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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"> <B>As filed on
April 28, 2020 with the U.S. Securities and Exchange Commission.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&nbsp;</FONT></B> </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #231f20"><B>Registration No.&nbsp;333-</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>FORM&nbsp;S-1<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 14pt"><B>NOVUS
CAPITAL CORPORATION<BR>
</B></FONT><I>(Exact name of registrant as specified in its charter)</I></P>

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    <TD STYLE="width: 32%; border-bottom: black 1pt solid; padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>6770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>84-5042965</B></FONT></TD></TR>
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    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>(State or other jurisdiction&nbsp;of <BR>
incorporation or organization)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>(Primary Standard Industrial <BR>
Classification Code Number)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>(I.R.S. Employer <BR>
Identification Number)</I></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8556
Oakmont Lane<BR>
Indianapolis,&nbsp;IN 46260</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>(317) 590 6959</B> <B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20"><I>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Robert
J. Laikin<BR>
8556 Oakmont Lane</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
</FONT>Indianapolis,&nbsp;IN 46260</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>(317) 590 6959</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><I>(Name, address, including
zip code, and telephone number, including area code, of agent for service)</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Copies to:</B></P>

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    <TD STYLE="text-align: center; width: 49%; padding-bottom: 2.25pt; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Robert
                                         J. Mittman,&nbsp;Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brad L. Shiffman,&nbsp;Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Blank Rome LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1271 Avenue of the Americas</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10021</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 885-5000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 885-5001 &ndash; Facsimile</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RMittman@blankrome.com</B></P>

<P STYLE="margin: 0"><B>BShiffman@blankrome.com</B></P>
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    <TD STYLE="text-align: center; white-space: nowrap; width: 2%; padding-bottom: 2.25pt; vertical-align: top"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; width: 49%; padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>David
    Alan Miller,&nbsp;Esq.</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
    Jeffrey M. Gallant,&nbsp;Esq.<BR>
    Graubard Miller<BR>
    The Chrysler Building<BR>
    405 Lexington Avenue<BR>
    New York, New York 10174<BR>
    (212) 818-8800<BR>
    (212) 818-8881 &ndash; Facsimile</FONT></B><P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><B>DMiller@graubard.com</B></P>

<P STYLE="margin: 0"><B>JGallant@graubard.com</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act of 1933 check the following box.&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities
Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering.&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Large accelerated filer</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Wingdings 2; font-size: 10pt; color: #231f20"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Accelerated filer</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: justify"><FONT STYLE="font-family: Wingdings 2; font-size: 10pt; color: #231f20"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Non-accelerated filer</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings 2; font-size: 10pt; color: #231f20"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Smaller reporting company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings 2; font-size: 10pt; color: #231f20"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Emerging growth company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings 2; font-size: 10pt; color: #231f20"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities
Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; border-bottom: Black 1pt solid">Title of each Class&nbsp;of Security being<BR>
registered</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">Amount <BR> being <BR> Registered</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>Proposed <BR> Maximum <BR> Offering Price<BR> Per Security<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>Proposed <BR>
    Maximum <BR> Aggregate <BR> Offering<BR>
 Price<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">Amount of <BR> Registration <BR> Fee</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 41%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Units, each consisting of one share of common stock, $.0001 par value, and one-half of one Warrant<SUP>(2)</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 18%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">11,500,000 Units</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">115,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">14,927.00</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: right"><SUP>&nbsp;</SUP></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Shares of common stock included as part of the Units<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">11,500,000 Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&mdash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><SUP>(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Redeemable Warrants included as part of the Units<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; padding-bottom: 1pt">5,750,000 Warrants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&mdash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">115,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">14,927.00</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><SUP>&nbsp;</SUP></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration fee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Includes 1,500,000 Units, consisting of 1,500,000 shares of common stock and 750,000 Redeemable
Warrants underlying such Units, which may be issued on exercise of a 45-day option granted to the underwriter.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Pursuant to Rule&nbsp;416, there are also being registered an indeterminable number of additional
securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">No fee pursuant to Rule&nbsp;457(g).</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #d2232a">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 prospectus is not an offer to sell these securities and is not soliciting
an offer to buy these securities in any state or jurisdiction where the offer or sale is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="color: #D2232A"><B>SUBJECT
TO COMPLETION, DATED April 28, 2020</B></FONT> </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #d2232a"><B>PRELIMINARY PROSPECTUS</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>$100,000,000</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>Novus
Capital Corporation</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>10,000,000
Units</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Novus Capital Corporation is a blank check
company formed for the purpose of entering into a merger, share <FONT STYLE="color: #231f20">exchange</FONT>, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities,
which we refer to as a &ldquo;target business.&rdquo; Our efforts to identify a prospective target business will not be limited
to a particular industry or geographic region. We do not have any specific business combination under consideration and we have
not (nor has anyone on our behalf), directly or indirectly, contacted any prospective target business or had any substantive discussions,
formal or otherwise, with respect to such a transaction. If we are unable to consummate an initial business combination within
24 months from the closing of this offering, we will redeem 100% of the public shares for a pro rata portion of the trust account,
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, divided by the number of then outstanding public shares, subject to applicable law and as further
described herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">This
is an initial </FONT>public <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">offering of our securities.
Each unit that we are offering has a price of $10.00 and consists of one share of common stock and one-half of one warrant. Each
whole warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share. Each whole warrant will
become exercisable on the later of 30 days after the completion of an initial business combination or 12 months from the closing
of this offering and will expire on the fifth anniversary of our completion of an initial business combination, or earlier upon
redemption or liquidation. We have granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units to
cover over-allotments, if any.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our initial stockholders and EarlyBirdCapital,&nbsp;Inc.,
the representative of the underwriters in this offering, have committed that they and/or their designees will purchase from us
an aggregate of 3,250,000 warrants, or &ldquo;private warrants,&rdquo; at $1.00 per private warrant (for a total purchase price
of $3,250,000). The private warrants are identical to the warrants sold in this offering except as otherwise described in this
prospectus. These purchases will take place on a private placement basis simultaneously with the consummation of this offering.
All&nbsp;of the proceeds we receive from these purchases will be placed in the trust account described below. Our initial stockholders
and EarlyBirdCapital have also agreed that if the over-allotment option is exercised by the underwriters, they and/or their designees
will purchase from us at a price of&thinsp; $1.00 per private warrant an additional number of private warrants (up to a maximum
of 300,000 private warrants)&nbsp;<I>pro&nbsp;rata</I>&nbsp;with the amount of the over-allotment option exercised, so that at
least $10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment option is
exercised in full or part. These additional private warrants will be purchased in a private placement that will occur simultaneously
with the purchase of&nbsp;units resulting from the exercise of the over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #231F20">There is presently
no public market for our units, shares of common stock or warrants. We intend to apply to have our units listed on the Nasdaq Capital
Market, or Nasdaq, under the symbol &ldquo;NOVSU&rdquo; on or promptly after the date of this prospectus. The common stock and
warrants comprising the units will begin separate trading on the 90<SUP>th</SUP> day following the date of this prospectus unless
EarlyBirdCapital informs us of its decision to </FONT>allow <FONT STYLE="color: #231F20">earlier separate trading, subject to our
filing a Current Report on Form&nbsp;8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds
of this offering and issuing a press release announcing when such separate trading will begin; provided that no fractional warrants
will be issued upon separation of the units and only whole warrants will trade. We cannot guarantee that our securities will be
approved for listing. Once the securities comprising the units begin separate trading, the common stock and warrants will be traded
on the Nasdaq under the symbols &ldquo;NOVS&rdquo; and &ldquo;NOVSW&rdquo;, respectively.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We are an &ldquo;emerging
growth company&rdquo; as defined in the Jumpstart Our Business Startups Act and will therefore be subject to reduced public company
reporting requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in our securities involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;<FONT STYLE="font-size: 10pt">16
</FONT>of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.</B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>Neither the Securities
and Exchange Commission 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.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">Per Unit</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; color: #231f20">Public offering price</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">100,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Underwriting discounts and commissions<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Proceeds, before expenses, to us</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">98,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><I>The underwriters have received and will receive compensation in addition to the underwriting discount, including 150,000 shares of common stock, which we refer to herein as the &ldquo;representative shares.&rdquo; See &ldquo;Underwriting&rdquo; for further information relating to the underwriting compensation we will pay in this offering.</I></FONT></TD></TR>
</TABLE>


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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Upon consummation of the
offering, an aggregate of $100,000,000 (or $115,000,000 if the over-allotment option is exercised in full) or $10.00&nbsp;per unit
