged in only with such persons.
Any invitation or inducement to engage in investment
activity (within the meaning of Section 21 of the FSMA) may only be communicated or caused to be communicated in connection
with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA does not apply. All applicable
provisions of the FSMA and the Order must be complied with in respect of anything done by any person in relation to the securities
in, from or otherwise involving the United Kingdom.
173
LEGAL MATTERS
Sidley Austin LLP, New York, New York will pass
upon the validity of the securities offered in this prospectus with respect to units and warrants. Maples and Calder (Hong Kong)
LLP will pass upon the validity of the securities offered in this prospectus with respect to the ordinary shares and matters of
Cayman Islands law. In connection with this offering, Winston & Strawn LLP, Houston, Texas, advised the underwriters in connection
with the offering of the securities.
EXPERTS
The financial statements of Denali Capital Acquisition
Corp. as of February 7, 2022 and for the period from January 5, 2022 (inception) through February 7, 2022, appearing in this prospectus
have been audited by Friedman LLP, 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 Denali Capital Acquisition Corp. 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 the report of such firm given on their authority as experts in accounting and auditing.
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
.
174
DENALI CAPITAL ACQUISITION CORP.
INDEX TO FINANCIAL STATEMENTS
Page
Audited Financial Statements of Denali Capital Acquisition Corp.:
Report of Independent Registered Public Accounting Firm
F-2
Balance Sheet as of February 7, 2022
F-3
Statement of Operations for the period from January 5, 2022 (inception) through February 7, 2022
F-4
Statement of Changes in Shareholder's Equity for the period from January 5, 2022 (inception) through February 7, 2022
F-5
Statement of Cash Flows for the period from January 5, 2022 (inception) through February 7, 2022
F-6
Notes to Financial Statements
F-7
F-
1
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders
of
Denali Capital Acquisition Corp.
Opinion on the Financial Statements
We have audited the accompanying balance sheet
of Denali Capital Acquisition Corp. (the "Company") as of February 7, 2022 and the related statements of operations,
changes in shareholder's equity and cash flows for the period from January 5, 2022 (inception) through February 7, 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 February 7, 2022, and the results of its
operations and its cash flows for the period from January 5, 2022 (inception) through February 7, 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 February 7,
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
February 28, 2022
F-
2
DENALI CAPITAL ACQUISITION CORP.
BALANCE SHEET
FEBRUARY
7, 2022
ASSETS
Deferred offering costs
$
243,677
Total Assets
$
243,677
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities:
Accrued liabilities
$
25,000
Due to related party
200,010
Total Current Liabilities
225,010
Total Liabilities
225,010
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; 200,000,000 shares authorized; none issued and outstanding
—
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 2,156,250 shares issued and outstanding
(1)
216
Additional paid-in capital
24,784
Accumulated deficit
(6,333
)
Total Shareholder's Equity
18,667
T
otal Liabilities and Shareholder's Equity
$
243,677
(1)
Includes an aggregate of up to 281,250 ordinary shares subject to forfeiture if the over-allotment option is not exercised
in full or in part by the underwriters (see Notes 5 and 7).
The accompanying notes are an integral part
of these financial statements.
F-
3
DENALI CAPITAL ACQUISITION CORP.
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM JANUARY 5, 2022 (INCEPTION)
THROUGH
FEBRUARY 7, 2022
Formation and operating costs
$
6,333
Net loss
$
(6,333
)
Weighted average shares outstanding, basic, and diluted
(1)
275,735
Basic and diluted net loss per share
$
(0.02
)
(1)
This number excludes up to 281,250 ordinary shares subject to forfeiture depending on the extent to which the over-allotment
option is exercised by the underwriters (see Notes 5 and 7).
The accompanying notes are an integral part
of these financial statements.
F-
4
DENALI CAPITAL ACQUISITION CORP.
STATEMENT OF CHANGES IN SHAREHOLDER'S
EQUITY
FOR THE PERIOD FROM JANUARY 5, 2022 (INCEPTION)
THROUGH FEBRUARY 7, 2022
Class B Ordinary
Shares
Additional
Paid-in
Accumulated
Total
Shareholder's
Shares
Amount
Capital
Deficit
Equity
Balance as of January 5, 2022 (inception)
—
$
—
$
—
$
—
$
—
Issuance of Class B ordinary shares to Sponsor
(1)
2,156,250
216
24,784
—
25,000
Net loss
—
—
—
(6,333
)
(6,333
)
Balance as of February 7, 2022
2,156,250
$
216
$
24,784
$
(6,333
)
$
18,667
(1)
Includes an aggregate of up to 281,250 ordinary shares subject to forfeiture if the over-allotment option is not exercised
in full or in part by the underwriters (see Notes 5 and 7).