sold to the public in this offering will be deposited into a U.S.-based trust account maintained by Continental Stock Transfer&nbsp;&amp;
Trust Company, acting as trustee. Except as described in this prospectus, these funds will not be released to us until the earlier
of the completion of a business combination and our redemption of our public shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The underwriters are offering
the units on a firm commitment basis. The underwriters expect to deliver the units to purchasers on or about&nbsp;<B>[&bull;]</B>,&nbsp;2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><I>Sole Book-Running Manager</I></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>EarlyBirdCapital,&nbsp;Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>[&bull;]</B></FONT>,
2020</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>You should rely only
on the information contained in this prospectus. We have not, and the underwriters have not, authorized anyone to provide you with
different information. We are not, and the underwriters are not, making an offer of these securities in any jurisdiction where
the offer is not permitted.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>NOVUS CAPITAL CORPORATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_001"><FONT STYLE="text-transform: uppercase">prospectus
    summary</FONT></A></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_001">2</A></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_002">SUMMARY FINANCIAL DATA</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_002">14</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#b_001">RISK FACTORS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_001">16</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#c1">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c1">35</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c2">USE OF PROCEEDS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c2">36</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#BalanceSheet">DIVIDEND POLICY</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#BalanceSheet">38</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c4">DILUTION</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c4">39</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c5">CAPITALIZATION</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c5">41</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_001">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_001">42</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_002">PROPOSED BUSINESS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_002">46</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#H_010">MANAGEMENT</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#H_010">63</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#f_001">PRINCIPAL STOCKHOLDERS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#f_001">69</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#f_002">CERTAIN TRANSACTIONS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#f_002">71</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#f_003">DESCRIPTION OF SECURITIES</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#f_003">73</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#f_004">SHARES ELIGIBLE FOR FUTURE SALE</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#f_004">79</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#f_005">MATERIAL U.S. FEDERAL TAX CONSIDERATIONS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#f_005">81</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#H_008">UNDERWRITING</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#H_008">88</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#j_002">LEGAL MATTERS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#j_002">97</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#j_003">EXPERTS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#j_003">97</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#j_004">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#j_004">98</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#H_007">INDEX TO FINANCIAL STATEMENTS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#H_007">F-1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_001"></A>prospectus
summary</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><I>This summary only highlights
the more detailed information appearing elsewhere in this prospectus. As this is a summary, it does not contain all of the information
that you should consider in making an investment decision. You should read this entire prospectus carefully, including the information
under &ldquo;Risk Factors&rdquo; and our financial statements and the related notes included elsewhere in this prospectus, before
investing. References in this prospectus to &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our company&rdquo; refer to Novus Capital
Corporation. References in this prospectus to our &ldquo;public shares&rdquo; are to shares of our common stock sold as part of
the units in this offering (whether they are purchased in this offering or thereafter in the open market) and references to &ldquo;public
stockholders&rdquo; refer to the holders of our public shares, including our initial stockholders (as defined below), officers
and directors to the extent they purchase public shares, provided that their status as &ldquo;public stockholders&rdquo; shall
only exist with respect to such public shares. References in this prospectus to our &ldquo;management&rdquo; or our &ldquo;management
team&rdquo; refer to our officers and directors, references to our &ldquo;initial stockholders&rdquo; are to our stockholders prior
to this offering (excluding EarlyBirdCapital). The term &ldquo;equity-linked securities&rdquo; refers to any debt or equity securities
issued in a transaction, including but not limited to a private placement of equity or debt, that are convertible, exercisable
or exchangeable for shares of common stock. Unless we tell you otherwise, the information in this prospectus assumes that the underwriters
will not exercise their over-allotment option.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We are a blank check company
formed under the laws of the State of Delaware on March&nbsp;5, 2020. We were formed for the purpose of entering into a merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with
one or more businesses or entities, which we refer to as a &ldquo;target business.&rdquo; We may pursue a business combination
opportunity in any business or industry we choose. To date, our efforts have been limited to organizational activities as well
as activities related to this offering. None of our officers, directors, promoters and other affiliates has engaged in any substantive
discussions on our behalf with representatives of other companies regarding the possibility of a potential business combination
with us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will seek to capitalize on the significant
experience and contacts of our management team to complete our initial business combination. We believe our management team&rsquo;s
distinctive background and experience in both the public and private markets could have a significant impact on our ability to
consummate an initial business combination. Although we may pursue an initial business combination with a target business in any
industry or geographic location, we currently intend to focus on opportunities in the smart technology innovations market. Specifically,
we intend to target companies that are at the forefront of high technology and are enabling the future evolution of 5G communication,
virtual reality, artificial intelligence, cloud computing, machine learning, hardware and software distribution and value-added
customized logistics services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management team has significant hands-on
experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data
assets and intellectual property that already exist within most high-tech companies. Additionally, our management team has operated
and invested in leading global technology companies across their corporate life cycles, and developed deep relationships with key
large multi-national organizations and investors. We believe that these relationships and our officers&rsquo; and directors&rsquo;
know-how present a significant opportunity to help drive strategic dialogue, access new customer relationships and improve operating
results following the completion of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, the past performance of the members of our management team is not a guarantee that we will be able to identify a
suitable candidate for our initial business combination or of success with respect to any business combination we may consummate.
You should not rely on the historical record of the performance of our management or any of its affiliates&rsquo; performance as
indicative of our future performance. </FONT><FONT STYLE="color: #231f20">Additionally, in the course of their respective careers,
members of our management team have been involved in businesses and deals that were unsuccessful. Our officers and directors have
no experience with special purpose acquisition companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Effecting a Business
Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We will either (1)&nbsp;seek
stockholder approval of our initial business combination at a meeting called for such purpose at which stockholders may seek to
convert their shares, regardless of whether they vote for or against the proposed business combination or don&rsquo;t vote at all,
into their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable), or (2)&nbsp;provide
our stockholders with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need for a stockholder
vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable),
in each case subject to the limitations described herein. The decision as to whether we will seek stockholder approval of our proposed
business combination or allow stockholders 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 stockholder approval. If we decide to allow stockholders to sell their shares to us in a tender offer,
we will file tender offer documents with the SEC which will contain substantially the same financial and other information about
the initial business combination as is required under the SEC&rsquo;s proxy rules. We will consummate our initial business combination
only if we have net tangible assets of at least $5,000,001 immediately prior to or upon consummation of such business combination
and, if we seek stockholder approval, a majority of the outstanding shares of common stock voted are voted in favor of the business
combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We will have up to 24 months
from the closing of this offering to consummate an initial business combination. If we are unable to consummate an initial business
combination within such time period, we will redeem 100% of our outstanding public shares for a pro rata portion of the funds held
in the trust account, 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, divided by the number of then outstanding public shares, subject to
applicable law and as further described herein, and then seek to dissolve and liquidate. We expect the pro rata redemption price
to be approximately $10.00 per share of common stock (regardless of whether or not the underwriters exercise their over-allotment
option), without taking into account any interest earned on such funds. However, we cannot assure you that we will in fact be able
to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Nasdaq rules&nbsp;require
that our initial business combination must occur with one or more target businesses that together have a fair market value of at
least 80% of the assets held in the trust account (less any taxes payable on the interest earned on the trust account) at the time
of the agreement to enter into the initial business combination. The fair market value of the target or targets will be determined
by our board of directors based upon one or more standards generally accepted by the financial community (such as actual and potential
sales, earnings, cash flow and/or book value). Although our board of directors will rely on generally accepted standards, our board
of directors will have discretion to select the standards employed. In addition, the application of the standards generally involves
a substantial degree of judgment. Accordingly, investors will be relying on the business judgment of the board of directors in
evaluating the fair market value of the target or targets. The proxy solicitation materials or tender offer documents used by us
in connection with any proposed transaction will provide public stockholders with our analysis of the fair market value of the
target business, as well as the basis for our determinations. If our board is not able independently to 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. Notwithstanding the foregoing,
if we are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value
test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We currently anticipate
structuring a business combination to acquire 100% of the equity interests or assets of the target business or businesses. We may,
however, structure our initial business combination where we merge directly with the target business or a newly formed subsidiary
or where we acquire 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 sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940,
as amended, or the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities
of the target, our stockholders prior to the business combination may collectively own a minority interest in the post-transaction
company, depending on valuations ascribed to the target and us in the business combination transaction. For example, we could pursue
a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding capital stock of a target.
In this case, we could acquire a 100% controlling interest in the target; however, as a result of the issuance of a substantial
number of new shares, our stockholders immediately prior to our initial business combination could own less than a majority of
our outstanding shares subsequent to 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 valued for purposes of the 80% fair market value test.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Members of our management
team will directly or indirectly own shares of our common stock, or other instruments, such as warrants, linked to our common stock,
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. Further, each of our officers and directors
may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of
any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business
combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our officers and directors
have agreed to present to us all target business opportunities that have a fair market value of at least 80% of the assets held
in the trust account, subject to any fiduciary or contractual obligations they have as of the date of this prospectus. As more
fully discussed in &ldquo;<I>Management &mdash; Conflicts of Interest</I>,&rdquo; if any of our officers or directors becomes aware
of an initial business combination opportunity that might be attractive to any entity to which he has fiduciary or contractual
obligations, he may be required to present such initial business combination opportunity to such entity prior to presenting such
initial business combination opportunity to us. For more information on the relevant fiduciary duties or contractual obligations
of our management team, see the section titled &ldquo;<I>Management &mdash; Conflicts of Interest</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>JOBS Act</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We are an emerging growth
company as defined in the Jumpstart Our Business Startups Act of 2012 (which we refer to herein as the JOBS Act) and will remain
such for up to five years. However, if our annual gross revenue is $1.07&nbsp;billion or more, if our non-convertible debt issued
within a three year period exceeds $1billion or the market value of our shares of common stock that are held by non-affiliates
exceeds $700 million on the last day of the second fiscal quarter of any given fiscal year, we would cease to be an emerging growth
company as of the following fiscal year. As an emerging growth company, we have elected, under Section&nbsp;107(b)&nbsp;of the
JOBS Act, to take advantage of the extended transition period provided in Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act of
1933, as amended, or the Securities Act, for complying with new or revised accounting standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Private Placement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Subsequent to March 16, 2020, we
issued an aggregate of 2,875,000 shares of our common stock, which we refer to throughout this prospectus as the &ldquo;founders&rsquo;
shares,&rdquo; for an aggregate purchase price of $25,000, or approximately $0.01 per share, to our initial stockholders. The founders&rsquo;
shares held by our initial stockholders includes an aggregate of up to 375,000 shares subject to forfeiture to the extent that
the underwriters&rsquo; over-allotment option is not exercised in full or in part, so that our initial stockholders will continue
to own 20.0% of our issued and outstanding shares after this offering (not including the representative shares described below
and assuming the initial stockholders do not purchase units in this offering).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In March&nbsp;2020, we
also issued to designees of EarlyBirdCapital an aggregate of 150,000 shares of common stock, which we refer to throughout this
prospectus as the &ldquo;representative shares,&rdquo; at a price of $0.0001 per share. The representative shares are deemed to
be underwriters&rsquo; compensation by FINRA pursuant to Rule&nbsp;5110 of the FINRA Manual.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In addition, our initial
stockholders and EarlyBirdCapital have agreed that they and/or their designees will purchase from us an aggregate of 3,250,000
private warrants (2,750,000 private warrants by our initial stockholders and/or their designees and 500,000 private warrants by
EarlyBirdCapital and/or its designees) at a price of $1.00 per warrant, for an aggregate purchase price of $3.25 million in a private
placement that will occur simultaneously with the closing of this offering. They have also agreed that if the over-allotment option
is exercised by the underwriters in full or in part, they and/or their designees will purchase from us an additional number of
private warrants (up to a maximum of 300,000 private warrants at $1.00 per private warrant, of which up to 253,846 private warrants
will be purchased by our initial stockholders and/or their designees and up to 46,154 private warrants will be purchased by EarlyBirdCapital
and/or its designees) in order to maintain in the trust account $10.00 per unit sold to the public in this offering. These additional
private warrants will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from
the exercise of the over-allotment option. The proceeds from the private placement of the private warrants will be added to the
proceeds of this offering and placed in a U.S.-based trust account maintained by Continental Stock Transfer&nbsp;&amp; Trust Company,
as trustee. If we do not complete an initial business combination within 24 months from the closing of this offering, the proceeds
from the sale of the private warrants will be included in the liquidating distribution to our public stockholders and the private
warrants will be worthless.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"> Our executive offices
are located at 8556 Oakmont Lane,&nbsp;Indianapolis,&nbsp;IN 46260 and our telephone number is (317) 590 6959. </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.625in; padding-bottom: 2.25pt; text-align: left"><B>The Offering</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.625in; padding-bottom: 2.25pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Securities offered</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 61%; padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">10,000,000 units, at $10.00 per unit, each unit consisting of one share of common stock and one-half of one warrant, each whole warrant to purchase one share of common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Listing of our securities and proposed symbols</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">We anticipate that the units, and the shares of common stock and warrants
once they begin separate trading, will be listed on the Nasdaq under the symbols &ldquo;NOVSU&rdquo;, &ldquo;NOVS&rdquo; and &ldquo;NOVSW&rdquo;,
respectively.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Trading commencement and separation of common stock and warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">The units will begin trading on or promptly after the date of this prospectus. The common stock and warrants comprising the units will begin separate trading on the 90<SUP>th</SUP> day following the date of this prospectus unless EarlyBirdCapital informs us of its 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 and filed a Current Report on Form&nbsp;8-K announcing when such separate trading will begin.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Once the shares of common stock and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants issuable to you upon separation of the units will be rounded down to the nearest whole number of warrants.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">In no event will the common stock and warrants be traded separately until we have filed a Current Report on Form&nbsp;8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form&nbsp;8-K promptly after the closing of this offering, which is anticipated to take place three business days from the date of this prospectus. If the underwriters&rsquo; over-allotment option is exercised following the initial filing of such Current Report on Form&nbsp;8-K, a second or amended Current Report on Form&nbsp;8-K will be filed to provide updated financial information to reflect the exercise of the underwriters&rsquo; over-allotment option. We will also include the Form&nbsp;8-K, or amendment thereto, or in a subsequent Form&nbsp;8-K, information indicating if EarlyBirdCapital,&nbsp;Inc. has allowed separate trading of the common stock and warrants prior to the 90<SUP>th</SUP> day after the date of this prospectus.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Units:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Number outstanding before this offering</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">0 units</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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<P STYLE="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="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt; width: 38%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify; width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Number outstanding after this offering and private placement</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">10,000,000 units</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Shares of common stock:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Number outstanding before this offering</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">3,025,000 shares<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Number to be outstanding after this offering and private placement</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">12,650,000 shares<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Warrants:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Number outstanding before this offering</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">0 warrants</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 20pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Number to be sold in private placement</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">3,250,000 warrants</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 20pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 20.2pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Number to be outstanding after this offering and private placement</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">8,250,000 warrants</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 20.2pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Exercisability</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Each whole warrant is exercisable for one share of common stock 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 an initial business combination and 12 months from the date of this prospectus. The warrants will expire at 5:00 p.m., New York City time, on the fifth anniversary of our completion of an initial business combination, or earlier upon redemption.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">We structured each unit to contain one-half of one warrant, with each whole warrant exercisable for one share of common stock, 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 an initial business combination, thus making us, we believe, a more attractive initial business combination partner for target businesses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">$11.50 per share, subject to adjustment as described herein. In addition, if (x)&nbsp;we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founders&rsquo; shares held by them prior to such issuance), (y)&nbsp;the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z)&nbsp;the volume weighted average trading price of our common stock 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 greater of (i)&nbsp;the Market Value or (ii)&nbsp;the price at which we issue the additional shares of common stock or equity-linked securities.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP><FONT STYLE="color: #231f20">Represents 2,875,000
founders&rsquo; shares and 150,000 representative shares. The 2,875,000 founders&rsquo; shares includes an aggregate of up to
375,000 founders&rsquo; shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters
in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #231f20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP><FONT STYLE="color: #231f20">Assumes the over-allotment
option has not been exercised and an aggregate of 375,000 founders&rsquo; shares have been forfeited.</FONT></P>



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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt; width: 38%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify; width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">No warrants will be exercisable for cash unless we have an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section&nbsp;3(a)(9)&nbsp;of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Redemption</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">We may redeem the outstanding warrants (excluding the private warrants and any additional warrants issued to our initial stockholders, officers or directors in payment of working capital loans made to us) in whole and not in part, at a price of $0.01 per warrant at any time after the warrants become exercisable, upon a minimum of 30 days&rsquo; prior written notice of redemption, if, and only if, the last sales price of our shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20&nbsp;trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending three business days before we send the notice of redemption; and if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">If the foregoing conditions are satisfied and we issue a notice of redemption, each warrant holder can exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the shares of common stock may fall below the $18.00 trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">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 such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of common stock 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 reported last sale price of the shares of common stock for the five 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.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; width: 38%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify; width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Securities purchased, or being purchased, by insiders in connection with this offering</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our initial stockholders
        have purchased an aggregate of 2,875,000 founders&rsquo; shares for an aggregate purchase price of $25,000. The 2,875,000 founders&rsquo;
        shares held by our initial stockholders includes an aggregate of up to 375,000 shares of common stock subject to forfeiture to
        the extent that the over-allotment option is not exercised by the underwriters in full or in part. Our initial stockholders will
        be required to forfeit only a number of shares of common stock necessary to continue to maintain the 20.0% ownership interest in
        our shares of common stock after giving effect to the offering and exercise, if any, of the underwriters&rsquo; over-allotment
        option (excluding the representative shares and any shares included in units purchased in this offering). The founders&rsquo; shares
        are identical to the shares of common stock included in the units being sold in this offering. However, our initial stockholders
        and officers and directors have agreed (A)&nbsp;to vote any shares owned by them in favor of any proposed business combination,
        (B)&nbsp;not to convert any shares in connection with a stockholder vote to approve a proposed initial business combination or
        sell any shares to us in a tender offer in connection with a proposed initial business combination and (C)&nbsp;that the founders&rsquo;
        shares will not participate in any liquidating distributions from our trust account upon winding up if a business combination is
        not consummated.</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Simultaneously with the consummation of this offering, our initial stockholders and EarlyBirdCapital have committed that they and/or their designees will purchase an aggregate of 3,250,000 private warrants at $1.00 per private warrant for a total purchase price of $3,250,000 pursuant to subscription agreements with us. They have also agreed that if the over-allotment option is exercised by the underwriters in full or in part, they will purchase from us, on a pro rata basis, an additional number of private warrants (up to a maximum of 300,000 private warrants at a price of $1.00 per private warrants) in an amount necessary to maintain in the trust account $10.00 per unit sold to the public in this offering. These additional private warrants will be purchased in a private placement that will occur simultaneously with the purchase of warrants resulting from the exercise of the over-allotment option. The amounts to be paid upon consummation of the private placement will be placed in escrow with our counsel prior to the consummation of this offering. The private warrants are identical to the warrants sold in this offering except that the private warrants: (i)&nbsp;will not be redeemable by us and (ii)&nbsp;may be exercised for cash or on a cashless basis, as described in this prospectus, in each case so long as they are held by the initial purchasers or any of their permitted transferees. If the private warrants are held by holders other than the initial purchasers or any of their permitted transferees, the private warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Restrictions on transfer of founders&rsquo; shares and private warrantss</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">On the date of this prospectus, the founders&rsquo; shares will be placed into an escrow account maintained in New York, New York by Continental Stock Transfer&nbsp;&amp; Trust Company, acting as escrow agent. Subject to certain limited exceptions, these shares will not be transferred, assigned, sold or released from escrow (i)&nbsp;with respect to 50% of such shares, for a period ending on the earlier of the one-year anniversary of the date of the consummation of our initial business combination and the date on which the closing price of our common stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20&nbsp;trading days within a 30-trading day period following the consummation of our initial business combination and (ii)&nbsp;with respect to the remaining 50% of such shares, for a period ending on the one-year anniversary of the date of the consummation of our initial business combination, or earlier if, subsequent to our initial business combination, we consummate a liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property. The limited exceptions include transfers, assignments or sales (i)&nbsp;to our or our initial stockholders, officers, directors, consultants or their affiliates, (ii)&nbsp;to an entity&rsquo;s members upon its liquidation, (iii)&nbsp;to relatives and trusts for estate planning purposes, (iv)&nbsp;by virtue of the laws of descent and distribution upon death, (v)&nbsp;pursuant to a qualified domestic relations order, (vi)&nbsp;to us for no value for cancellation in connection with the consummation of our initial business combination, or (vii)&nbsp;in connection with the consummation of a business combination at prices no greater than the price at which the shares were originally purchased, in each </FONT>case <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">(except for clause (vi)&nbsp;or with our prior consent) where the transferee agrees to the terms of the escrow agreement and to be bound by these transfer restrictions.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">The purchasers of the private warrants have also agreed not to transfer, assign or sell any of the private warrants (except in connection with the same limited exceptions that the founders&rsquo; shares may be transferred as described above), until after the completion of our initial business combination.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Representative shares</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">In March&nbsp;2020, we issued to designees of EarlyBirdCapital the 150,000 representative shares. The holders of the representative shares have agreed not to transfer, assign or sell any such shares without our prior consent until the completion of our initial business combination. In addition, the holders of the representative shares have agreed (i)&nbsp;to waive their </FONT>conversion <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of our initial business combination and (ii)&nbsp;to waive their rights to liquidating distributions from the trust account with respect to such shares if we fail to complete our initial business combination within 24 months from the closing of this offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Offering proceeds to be held in trust</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">An aggregate of $10.00 per unit sold to the public in this offering (regardless of whether or not the over-allotment option is exercised) will be placed in a U.S.-based trust account maintained by Continental Stock Transfer&nbsp;&amp; Trust Company, acting as trustee pursuant to an agreement to be signed on the date of this prospectus. Except as set forth below, the proceeds held in the trust account will not be released until the earlier of the completion of an initial business combination and our redemption of 100% of the outstanding public shares if we have not completed a business combination in the required time period. Therefore, except as set forth below, unless and until an initial business combination is consummated, the proceeds held in the trust account will not be available for our use for any expenses related to this offering or expenses which we may incur related to the investigation and selection of a target business and the negotiation of an agreement to acquire a target business.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> Notwithstanding the
                                    foregoing, there can be released to us from the trust account any interest earned on the funds
                                    in the trust account that we need to pay our income or other tax obligations.&nbsp;With this exception, expenses incurred by us may
be paid prior to a business combination only from the net proceeds of this offering not held in the trust account (initially estimated
to be $650,000).