The accompanying notes are an integral part
of these financial statements.
F-
5
DENALI CAPITAL ACQUISITION CORP.
STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM JANUARY 5, 2022 (INCEPTION)
THROUGH
FEBRUARY 7, 2022
Cash flows from operating activities:
Net loss
$
(6,333
)
Formation costs paid by related party
6,333
Net cash used in operating activities
—
Net change in cash
—
Cash at beginning of period
—
Cash at end of period
$
—
Supplemental information for non-cash financing activities:
Deferred offering costs included in due to related party
$
193,677
Deferred offering costs included in due to accrued liabilities
$
25,000
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
$
25,000
The accompanying notes are an integral part
of these financial statements.
F-
6
DENALI CAPITAL ACQUISITION CORP.
FOR THE PERIOD FROM JANUARY 5, 2022 (INCEPTION)
THROUGH
FEBRUARY 7, 2022
Notes
to the financial statements
NOTE 1 — ORGANIZATION AND BUSINESS
OPERATIONS
Denali Capital Acquisition Corp. (the
"Company") was incorporated in the Cayman Islands on January 5, 2022. The Company was formed for the purpose of effecting
a merger, capital stock exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or
more businesses (the "Business Combination").
The Company is not limited to a particular
industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company
and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of February 7, 2022, the Company had not
commenced any operations. All activity for the period from January 5, 2022 (inception) through February 7, 2022 relates to the
Company's formation and the proposed initial public offering ("Proposed Public Offering"), which is described
below. The Company will not generate any operating revenues until after the completion of an initial 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 has selected December 31 as its fiscal year end.
The Company's sponsor is Denali Capital
Global Investments LLC, a Cayman Islands Limited Liability Company (the "Sponsor"). The Company's ability to
commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 7,500,000 units
(the "Units" and, with respect to the ordinary share included in the Units being offered, the "Public Shares")
at $10.00 per Unit (or 8,625,000 Units if the underwriters' over-allotment option is exercised in full), which is discussed
in Note 3, and the sale of 330,000 Units (or 352,500 Units if the underwriters' over-allotment option is exercised on full)
(the "Private Placement Units") at a price of $10.00 per Private Placement Unit in private placements to the Sponsor
that will close simultaneously with the Proposed Public Offering.
The Company's management has broad discretion
with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement
Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.
The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets
with a fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the amount
of deferred underwriting commissions and taxes payable on the income earned on the Trust Account). The Company will only complete
a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting
securities of the target or otherwise acquires a controlling interest in the target business sufficient for it 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 successfully effect a Business Combination.
Upon the closing of the Proposed Public Offering,
management has agreed that $10.00 per Unit sold in the Proposed Public Offering, including proceeds of the sale of the Private
Placement Units, will be held in a trust account (the "Trust Account") and invested in U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any
open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain
conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion
of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company's shareholders, as described
below.
F-
7
The Company will provide the holders of the
outstanding Public Shares (the "Public Shareholders") with the opportunity to redeem all or a portion of their Public
Shares either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender
offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval of a Business
Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their
Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share,
plus any pro rata interest then in the Trust Account, net of taxes payable). The Public 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
the Accounting Standards Codification ("ASC") Topic 480 "
Distinguishing Liabilities from Equity
."
The Company will not redeem Public Shares in
an amount that would cause its net tangible assets to be less than $5,000,001 (so that it does not then become subject to the SEC's
"penny stock" rules) either prior to or upon consummation of an initial business combination. However, a greater net
tangible asset or cash requirement may be contained in the agreement relating to the Business Combination. The Company will have
only 15 months from the closing of the Proposed Public Offering (or up to 21 months from the closing of this offering, if it extends
the period of time to consummate a business combination) to complete the initial Business Combination (the "Combination Period").