                                    Additionally, in order to meet our working capital needs following the consummation of this
                                    offering if the funds available to us are insufficient, our initial stockholders, officers,
                                    directors, initial stockholders or their affiliates may, but are not obligated to, loan us
                                    funds, from time to time or at any time, in whatever amount they deem reasonable in their
                                    sole discretion. Each loan would be evidenced by a promissory note. The notes would either
                                    be paid upon consummation of our initial business combination, without interest, or, at the
                                    holder&rsquo;s discretion, up to $1,500,000 of the notes may be converted into warrants at
                                    a price of $1.00 per warrant. These warrants would be identical to the private warrants. 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 other
                                    proceeds from our trust account would be used for such repayment. </P>


</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 61%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">None of the warrants may be exercised until the later of 30 days after the consummation of a business combination or 12 months from the closing of this offering and, thus, after the proceeds of the trust account have been disbursed. Accordingly, the warrant exercise price will be paid directly to us and not placed in the trust account.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Limited payments to insiders</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">There will be
no fees, reimbursements or other cash payments paid to our officers, directors, initial stockholders or their affiliates for any
services they render prior to, or in order to effectuate the consummation of, an initial business combination (regardless of the
type of transaction that it is) other than the following payments, none of which will be made from the proceeds of this offering
held in the trust account prior to the completion of our initial business combination:</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.85pt; text-align: justify; text-indent: -10.1pt; color: #231f20">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 33.85pt; text-align: justify; text-indent: -10.1pt"><P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.25in; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify; color: #231f20">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repayment
        at the closing of this offering of an aggregate of $150,000 of non-interest-bearing loans made by Robert J. Laikin, our Chairman;
        and</P>
                                                                                                         <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                                         <P STYLE="text-indent: -0.25in; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement of out-of-pocket expenses incurred by them in connection with certain activities on our behalf, such as identifying and investigating possible target businesses and business combinations.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">There is no limit on the amount of out-of-pocket expenses reimbursable by us. Our audit committee will review and approve all reimbursements and </FONT>payments <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">made to our officers, directors, initial stockholders or our or their respective affiliates, with any interested director abstaining from such review and approval.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Stockholder approval of, or tender offer in connection with, initial business combination</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In connection with any
        proposed initial business combination, we will either (1)&nbsp;seek stockholder approval of such initial business combination at
        a meeting called for such purpose at which stockholders may seek to convert their shares, regardless of whether they vote for or
        against the proposed business combination or don&rsquo;t vote at all, into their pro rata share of the aggregate amount then on
        deposit in the trust account (net of taxes payable), or (2)&nbsp;provide our stockholders with the opportunity to sell their shares
        to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share
        of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations described
        herein. If we determine to engage in a tender offer, such tender offer will be structured so that each stockholder may tender all
        of his, her or its shares rather than some pro rata portion of his, her or its shares. The decision as to whether we will seek
        stockholder approval of a proposed business combination or will allow stockholders 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 stockholder approval. If we determine to allow stockholders
        to sell their shares to us in a tender offer, we will file tender offer documents with the SEC which will contain substantially
        the same financial and other information about the initial business combination as is required under the SEC&rsquo;s proxy rules.
        We will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 immediately prior
        to or upon consummation of such business combination and, if we seek stockholder approval, a majority of the outstanding shares
        of common stock voted are voted in favor of the business combination.</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 61%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">We chose our net tangible asset threshold of $5,000,001 to ensure that we would avoid being subject to Rule&nbsp;419 promulgated under the Securities Act. However, if we seek to consummate an initial business combination with a target business that imposes any type of working capital closing condition or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial business </FONT>combination<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">, we may need to have more than $5,000,001 in net tangible assets upon consummation and this may force us to seek third party financing which may not be available on terms acceptable to us or at all. As a result, we may not be able to consummate such initial business combination and we may not be able to locate another suitable target within the applicable time period, if at all.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Our initial stockholders and officers and directors and their affiliates have agreed (i)&nbsp;to vote any shares owned by them in favor of any proposed business combination, (ii)&nbsp;not to convert any shares in connection with a stockholder vote to approve a proposed initial business </FONT>combination <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">and (iii)&nbsp;not to sell any shares to us in a tender offer in connection with any proposed business combination.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">None of our initial stockholders, officers, directors or their affiliates has indicated any intention to purchase units in this offering or any units or shares of common stock from persons in the open market or in private transactions. However, if we hold a meeting to approve a proposed business combination and a significant number of stockholders vote, or indicate an intention to vote, against a proposed business combination, our initial stockholders, officers, directors or their affiliates could make such purchases in the open market or in private transactions in order to influence any vote held to approve a proposed initial business combination. Notwithstanding the foregoing, our officers, directors, initial stockholders and their affiliates will not make purchases of shares of common </FONT>stock <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">if the purchases would violate Section&nbsp;9(a)(2)&nbsp;or Rule&nbsp;10b-5 of the Exchange Act, which are rules&nbsp;designed to prevent potential manipulation of a company&rsquo;s stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Conversion rights</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">In connection with any stockholder meeting called to approve a proposed initial business combination, each public stockholder will have the right, regardless of whether he is voting for or against such proposed business combination or does not vote at all, to demand that we convert his shares into a pro rata share of the trust account.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">We may require public stockholders, whether they are a record holder or hold their shares in &ldquo;street name,&rdquo; to either (i)&nbsp;physically tender their certificates to our transfer agent or (ii)&nbsp;deliver their shares to the transfer agent electronically using Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s option, in each case prior to a date set forth in the tender offer documents or proxy materials </FONT>sent <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">in connection with the proposal to approve the business combination. There is a nominal cost associated with this 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 nominal amount and it would be up to the broker whether or not to pass this cost on to the converting holder.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10.1pt; text-indent: -10.1pt; width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Liquidation if no business <BR>
combination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: justify; width: 61%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><BR>
If we are unable to complete an initial business combination by 24&nbsp;months from the closing of this offering, 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 outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest not previously released to us (net of taxes payable), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii)&nbsp;and (iii)&nbsp;above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. We cannot assure you that we will have funds sufficient to pay or provide for all creditors&rsquo; claims. Although we are </FONT>required <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">to have all third parties (including any vendors or other entities we engage after this offering) and any prospective target businesses enter into agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account, there is no guarantee that they will execute such agreements. There is also no guarantee that the third parties would not challenge the enforceability of these waivers and bring claims against the trust account for monies owed them. Vincent Donargo, our Chief Financial Officer, has agreed that he will be liable to ensure that the proceeds in the trust account are not reduced below $10.00 per share by the claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us. The agreement entered into by Mr.&nbsp;Donargo specifically provides for two exceptions to the indemnity he has given: he will have no liability (1)&nbsp;as to any claimed amounts owed to a target business or vendor or other entity who has executed an agreement with us waiving any right, title, interest or claim of any kind they may have in or to any monies held in the trust account, or (2)&nbsp;as to any claims for indemnification by the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Marcum LLP, our independent registered public accounting firm, and the underwriters of the offering, will not execute agreements with us waiving such claims to the monies held in the trust account. We have not asked Mr.&nbsp;Donargo to reserve for such indemnification obligations, nor have we independently verified whether he has sufficient funds to satisfy his indemnity obligations.&nbsp;&nbsp;Therefore, we cannot assure you that Mr.&nbsp;Donargo will be able to satisfy his indemnification obligations if he is required to do so.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 61%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">The holders of the founders&rsquo; shares and representative shares </FONT>will <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">not participate in any redemption distribution from our trust account with respect to such shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">If we are unable to consummate an initial business combination and we expend all of the net proceeds of this offering not deposited in the trust account, we expect that the initial per-share redemption price will be approximately $10.00 (which is equal to the anticipated aggregate amount then on deposit in the trust account excluding interest earned on the funds held in the trust account). The proceeds deposited in the trust account could, however, become subject to claims of our creditors that are in preference to the claims of our stockholders. In addition, if we are forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our stockholders. Therefore, we cannot assure you </FONT>that <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">the actual per-share redemption price will not be less than approximately $10.00.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">We will pay the costs of any subsequent liquidation from our remaining </FONT>assets <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">outside of the trust account. If such funds are insufficient, Mr.&nbsp;Laikin has contractually agreed to advance us the funds necessary to complete such liquidation (currently anticipated to be no more than approximately $15,000) and has contractually agreed not to seek repayment for such expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our initial stockholders, officers and directors have agreed that they will not propose any amendment to our amended and restated certificate of incorporation that would affect our public stockholders&rsquo; ability to convert or sell their shares to us in connection with a business combination as described herein or affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination within 24 months from the closing of this offering unless we provide our public stockholders with the opportunity to convert their shares of common stock upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest not previously released to us but net of franchise and income taxes payable, divided by the number of then outstanding public shares. This redemption right shall apply in the event of the approval of any such amendment, whether proposed by our initial stockholders, executive officers, directors or any other person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In making your decision on whether