If the Company is unable to complete the initial Business Combination within the Combination Period, 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
to pay the Company's franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by
the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as
shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining shareholders
and its board of directors, dissolve and liquidate, subject in each case to the Company's obligations under Cayman Islands
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 Company's warrants, which will expire worthless if the Company fails to complete the Business
Combination within the 15-month time period.
The founder shares are designated as Class B
ordinary shares and, except as described below, are identical to the Class A ordinary shares 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) prior
to the Company's initial Business Combination, only holders of the Company's Class B ordinary shares have the
right to vote on the appointment of directors, including in connection with the completion of the Company's initial Business
Combination and holders of a majority of the Company's Class B ordinary shares may remove a member of the board of directors
for any reason; (ii) the founder shares are subject to certain transfer restrictions, as described in more detail below; (iii) the
Company's initial shareholders have entered into an agreement with us, pursuant to which they have agreed to (A) waive
their redemption rights with respect to their founder shares and Public Shares in connection with the completion of the Company's
initial Business Combination, (B) waive their redemption rights with respect to their founder shares and Public Shares in
connection with a shareholder vote to approve an amendment to the Company's amended and restated memorandum and articles
of association that would affect the substance or timing of the Company's obligation to provide for the redemption of the
Company's Public Shares in connection with an initial Business Combination or to redeem 100% of the Company's Public
Shares if the Company has not consummated an initial Business Combination within 15 months from the closing of this offering
(or up to 21 months from the closing of this offering, if we extend the period of time to
consummate a business combination
) and (C) waive their rights to liquidating distributions from the Trust Account with
respect to their founder shares if the Company fails to complete its initial Business Combination within 15 months from the
closing of this offering
(or up to 21 months from the closing of this offering, if we extend
the period of time to consummate a business combination)
although they will be entitled to liquidating distributions from
the Trust Account with respect to any Public Shares they hold if the Company fails to complete its initial Business Combination
within the prescribed time frame; (iv) the founder shares will automatically convert into Class A ordinary shares concurrently
with or immediately following the consummation of the Company's initial Business Combination, or earlier at the option of
the holder thereof; and (v) the founder shares are entitled to registration rights. If the Company submits its initial Business
Combination to its public shareholders for a vote, our sponsor and each member of our management team have agreed to vote their
founder shares and Public Shares in favor of our initial business combination.
F-
8
The Sponsor has agreed that it will be liable
to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a
prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds
in the Trust Account to below the lesser of (i) $10.00 per Public Share or (ii) the actual 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 or prospective target business who executed a waiver of any and all rights to seek access to the Trust Account
nor will it apply to any claims under the Company's indemnity of the underwriters of the Proposed Public 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 the Company's Sponsor will not be responsible to the extent of any liability
for such third party claims.
Going Concern Consideration
At February 7, 2022, the Company had a working
capital deficit $225,010. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its
financing and acquisition plans. The Company lacks the financial resources it needs to sustain operations for a reasonable period
of time, which is considered to be one year from the date of the issuance of the financial statements. These conditions raise substantial
doubt about the Company's ability to continue as a going concern. Management plans to address this uncertainty through the
Proposed Public Offering as discussed in Note 3. There is no assurance that the Company's plans to raise capital will be
successful. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In
connection with the Company's assessment of going concern considerations in accordance with Accounting Standards Update ("ASU")
2014-15, "
Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern,"
management
has determined that the Company has access to funds from the Sponsor, and the Sponsor has the financial ability to provide such
funds, that are sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Proposed
Public Offering and one year from the date of issuance of these financial statements. On February 3, 2022, the Company and the
Sponsor had entered into a promissory note, from which the Company can draw down up to $400,000 once the Company's bank account
is set up. As of February 7, 2022, the Company has not drawn any amount against the promissory note and hence no balance was outstanding
as of February 7, 2022. The Company plans to draw the remaining fund from the promissory note and use such fund to pay off the
due to related party.
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Presentation
The accompanying financial statements have
been prepared in accordance 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
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
Our Business Startups Act of 2012, as amended (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.
F-
9
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 accounting standards used.
Use of Estimates
The preparation of financial statements in
conformity with US GAAP requires the Company's 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 expenses during the reporting period. 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 did not have any cash equivalents
as of February 7, 2022.
Deferred Offering Costs
Deferred offering costs consist of legal, accounting,
and other costs (including underwriting discounts and commissions) 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.