to invest in our securities, you should take into account the special risks we face as a blank check company, as well as the fact
that this offering is not being conducted in compliance with Rule&nbsp;419 promulgated under the Securities Act, and, therefore,
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;<I>Proposed Business
 &mdash; Comparison to offerings of blank check companies subject to Rule&nbsp;419</I>.&rdquo; You should carefully consider these
and the other risks set forth in the section entitled &ldquo;<I>Risk Factors</I>&rdquo; beginning on page&nbsp;16 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
this prospectus.</FONT> </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, and accordingly only balance sheet data is presented.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B>March&nbsp;16, 2020</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Actual</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B>As Adjusted</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20"><B>Balance Sheet Data:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 72%"><FONT STYLE="font-size: 10pt; color: #231F20">Working capital (deficiency)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">100,650,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">Total assets<SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,525</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">100,650,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">Total liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,525</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">Value of common stock subject to possible conversion/tender<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">95,674,990</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">Stockholders&rsquo; equity<SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #231F20">5,000,010</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: #231F20">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">The &ldquo;as
adjusted&rdquo; calculation includes $100,000,000 cash held in trust from the proceeds of this offering and the sale of the private
warrants, plus $650,000 of cash held outside the trust account.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: #231F20">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">The &ldquo;as
adjusted&rdquo; calculation equals the &ldquo;as adjusted&rdquo; total assets, less the &ldquo;as adjusted&rdquo; total liabilities,
less the &ldquo;as adjusted&rdquo; stockholders&rsquo; equity, which is set to approximate the minimum net tangible assets threshold
of at least $5,000,001.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: #231F20">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">Excludes 9,567,499 shares of common stock which
                                                                                                                                     are subject to conversion in connection with our initial business combination. The actual number of shares that may be
                                                                                                                                     converted may exceed this amount provided that we have net tangible assets of at least $5,000,001 immediately prior to or
                                                                                                                                     upon consummation of the business combination. 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 shares of common stock that may be
                                                                                                                                     converted in connection with our initial business combination ($10.00 per share).</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The</FONT>
<FONT STYLE="color: #231f20">&ldquo;as adjusted&rdquo; information gives effect to the sale of the units we are offering and the
sale of the private warrants, including the payment of the estimated costs of the offering from such sales and the repayment of
the accrued and other liabilities required to be repaid.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">The
 &ldquo;as adjusted&rdquo; working capital and total assets amounts include the $100,000,000 to be held in the trust account, which,
except for limited situations described in this prospectus, will be available to us only upon the consummation of a business combination
within the time period described in this prospectus. If a business </FONT>combination <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">is
not so consummated, the trust account, less amounts we are permitted to withdraw from interest earned on the funds in the trust
account as described in this prospectus, will be distributed solely to our public stockholders (subject to our obligations under
Delaware law to provide for claims of creditors).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">We
will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 immediately prior to
or upon consummation of such business combination and, solely if we seek stockholder </FONT>approval<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">,
a majority of the outstanding shares of common stock voted are voted in favor of the business combination.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_001"></A><FONT STYLE="text-transform: uppercase"><B>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><I>An investment in our
securities involves a high degree of risk. You should consider carefully the risks described below, which we believe represent
the material risks related to the offering, together with the other information contained in this prospectus, before making a decision
to invest in our units. This prospectus also contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including
the risks described below.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Risks Associated with
Our Business</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are a newly formed company with
no operating history and, accordingly, you will not have any basis on which to evaluate our ability to achieve our business objective.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">We
are a newly formed company with no operating results to date. Therefore, our ability to commence operations is dependent upon obtaining
financing through the public offering of our securities. Since we do not have an operating history, you will have no basis upon
which to evaluate our ability to achieve our business objective, which is to </FONT>acquire <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">an
operating business. We have not conducted any substantive discussions and we have no plans, arrangements or understandings with
any prospective acquisition candidates. We will not generate any revenues until, at the earliest, after the consummation of a business
combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B><I>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;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">As of March&nbsp;16, 2020,
we had $1,525 in cash and no working capital. Further, we have incurred and expect to continue to incur significant costs in pursuit
of our finance and acquisition plans. Management&rsquo;s plans to address this need for capital through this offering are discussed
in the section of this prospectus titled <I>&ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations.&rdquo;</I> We cannot assure you that our plans to raise capital or to consummate an initial business combination
will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The
financial statements contained elsewhere in this prospectus do not include any adjustments that might result from our inability
to consummate this offering or our inability to continue as a going concern.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to consummate a
business combination, our public stockholders may be forced to wait more than 24 months before receiving distributions from the
trust account.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We have 24 months from
the closing of this offering in which to complete a business combination. We have no obligation to return funds to investors prior
to such date unless we consummate a business combination prior thereto and only then in cases where investors have sought to convert
or sell their shares to us. Only after the expiration of this full time period will public security holders be entitled to distributions
from the trust account if we are unable to complete a business combination. Accordingly, investors&rsquo; funds may be unavailable
to them until after such date and to liquidate your investment, public security holders may be forced to sell their public shares
or warrants, potentially at a loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our public stockholders may not be
afforded an opportunity to vote on our proposed business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We will either (1)&nbsp;seek
stockholder approval of our initial business combination at a meeting called for such purpose at which public stockholders may
seek to convert their shares, regardless of whether they vote for or against the proposed business combination or don&rsquo;t vote
at all, into their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable), or (2)&nbsp;provide
our public stockholders with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need
for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account
(net of taxes payable), in each case subject to the limitations described elsewhere in this prospectus. Accordingly, it is possible
that we will consummate our initial business combination even if holders of a majority of our public shares do not approve of the
business combination we consummate. The decision as to whether we will seek stockholder approval of a proposed business combination
or will allow stockholders 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 stockholder approval. For instance, the Nasdaq rules&nbsp;currently allow us to engage in a tender offer in
lieu of a stockholder meeting but would still require us to obtain stockholder approval if we were seeking to issue more than 20%
of our outstanding shares to a target business as consideration in any business combination. Therefore, if we were structuring
a business combination that required us to issue more than 20% of our outstanding shares, we would seek stockholder approval of
such business combination instead of conducting a tender offer.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Since the net proceeds
of this offering are intended to be used to complete a business combination with a target business that has not been identified,
we may be deemed to be a &ldquo;blank check&rdquo; company under the United States securities laws. However, since we will have
net tangible assets in excess of $5,000,000 upon the successful consummation of this offering and will file a Current Report on
Form&nbsp;8-K, including an audited balance sheet demonstrating this fact, we are exempt from rules&nbsp;promulgated by the SEC
to protect investors of blank check companies such as Rule&nbsp;419. Accordingly, investors will not be afforded the benefits or
protections of those rules&nbsp;which would, for example, completely restrict the transferability of our securities, require us
to complete a business combination within 18 months of the effective date of the initial registration statement and restrict the
use of interest earned on the funds held in the trust account. Because we are not subject to Rule&nbsp;419, our units will be immediately
tradable, we will be entitled to withdraw amounts from the funds held in the trust account prior to the completion of a business
combination and we will have a longer period of time to complete such a business combination than we would if we were subject to
such rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we determine to change our acquisition
criteria or guidelines, many of the disclosures contained in this prospectus would not be applicable and you would be investing
in our company without any basis on which to evaluate the potential target business we may acquire.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We could seek to deviate
from the acquisition criteria or guidelines disclosed in this prospectus although we have no current intention to do so. Accordingly,
investors may be making an investment in our company without any basis on which to evaluate the potential target business we may
acquire. Regardless of whether or not we deviate from the acquisition criteria or guidelines in connection with any proposed business
combination, investors will always be given the opportunity to convert their shares or sell them to us in a tender offer in connection
with any proposed business combination as described in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may issue shares of our capital
stock or debt securities to complete a business combination, which would reduce the equity interest of our stockholders and likely
cause a change in control of our ownership.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">As of the date of this
prospectus, our amended and restated certificate of incorporation will authorize the issuance of up to 30,000,000 shares of common
stock, par value $.0001 per share, and 1,000,000 shares of preferred stock, par value $.0001 per share. Immediately after this
offering and the purchase of the private warrants (assuming no exercise of the underwriters&rsquo; over-allotment option), there
will be 9,100,000 authorized but unissued shares of common stock available for issuance (after appropriate reservation for the
issuance of the shares underlying the public and private warrants). Although we have no commitment as of the date of this offering,
we may issue a substantial number of additional shares of common stock or shares of preferred stock, or a combination of common
stock and preferred stock, to complete a business combination. The issuance of additional shares of common stock will not reduce
the per-share conversion amount in the trust account. The issuance of additional shares of common stock or preferred stock:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">may significantly reduce the equity interest of investors in this offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">may subordinate the rights of holders of shares of common stock if we issue shares of preferred