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 February 7, 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.
The Company determined that the Cayman Islands
is the Company's only major tax jurisdiction.
F-
10
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.
There is currently no taxation imposed on income
by the Government of the Cayman Islands for the period from January 5, 2022 (inception) through February 7, 2022.
Net Loss per Ordinary Share
Net loss per share is computed by dividing
net loss by the weighted average number of Class B ordinary shares outstanding during the period, excluding ordinary shares subject
to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 281,250 Ordinary shares that are subject
to forfeiture if the over-allotment option is not exercised by the underwriters (see Notes 5 and 7). At February 7, 2022, the Company
did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of ordinary
shares 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.
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 820, "
Fair Value Measurement
," approximates
the carrying amounts represented in the balance sheet, primarily due to their short-term nature.
Recent Accounting Pronouncements
Management does not believe that any recently
issued, but not yet 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 7,500,000 Units (or 8,625,000 Units if the underwriters' over-allotment option is exercised
in full). Each unit has an offering price of $10.00 and consists of one share of the Company's Class A ordinary share
and one-half of one redeemable warrant. The Company will not issue fractional shares. As a result, the warrants must be exercised
in multiples of one whole warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company's
Class A ordinary share at a price of $11.50 per share, and only whole warrants are exercisable. The warrants will become exercisable
on the later of 30 days after the completion of the Company's initial Business Combination or 12 months from the closing
of the Proposed Public Offering and will expire five years after the completion of the Company's initial Business Combination
or earlier upon redemption or liquidation.
NOTE 4 — PRIVATE PLACEMENTS
The Sponsor has agreed to purchase an aggregate
of 330,000 Private Placement Units (or 352,500 Private Placement Units if the underwriters' over-allotment is exercised in
full) at a price of $10.00 per Private Placement Unit ($3,330,000 in aggregate, or $3,525,000 if the underwriters' over-allotment
is exercised in full) from the Company in a private placement that will occur simultaneously with the closing of the Proposed Public
Offering. Each Unit will consist of one ordinary share and one-half of a warrant ("Private Warrant"). Each Private
Warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustment. The proceeds
from the sale of the Private Placement Units will be added to the net proceeds from the Proposed Public Offering held in the Trust
Account. If the Company does not complete a Business Combination within 15 months from the closing of this offering (or up to 21
months from the closing of this offering, if we extend the period of time to consummate a business combination, as described in
more detail in this prospectus, or as may be extended by the Shareholder Extension Period, as applicable), the proceeds from the
sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of our Class A ordinary shares
(subject to the requirements of applicable law). The Private Placement Units will not be transferable, assignable, or salable until
30 days after the completion of an Initial Business Combination, subject to certain exceptions.
F-
11
NOTE 5 — RELATED PARTY TRANSACTIONS
Founder shares
On February 3, 2022, the Sponsor acquired 2,156,250
of the Company's Class B ordinary shares (the "founder shares") in exchange for $25,000 paid for deferred offering
costs borne by the Sponsor. The founder shares include an aggregate of up to 281,250 shares subject to forfeiture to the extent
that the underwriters' over-allotment is not exercised in full or in part.
The founder shares are identical to the Class A ordinary shares
included in the units being sold in this offering, except that the founder Class B ordinary shares will automatically convert into
our Class A ordinary shares at the time of our initial business combination.
Our sponsor and our directors and executive
officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion
of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class
A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction
that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other
property. Any permitted transferees would be subject to the same restrictions and other agreements of our sponsor and our directors
and executive officers with respect to any founder shares.
Promissory Note — Related
Party
On February 3, 2022, the
Sponsor has agreed to loan the Company up to $400,000 to be used for a portion of the expenses of the Proposed Public Offering.
As of February 7, 2022, there were no amounts outstanding under the Promissory Note. This loan is non-interest bearing, unsecured
and is due at the earlier of (1) September 30, 2022 or (2) the closing of the Proposed Public Offering. The loan will be repaid
upon the closing of the Proposed Public Offering out of the offering proceeds not held in the Trust Account.