stock with rights senior to those afforded to our shares of common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may </FONT>cause <FONT STYLE="font-family: Times New Roman, Times, Serif">a
change in control if a substantial number of shares of common stock are issued, which may affect, among other things, our ability
to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and
directors; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may adversely affect prevailing market prices for our shares of common stock.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Similarly, if we issue
debt securities, it could result in:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">default and foreclosure on our assets if our operating revenues after a business combination are
insufficient to repay our debt obligations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">acceleration of our obligations to repay the indebtedness even if we make all principal and interest
payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a
waiver or renegotiation of that covenant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our inability to obtain necessary additional financing if the debt security contains covenants
restricting our ability to obtain such financing while the debt security is outstanding.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If we incur indebtedness,
our lenders will not have a claim on the cash in the trust account and such indebtedness will not decrease the per-share conversion
amount in the trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the net proceeds of this offering
not being held in trust are insufficient to allow us to operate for at least the next 24 months, we may be unable to complete a
business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"> Of the net proceeds
of this offering, only approximately $650,000 will be available to us initially outside the trust account to fund our working
capital requirements. We believe that, upon closing of this offering, such funds will be sufficient to allow us to operate for
at least the next 24 months; however, we cannot assure you that our estimate is accurate. Accordingly, if we use all of the funds
held outside of the trust account, we may not have sufficient funds available with which to structure, negotiate or close an initial
business combination. In such event, we would need to borrow funds from initial stockholders, officers or directors or their affiliates
to operate or may be forced to liquidate. Our initial stockholders, officers, directors and their affiliates may, but are not
obligated to, loan us funds, from time to time or at any time, in whatever amount that they deem reasonable in their sole discretion
for our working capital needs. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation
of our initial business combination, without interest, or, at holder&rsquo;s discretion, up to $1,500,000 of the notes may be
converted into warrants at a price of $1.00 per warrant. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If third parties bring claims against
us, the proceeds held in trust could be reduced and the per-share redemption price received by stockholders may be less than $10.00.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our placing of funds in
trust may not protect those funds from third party claims against us. Although we will seek to have all vendors and service providers
we engage and prospective target businesses we negotiate with 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 stockholders, they may not execute
such agreements. Furthermore, even if such entities execute such agreements with us, they may seek recourse against the trust account.
A court may not uphold the validity of such agreements. Accordingly, the proceeds held in trust could be subject to claims which
could take priority over those of our public stockholders. If we are unable to complete a business combination and distribute the
proceeds held in trust to our public stockholders, Vincent Donargo, our Chief Financial Officer, has agreed (subject to certain
exceptions described elsewhere in this prospectus) that he will be liable to ensure that the proceeds in the trust account are
not reduced below $10.00&nbsp;per share by the claims of target businesses or claims of vendors or other entities that are owed
money by us for services rendered or contracted for or products sold to us. However, we have not asked Mr.&nbsp;Donargo to reserve
for such indemnification obligations, nor have we independently verified whether Mr.&nbsp;Donargo has sufficient funds to satisfy
its indemnity obligations. Therefore, we cannot assure you that Mr.&nbsp;Donargo will be able to satisfy his indemnification obligations
if he is required to do so. As a result, the per-share distribution from the trust account may be less than $10.00, plus interest,
due to such claims.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Additionally, if we are
forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held
in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to
the claims of third parties with priority over the claims of our stockholders. To the extent any bankruptcy claims deplete the
trust account, we may not be able to return to our public stockholders at least $10.00.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our amended and restated
certificate of incorporation provides that we will continue in existence only until 24 months from the closing of this offering.
If we have not completed a business combination by such date, 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 outstanding
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
any interest not previously released to us but net of franchise and income taxes payable, divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right
to receive further liquidation distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible
following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate,
subject (in the case of (ii)&nbsp;and (iii)&nbsp;above) to our obligations under Delaware law to provide for claims of creditors
and the requirements of other applicable law. We cannot assure you that we will properly assess all claims that may be potentially
brought against us. As such, our stockholders could potentially be liable for any claims to the extent of distributions received
by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of the date of distribution.
Accordingly, we cannot assure you that third parties will not seek to recover from our stockholders amounts owed to them by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If we are forced to file
a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, any distributions received by stockholders
could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent
conveyance.&rdquo; As a result, a bankruptcy court could seek to recover all amounts received by our stockholders. Furthermore,
because we intend to distribute the proceeds held in the trust account to our public stockholders promptly after expiration of
the time we have to complete an initial business combination, this may be viewed or interpreted as giving preference to our public
stockholders over any potential creditors with respect to access to or distributions from our assets. Furthermore, our board may
be viewed as having breached their fiduciary duties 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 stockholders from the trust account prior to addressing the claims
of creditors. We cannot assure you that claims will not be brought against us for these reasons.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In the event that the proceeds
in the trust account are reduced below $10.00 per public share and Mr.&nbsp;Donargo asserts that he is unable to satisfy his obligations
or that he has no indemnification obligations related to a particular claim, our independent directors would determine whether
to take legal action against Mr.&nbsp;Donargo to enforce such indemnification obligations. It is possible that our independent
directors in exercising their business judgment 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 stockholders may be reduced below $10.00&nbsp;per share.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we do not file and maintain a
current and effective prospectus relating to the common stock issuable upon exercise of the warrants, holders will only be able
to exercise such warrants on a &ldquo;cashless basis.&rdquo;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If we do not file and maintain
a current and effective prospectus relating to the common stock issuable upon exercise of the warrants at the time that holders
wish to exercise such warrants, they will only be able to exercise them on a &ldquo;cashless basis&rdquo; provided that an exemption
from registration is available. As a result, the number of shares of common stock that holders will receive upon exercise of the
warrants will be fewer than it would have been had such holder exercised his warrant for cash. Further, if an exemption from registration
is not available, holders would not be able to exercise on a cashless basis and would only be able to exercise their warrants for
cash if a current and effective prospectus relating to the common stock issuable upon exercise of the warrants is available. Under
the terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions and to file and maintain a
current and effective prospectus relating to the common stock issuable upon exercise of the warrants until the expiration of the
warrants. However, we cannot assure you that we will be able to do so. If we are unable to do so, the potential &ldquo;upside&rdquo;
of the holder&rsquo;s investment in our company may be reduced or the warrants may expire worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An investor will only be able to
exercise a warrant if the issuance of shares of common stock upon such exercise has been registered or qualified or is deemed exempt
under the securities laws of the state of residence of the holder of the warrants.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">No warrants will be exercisable
and we will not be obligated to issue shares of common stock unless the shares of common stock issuable upon such exercise has
been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the warrants.
If the shares of common stock issuable upon exercise of the warrants are not qualified or exempt from qualification in the jurisdictions
in which the holders of the warrants reside, the warrants may be deprived of any value, the market for the warrants may be limited
and they may expire worthless if they cannot be sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The private warrants may be exercised
at a time when the public warrants may not be exercised.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Once the private warrants
become exercisable, such warrants may immediately be exercised on a cashless basis, at the holder&rsquo;s option, so long as they
are held by the initial purchasers or their permitted transferees. The public warrants, however, will only be exercisable on a
cashless basis at the option of the holders if we fail to register the shares issuable upon exercise of the warrants under the
Securities Act within 90 days following the closing of our initial business combination. Accordingly, it is possible that the holders
of the private warrants could exercise such warrants at a time when the holders of public warrants could not.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may amend the terms of the warrants
in a manner that may be adverse to holders with the approval by the holders of at least a majority of the then outstanding warrants.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our warrants will be issued
in registered form under a warrant agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, as warrant agent, and
us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any
ambiguity or correct any defective provision. The warrant agreement requires the approval by the holders of at least a majority
of the then outstanding warrants in order to make any change that adversely affects the interests of the registered holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A provision of our warrant agreement
may make it more difficult for us to consummate an initial business combination.</I></B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">we issue additional shares of common stock or equity-linked securities for capital raising purposes
in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20
per share of common stock,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate gross proceeds
from such issuances represent more than 60% of the total equity proceeds, and </FONT>interest <FONT STYLE="font-family: Times New Roman, Times, Serif">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the Market Value is below $9.20 per share,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">then the exercise price
of the warrants will be adjusted to be equal to 115% of the higher of the Market Value and the price at which we issue the additional
shares of common stock or equity-linked securities. This may make it more difficult for us to consummate an initial business combination
with a target business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we intend to focus on target businesses
in the smart technology innovation markets, including the 5G communications, virtual reality, artificial intelligence, cloud based
technology, machine learning and digital logistics, distribution and storage sectors, we may pursue acquisition opportunities
in any business industry or sector or geographic location. Except for the limitations that a target business have a fair market
value of at least 80% of the value of the trust account (less any taxes payable on interest earned on the trust account) and that
we are not permitted to effectuate our initial business combination with another blank check company or similar company with nominal
operations, we will have virtually unrestricted flexibility in identifying and selecting a prospective acquisition candidate. Because
we have not yet identified or approached any specific target business with respect to our initial 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 consummate 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 may not properly ascertain or assess all of the significant
risk factors or we may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our
control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.
An investment in our units may not ultimately prove to be more favorable to investors than a direct investment, if such opportunity
were available, in an acquisition target.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may seek acquisition opportunities
outside the smart technology innovation markets, which may be outside of our management&rsquo;s areas of expertise.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may consider a business combination
outside the smart technology innovation markets, which may be outside of our management&rsquo;s areas of expertise, if a business
combination candidate is presented to us and we determine that such candidate offers an attractive acquisition opportunity for
our company. 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 relevant to such
acquisition. Accordingly, any stockholder who chooses to remain a stockholder following our initial business combination could
suffer a reduction in the value of their securities. Such stockholders are unlikely to have a remedy for such reduction in value.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have identified specific 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 consummate 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 our initial business combination
with a target that does not meet our general criteria and guidelines, a greater number of stockholders 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 stockholder approval of the transaction is required by Nasdaq rules, or
we decide to obtain stockholder approval for business or other legal reasons, it may be more difficult for us to attain stockholder
approval of our initial business combination if the target business does not meet our general criteria and guidelines. If we are
unable to complete our initial business combination, our public stockholders may only receive $10.00 per share (whether or not
the underwriters&rsquo; over-allotment option is exercised in full) or potentially less on our redemption, and our warrants will
expire worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Management&rsquo;s flexibility in
identifying and selecting a prospective acquisition candidate, along with our management&rsquo;s financial interest in consummating
our initial business combination, may lead management to enter into an acquisition agreement that is not in the best interest of
our stockholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the requirement that our initial
business combination must be with one or more target businesses or assets having an aggregate fair market value of at least 80%
of the value of the trust account (less any taxes payable on interest earned on the trust account) at the time of the agreement
to enter into such initial business combination, we will have virtually unrestricted flexibility in identifying and selecting a
prospective acquisition candidate. Investors will be relying on management&rsquo;s ability to identify business combinations, evaluate
their merits, conduct or monitor diligence and conduct negotiations. Management&rsquo;s flexibility in identifying and selecting
a prospective acquisition candidate, along with management&rsquo;s financial interest in consummating our initial business combination,
may lead management to enter into an acquisition agreement that is not in the best interest of our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may seek acquisition opportunities
with an early stage company, a financially unstable business or an entity lacking an established record of revenue or earnings.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our search for a business combination,
and any target business with which we ultimately consummate a business combination, may be materially adversely affected by the
recent coronavirus (COVID-19) outbreak.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In December 2019, a novel strain of
coronavirus was reported to have surfaced in Wuhan, China, which has and is continuing to spread throughout China and other parts
of the world, including the United States. On January 30, 2020, the World Health Organization declared the outbreak of the coronavirus
disease (COVID-19) a &ldquo;Public Health Emergency of International Concern.&rdquo; On January 31, 2020, U.S. Health and Human
Services Secretary Alex M. Azar II declared a public health emergency for the United States to aid the U.S. healthcare community
in responding to COVID-19. The COVID-19 pandemic has resulted in a widespread health crisis and is adversely affecting the economies
and financial markets in the U.S. and worldwide, and could adversely affect the business of any potential target business with
which we consummate a business combination could be materially and adversely affected.&nbsp; Furthermore, we may be unable to
complete a&nbsp;business combination if continued concerns relating to COVID-19 continue restrict travel, continue to limit the
ability to have meetings with potential investors or the&nbsp;target company&rsquo;s personnel, vendors and services providers
are unavailable to negotiate and consummate a transaction in a timely manner. The&nbsp;extent to which COVID-19 impacts our search
for a business combination will depend on future developments, which are highly uncertain and&nbsp;cannot be predicted, including
new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or&nbsp;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&nbsp;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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our ability to successfully effect
a 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 a business combination. While we intend to closely scrutinize any individuals we engage after a business
combination, we cannot assure you that our assessment of these individuals will prove to be correct.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our ability to successfully
effect a 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. We cannot assure you that any
of our key personnel will remain with us for the immediate or foreseeable future. In addition, none of our officers is required
to commit any specified amount of time to our affairs and, accordingly, our officers 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 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The role of our key personnel
after a business combination, however, cannot presently be ascertained. Although some of our key personnel serve in senior management
or advisory positions following a business combination, it is likely that most, if not all, of the management of the target business
will remain in place. While we intend to closely scrutinize any individuals we engage after a business combination, we cannot assure
you that our assessment of these individuals will prove to be correct. These individuals may be unfamiliar with the requirements
of operating a 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our key personnel may negotiate employment
or consulting agreements with a target business in connection with a particular business combination. These agreements may provide
for them to receive compensation following a 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.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our key personnel will
be able to remain with the company after the consummation of a business combination only if they are able to negotiate employment
or consulting agreements or other appropriate arrangements 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 the company after the consummation of the
business combination. The personal and financial interests of such individuals may influence their motivation in identifying and
selecting a target business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our 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 could have a negative impact on our ability to consummate a business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our officers and directors
will not commit their full time to our affairs. We presently expect each of our officers and directors to devote such amount of
time as they reasonably believe is necessary to our business. We do not intend to have any full-time employees prior to the consummation
of our initial business combination. The foregoing could have a negative impact on our ability to consummate our initial business
combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our officers and directors may have
a conflict of interest in determining whether a particular target business is appropriate for a business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our initial stockholders
waived their right to convert their founders&rsquo; shares or any other shares purchased in this offering or thereafter, or to
receive distributions from the trust account with respect to their founders&rsquo; shares upon our liquidation if we are unable
to consummate a business combination. Accordingly, the shares acquired prior to this offering, as well as the private warrants
and any warrants purchased by our officers or directors in the aftermarket, will be worthless if we do not consummate a business
combination. 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 and in determining whether the terms, conditions and timing
of a particular business combination are appropriate and in our stockholders&rsquo; best interest.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our officers and directors or their
affiliates have fiduciary and contractual obligations and may in the future become affiliated with other entities engaged in business
activities similar to those intended to be conducted by us. Accordingly, they may have conflicts of interest in determining to
which entity a particular business opportunity should be presented.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our officers and directors
or their affiliates have fiduciary and contractual obligations to other companies. Accordingly, they may participate in transactions
and have obligations that may be in conflict or competition with our consummation of our initial business combination. As a result,
a potential target business may be presented by our management team to another entity prior to its presentation to us and we may
not be afforded the opportunity to engage in a transaction with such target business. Additionally, our officers and directors
may in the future become affiliated with entities that are engaged in a similar business, including another blank check company
that may have acquisition objectives that are similar to ours. 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 other entities prior to its presentation to us, subject to our officers&rsquo; and directors&rsquo;
fiduciary duties under Delaware law. For a more detailed description of our officers&rsquo; and directors&rsquo; business affiliations
and the potential conflicts of interest that you should be aware of, see the sections titled &ldquo;Management &mdash; Directors
and Executive Officers&rdquo; and &ldquo;<I>Management &mdash; Conflicts of Interest</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>EarlyBirdCapital may have a conflict
of interest in rendering services to us in connection with our initial business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We have engaged EarlyBirdCapital
to assist us in connection with our initial business combination. We will pay EarlyBirdCapital a cash fee for such services in
an aggregate amount equal to up to 3.5% of the total gross proceeds raised in the offering only if we consummate our initial business
combination. The private warrants purchased by EarlyBirdCapital or its designees and the representative shares will also be worthless
if we do not consummate an initial business combination. These financial interests may result in EarlyBirdCapital having a conflict
of interest when providing the services to us in connection with an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Nasdaq may delist our securities
from quotation on its exchange which could limit investors&rsquo; ability to make transactions in our securities and subject us
to additional trading restrictions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We anticipate that our
securities will be listed on Nasdaq, a national securities exchange, upon consummation of this offering. Although, after giving
effect to this offering, we expect to meet on a pro forma basis Nasdaq&rsquo;s minimum initial listing standards, which generally
only requires that we meet certain requirements relating to stockholders&rsquo; equity, market capitalization, aggregate market
value of publicly held shares and distribution requirements, we cannot assure you that our securities will continue to be listed
on Nasdaq in the future prior to an initial business combination. Additionally, in connection with our initial business combination,
it is likely that Nasdaq will require us to file a new initial listing application and meet its initial listing requirements as
opposed to its more lenient continued listing requirements. We cannot assure you that we will be able to meet those initial listing
requirements at that time. Nasdaq will also have discretionary authority to not approve our listing if it determines that the listing
of the company to be acquired is against public policy at that time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If Nasdaq delists our securities
from trading on its exchange, or we are not listed in connection with our initial business combination, we could face significant
material adverse consequences, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">a limited availability of market quotations for our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reduced liquidity with respect to our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a determination that our shares of common stock are &ldquo;penny stock&rdquo; which will require
brokers trading in our shares of common stock to adhere to more stringent rules, possibly resulting in a reduced level of trading
activity in the secondary trading market for our shares of common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a limited amount of news and analyst coverage for our company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a </FONT>decreased <FONT STYLE="font-family: Times New Roman, Times, Serif">ability
to issue additional securities or obtain additional financing in the future.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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 common
stock and warrants will be listed on Nasdaq, our units, common stock and warrants will be covered securities. Although the states
are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if
there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale
of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict
the sale of securities issued by blank check companies, certain state securities regulators view blank check companies unfavorably
and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their
states. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities and we would be subject
to regulation in each state in which we offer our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are an &ldquo;emerging growth
company&rdquo; and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make
our shares of common stock less attractive to investors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We are an &ldquo;emerging
growth company,&rdquo; as defined in the JOBS Act. We will remain an &ldquo;emerging growth company&rdquo; for up to five years.