Due to Related Party
The Sponsor paid certain formation, operating
or deferred offering costs on behalf of the Company. These amounts are due on demand and non-interest bearing. During the period
from January 5, 2022 (inception) through February 7, 2022, the related party paid $225,010 of formation, operating costs or deferred
offering costs on behalf of the Company, of which $25,000 was paid in exchange for the issuance of Class B ordinary shares. As
of February 7, 2022, the amount due to the related party was $200,010.
Working Capital Loan
In order to finance transaction costs in connection
with a 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 ("Working Capital Loans"). If the Company
completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released
to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event
that a Business Combination does not complete, the Company may use a portion of proceeds held outside the Trust Account to repay
the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.
F-
12
Except for the foregoing, the terms of such
Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working
Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender's discretion,
up to $1.5 million of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price
of $10.00 per unit. The units would be identical to the Private Placement Units. As of February 7, 2022, no Working Capital Loans
were outstanding.
NOTE 6 — COMMITMENTS AND CONTINGENCIES
Registration Rights
The holders of the founder shares, private
placement shares and private placement warrants, including any of those issued upon conversion of working capital loans (and any
Class A ordinary shares issuable upon the exercise of the private placement warrants that may be issued upon conversion of working
capital loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed
prior to or on the effective date of this offering. 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 after our completion of our initial business combination and rights to require
the company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the costs
and expenses of filing any such registration statements.
Underwriting
Agreement
The Company will grant the underwriters a 45-day
option from the date of Proposed Public Offering to purchase up to 1,125,000 additional Units to cover over-allotments, if any,
at the Proposed Public Offering price less the underwriting discounts and commissions.
The underwriters will be entitled to a cash
underwriting discount of $0.20 per Unit, or $1,500,000 in the aggregate (or $1,725,000 in the aggregate if the underwriters'
over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering. In addition, the underwriters
will be entitled to a deferred fee of $0.35 per Unit, or $2,625,000 in the aggregate (or $3,018,750 in the aggregate if the underwriters'
over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from the amounts held in
the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting
agreement.
Risks and Uncertainties
Management is currently evaluating the impact
of the COVID-19 pandemic 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, close of the Proposed Public Offering, 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.
NOTE 7 — SHAREHOLDER'S EQUITY
Preference Shares
— The
Company is authorized to issue 1,000,000 shares of preference shares with a par value of $0.0001 per share 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
February 7, 2022, there were no shares of preference shares issued or outstanding.
Class A Ordinary Shares
— The
Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of February 7,
2022, there were no Class A ordinary shares issued or outstanding.
F-
13
Class B Ordinary Shares
— The
Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. As of February 7,
2022, there were 2,156,250 Class B ordinary shares issued and outstanding, of which an aggregate of up to 281,250 Class B ordinary
shares are subject to forfeiture to the extent that the underwriters' over-allotment option is not exercised in full or in
part so that the number of founder shares will equal 20% of the Company's issued and outstanding ordinary shares after the
Proposed Public Offering (excluding private placement shares)
Prior to our initial business combination,
only holders of our founder shares will have the right to vote on the appointment of directors and holders of a majority of the
Company's Class B ordinary shares may remove a member of the board of directors for any reason. In addition, 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 our founder shares will have ten votes for every founder share
and holders of our Class A ordinary shares will have one vote for every Class A ordinary share and, as a result, our
initial shareholders will be able to approve any such proposal without the vote of any other shareholder.
The Class B ordinary shares will automatically
convert into Class A ordinary shares on the consummation of the initial Business Combination at a ratio such that the number
of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis,
approximately 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of this offering,
plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination (after giving effect to any redemptions of Class A ordinary shares by public shareholders), excluding any
Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed
issued, or to be issued, to any seller in the initial business combination and any private placement units issued to our sponsor,
its affiliates or any member of our management team upon conversion of working capital loans. Any conversion of Class B ordinary
shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary
shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at
a rate of less than one-to-one.
Warrants
— All Warrants
(Public and Private) will become exercisable at $11.50 per share, subject to adjustment, on later of 30 days after the completion
of the initial Business Combination or 12 months from the closing of this offering; provided in each case that the Company has
an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon
exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their
warrants on a cashless basis under the circumstances specified in the warrant agreement). The warrants will expire at 5:00 p.m.,
New York City time, five years after the completion of the initial business combination or earlier upon redemption or liquidation.
On the exercise of any warrant, the warrant exercise price will be paid directly to the Company   and not placed in
the trust account.
In addition, if (x) we issue additional
Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial
business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or
effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor
or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior
to such issuance) (the "Newly Issued Price"), (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 volume weighted average trading
price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which
we consummate our initial business combination (such price, the "Market Value") is below $9.20 per share, the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price and the $16.50 per share redemption trigger price described adjacent to "Redemption of warrants when the price
per Class A ordinary share equals or exceeds $16.50" will be adjusted (to the nearest cent) to be equal to 165% of the
higher of the Market Value and the Newly Issued Price.
F-
14
The Company is not registering the ordinary
shares issuable upon exercise of the warrants at this time. However, has agreed that as soon as practicable, but in no event later
than 20 business days after the closing of the initial business combination, it will use the commercially reasonable efforts to
file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and we
will use our commercially reasonable efforts to cause the same to become effective within 60 business days following the initial
business combination to have declared effective, a registration statement covering the ordinary shares issuable upon exercise of
the warrants, to maintain a current prospectus relating to those ordinary shares until the warrants expire or are redeemed; provided,
that if the ordinary shares 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, the Company may,
at its 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 elect, it will not be required to file or maintain
in effect a registration statement, but the Company will be required to use its commercially reasonable 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, 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, which we refer to as the 30-day
redemption period; and
●
if, and only if, the last reported sale price of our ordinary shares equals or exceeds $16.50 per
share (as adjusted for share splits, share 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.
The Company will not redeem the warrants unless
a registration statement under the Securities Act covering the ordinary shares issuable upon exercise of the warrants is effective
and a current prospectus relating to those ordinary shares 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 the Company, the Company may exercise its redemption right even if it is unable to
register or qualify the underlying securities for sale under all applicable state securities laws.
If the Company call the warrants for redemption
as described above, its management will have the option to require all holders that wish to exercise warrants to do so on a "cashless
basis." In determining whether to require all holders to exercise their warrants on a "cashless basis," its management
will consider, among other factors, the cash position, the number of warrants that are outstanding and the dilutive effect on the
Company's shareholders of issuing the maximum number of ordinary shares issuable upon the exercise of our warrants. In such
event, each holder would pay the exercise price by surrendering the warrants for that number of ordinary shares equal to the quotient
obtained by dividing (x) the product of the number of ordinary shares underlying the warrants, multiplied by the excess of the
"fair market value" over the exercise price of the warrants by (y) the fair market value. The "fair market value"
shall mean the average volume weighted average last reported sale price of the Class A ordinary shares for the 10 trading days
ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
NOTE 8 — SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date through February 28, 2022
,
the date that the financial statements were available to be issued. Based upon this review, the Company did not identify
any subsequent events that would have required adjustment or disclosure in the financial statements.
F-
15
7,500,000
Units
Denali Capital
Acquisition Corp.
PRELIMINARY PROSPECTUS
,
2022
Joint
Book-Running Managers
Tiger
    Brokers
EF
    Hutton
division of Benchmark Investments, LLC
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 discount and commissions) will be as follows:
Legal fees and expenses
$
300,000
Accounting fees and expenses
$
50,000
SEC/FINRA Expenses
$
21,434
Nasdaq listing and filing fees
$
50,000
Director and Officer liability insurance premiums
$
500,000
Printing and engraving expenses
$
35,000
Miscellaneous
$
193,566
Total offering expenses (excluding underwriting commissions)
$
1,150,000
Item 14. Indemnification of Directors and Officers.
Cayman Islands law does not limit the extent
to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except
to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against willful default, willful neglect, civil fraud or the consequences of committing a crime. Our amended and restated memorandum
and articles of association will provide for indemnification of our officers and directors to the maximum extent permitted by law,
including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful
neglect. We will enter into agreements with our directors and officers to provide contractual indemnification in addition to the
indemnification provided for in our amended and restated memorandum and articles of association. We expect to 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.
Our officers and directors have agreed to waive
any right, title, interest or claim of any kind in or to any monies in the trust account, and have agreed to waive any right, title,
interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will
not seek recourse against the trust account for any reason whatsoever (except to the extent they are entitled to funds from the
trust account due to their ownership of public shares). Accordingly, any indemnification provided will only be able to be satisfied
by us if (i) we have sufficient funds outside of the trust account or (ii) we consummate an initial business combination.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions,
we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.
Item 15. Recent Sales of Unregistered Securities.
On February 3, 2022, our sponsor entered into
a securities subscription agreement with us, pursuant to which our sponsor agreed to purchase an aggregate of 2,156,250 Class B
ordinary shares for an aggregate purchase price of $25,000 or approximately $0.012 per share. Such securities were issued in connection
with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. The
Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following
the consummation of our initial business combination on a one-for-one basis, subject to adjustment, as described in this prospectus.
If we increase or decrease the size of this offering, we will effect a share capitalization or a share repurchase or redemption
or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares prior to the consummation of this
offering in such amount as to maintain the number of founder shares at approximately 20% of the total number of Class A ordinary
shares (not including private placement shares) and Class B ordinary shares issued and outstanding at such time (assuming
the underwriters exercise their option to purchase additional units in full).
II-
1
Our sponsor is an accredited investor for purposes
of Rule 501 of Regulation D. Each of the equity holders in our sponsor is an accredited investor under Rule 501
of Regulation D. The sole business of our sponsor is to act as the company's sponsor in connection with this offering.
Our sponsor has committed, pursuant to a written
agreement, to purchase an aggregate of 330,000 private placement units (or 352,500 private placement units if the underwriters
exercise their option in full), at a price of $10.00 per unit, in a private placement that will close simultaneously with the closing
of this offering. This issuance will be made 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)
The Exhibit Index is incorporated herein by reference.
Item 17. Undertakings.
(i)
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements,
certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each
purchaser.
(ii)
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 Securities
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.
(iii)
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.
II-
2
3.
For the purpose of determining liability under the Securities Act of 1933 of any purchaser, if the registrant is subject to
Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering,
other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall
be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in
a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that
was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.
4.
For the purpose of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of an undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;
(ii)
any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by an undersigned registrant;
(iii)
the portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv)
any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
II-
3
EXHIBIT INDEX
Exhibit No.
Description
1.1
Form of Underwriting Agreement.*
3.1
Memorandum and Articles of Association.
3.2
Form of Amended and Restated Memorandum and Articles of Association.*
4.1
Specimen Unit Certificate.*
4.2
Specimen Class A Ordinary Share Certificate.*
4.3
Specimen Warrant Certificate.
4.4
Form of Warrant Agreement between VStock Transfer, LLC and the Registrant.
5.1
Opinion of Sidley Austin LLP.*
5.2
Opinion of Maples and Calder (Hong Kong) LLP, Cayman Islands Legal Counsel to the Registrant.*
10.1
Form of Investment Management Trust Agreement between Wilmington Trust, National Association and the
    Registrant.*
10.2
Form of Registration and Shareholder Rights Agreement among the Registrant, the Sponsor and the Holders signatory thereto.*
10.3
Form of Private Placement Units Purchase Agreement between the Registrant and the Sponsor.
10.4
Form of Indemnity Agreement.*
10.5
Form of Administrative Services Agreement between the Registrant and the Sponsor.*
10.6
Promissory Note, dated as of February 3, 2022, between the Registrant and the Sponsor.
10.7
Securities Subscription Agreement, dated February 3, 2022, between the Registrant and the Sponsor.
10.8
Form of Letter Agreement between the Registrant, the Sponsor and each director and executive officer of the Registrant.*
23.1
Consent of Friedman LLP.
23.2
Consent of Sidley Austin LLP (included on Exhibit 5.1).*
23.3
Consent of Maples and Calder (Hong Kong) LLP (included on Exhibit 5.2).*
24.1
Power of Attorney (included on signature page to the initial filing of this Registration Statement).*
99.1
Consent of Jim Mao
99.2
Consent of Kevin D. Vassily
107
Calculation of Filing Fee Table
*
To be filed by amendment.
II-
4
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of New York, New York, on the 28th day of  February, 2022.
DENALI CAPITAL ACQUISITION CORP.
By:
/s/ Lei Huang
Name: Lei Huang
Title: Chief Executive Officer
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/ Lei Huang
Chief Executive Officer (Principal Executive
February 28, 2022
Lei Huang
Officer)
/s/ You ("Patrick") Sun
Chief Financial Officer (Principal Accounting
February 28, 2022
You ("Patrick") Sun
Officer and Principal Financial Officer)
II-
5