However, if our non-convertible debt issued within a three year period or revenues exceeds $1.07 billion, or the market value of
our shares of common stock that are held by non-affiliates exceeds $700 million on the last day of the second fiscal quarter of
any given fiscal year, we would cease to be an emerging growth company as of the following fiscal year. As an emerging growth company,
we are not required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, we have
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and we are exempt
from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved. Additionally, as an emerging growth company, we have elected to delay the adoption of new or
revised accounting standards that have different effective dates for public and private companies until those standards apply to
private companies. As such, our financial statements may not be comparable to companies that comply with public company effective
dates. We cannot predict if investors will find our shares of common stock less attractive because we may rely on these provisions.
If some investors find our shares of common stock less attractive as a result, there may be a less active trading market for our
shares and our share price may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>It is likely we will only be able
to complete one business combination with the proceeds of this offering, which will cause us to be solely dependent on a single
business which may have a limited number of products or services.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">It is likely we will consummate
a business combination with a single target business, although we have the ability to simultaneously acquire several target businesses.
By consummating a 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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">solely dependent upon the performance of a single business, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">dependent upon the development or market acceptance of a single or limited number of products,
processes or services.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">This lack of diversification
may subject us to numerous economic, competitive and regulatory developments, any or all of which may have a substantial adverse
impact upon the particular industry in which we may operate subsequent to a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Alternatively, if we determine
to simultaneously acquire several businesses and such businesses 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 the business combination. With multiple business combinations,
we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and
due diligence investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation
of the operations and services or products of the acquired companies in a single operating business. If we are unable to adequately
address these risks, it could negatively impact our profitability and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The ability of our stockholders to
exercise their conversion rights or sell their shares to us in a tender offer may not allow us to effectuate the most desirable
business combination or optimize our capital structure.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If our business combination
requires us to use substantially all of our cash to pay the purchase price, because we will not know how many stockholders may
exercise conversion rights or seek to sell their shares to us in a tender offer, we may either need to reserve part of the trust
account for possible payment upon such conversion, or we may need to arrange third party financing to help fund our business combination.
In the event that the acquisition involves the issuance of our stock as consideration, we may be required to issue a higher percentage
of our stock to make up for a shortfall in funds. Raising additional funds to cover any shortfall may involve dilutive equity financing
or incurring indebtedness at higher than desirable levels. This may limit our ability to effectuate the most attractive business
combination available to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In connection with any vote to approve
a business combination, we will offer each public stockholder the option to vote in favor of a proposed business combination and
still seek conversion of his, her or its shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In connection with any
vote to approve a business combination, we will offer each public stockholder (but not our initial stockholders, officers or directors)
the right to have his, her or its shares of common stock converted to cash (subject to the limitations described elsewhere in this
prospectus) regardless of whether such stockholder votes for or against such proposed business combination or does not vote at
all. The ability to seek conversion while voting in favor of our proposed business combination may make it more likely that we
will consummate a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In connection with any stockholder
meeting called to approve a proposed initial business combination, we may require stockholders who wish to convert their shares
in connection with a proposed business combination to comply with specific requirements for conversion that may make it more difficult
for them to exercise their conversion rights prior to the deadline for exercising their rights.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In connection with any
stockholder meeting called to approve a proposed initial business combination, each public stockholder will have the right, regardless
of whether he is voting for or against such proposed business combination or does not vote at all, to demand that we convert his
shares into a pro rata share of the trust account as of two business days prior to the consummation of the initial business combination.
We may require public stockholders who wish to convert their shares in connection with a proposed business combination to either
(i)&nbsp;tender their certificates to our transfer agent or (ii)&nbsp;deliver their shares to the transfer agent electronically
using the Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the holders&rsquo; option, in each
case prior to a date set forth in the tender offer documents or proxy materials sent in connection with the proposal to approve
the business combination. In order to obtain a physical stock certificate, a stockholder&rsquo;s broker and/or clearing broker,
DTC and our transfer agent will need to act to facilitate this request. It is our understanding that stockholders should generally
allot at least two weeks to obtain physical certificates from the transfer agent. However, because we do not have any control over
this process or over the brokers or DTC, it may take significantly longer than two weeks to obtain a physical stock certificate.
While we have been advised that it takes a short time to deliver shares through the DWAC System, we cannot assure you of this fact.
Accordingly, if it takes longer than we anticipate for stockholders to deliver their shares, stockholders who wish to convert may
be unable to meet the deadline for exercising their conversion rights and thus may be unable to convert their shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If, in connection with any stockholder
meeting called to approve a proposed business combination, we require public stockholders who wish to convert their shares to comply
with specific requirements for conversion, such converting stockholders may be unable to sell their securities when they wish to
in the event that the proposed business combination is not approved.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If we require public stockholders
who wish to convert their shares to comply with specific requirements for conversion and such proposed business combination is
not consummated, we will promptly return such certificates to the tendering public stockholders. Accordingly, investors who attempted
to convert their shares in such a circumstance will be unable to sell their securities after the failed acquisition until we have
returned their securities to them. The market price for our shares of common stock may decline during this time and you may not
be able to sell your securities when you wish to, even while other stockholders that did not seek conversion may be able to sell
their securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because of our structure, other companies
may have a competitive advantage and we may not be able to consummate an attractive business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We expect to encounter
intense competition from entities other than blank check companies having a business objective similar to ours, including venture
capital funds, leveraged buyout funds and operating businesses competing for acquisitions. Many of these entities are well established
and have extensive experience in identifying and effecting business combinations directly or through affiliates. Many of these
competitors possess greater technical, human and other resources than we do and our financial resources will be relatively limited
when contrasted with those of many of these competitors. While we believe that there are numerous potential target businesses that
we could acquire with the net proceeds of this offering, our ability to compete in acquiring certain sizable target businesses
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, seeking stockholder approval or engaging in a tender offer in connection
with any proposed business combination may delay the consummation of such a transaction. Additionally, our outstanding warrants,
and the future dilution they potentially represent, may not be viewed favorably by certain target businesses. Any of the foregoing
may place us at a competitive disadvantage in successfully negotiating a business combination.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be unable to obtain additional
financing, if required, to complete a business combination or to fund the operations and growth of the target business, which could
compel us to restructure or abandon a particular business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Although we believe that
the net proceeds of this offering, together with interest earned on the funds held in the trust account available to us, will be
sufficient to allow us to consummate a business combination, because we have not yet identified any prospective target business,
we cannot ascertain the capital requirements for any particular transaction. If the net proceeds of this offering prove to be insufficient,
either because of the size of the business combination, the depletion of the available net proceeds in search of a target business,
or the obligation to convert into cash a significant number of shares from dissenting stockholders, we will be required to seek
additional financing. Such financing may not be available on acceptable terms, if at all. To the extent that additional financing
proves to be unavailable when needed to consummate a particular business combination, we would be compelled to either restructure
the transaction or abandon that particular business combination and seek an alternative target business candidate. In addition,
if we consummate a business combination, we may require additional 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 initial stockholders, officers or directors is required to provide any financing to us in connection with
or after a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our initial stockholders will control
a substantial interest in us and thus may influence certain actions requiring a stockholder vote.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Upon consummation of our
offering, our initial stockholders will own approximately 20% of our issued and outstanding shares of common stock (assuming they
do not purchase any units in this offering). None of our officers, directors, initial stockholders or their affiliates has indicated
any intention to purchase units in this offering or any units or shares of common stock from persons in the open market or in private
transactions. However, our officers, directors, initial stockholders or their affiliates could determine in the future to make
such purchases in the open market or in private transactions, to the extent permitted by law, in order to influence the vote or
magnitude of the number of shareholders seeking to tender their shares to us. In connection with any vote for a proposed business
combination, our initial stockholders, as well as all of our officers and directors, have agreed to vote the shares of common stock
owned by them immediately before this offering as well as any shares of common stock acquired in this offering or in the aftermarket
in favor of such proposed business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">It is unlikely that there
will be an annual meeting of stockholders to elect new directors prior to the consummation of a business combination, in which
case all of the current directors will continue in office until at least the consummation of the business combination. Accordingly,
you may not be able to exercise your voting rights under corporate law for up to 24 months.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our board of directors
is and will be divided into three classes, each of which will generally serve for a term of three years with only one class of
directors being elected in each year. It is unlikely that there will be an annual meeting of stockholders to elect new directors
prior to the consummation of a business combination, in which case all of the current directors will continue in office until at
least the consummation of the business combination. Accordingly, you may not be able to exercise your voting rights under corporate
law for up to 24 months. If there is an annual meeting, as a consequence of our &ldquo;staggered&rdquo; board of directors, only
a minority of the board of directors will be considered for election and our initial stockholders, because of their ownership position,
will have considerable influence regarding the outcome. Accordingly, our initial stockholders will continue to exert control at
least until the consummation of a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our initial stockholders and the
holders of the representative shares paid a nominal price for the founders&rsquo; shares and representative shares and, accordingly,
you will experience immediate and substantial dilution from the purchase of our shares of common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">The difference between
the public offering price per share and the pro forma net tangible book value per share of common stock after this offering constitutes
the dilution to the investors in this offering. Our initial stockholders and the holders of the representative shares acquired
the founders&rsquo; shares and representative shares at a nominal price, significantly contributing to this dilution. Upon consummation
of this offering, you and the other new investors will incur an immediate and substantial dilution of approximately 83.8% or $8.38
per share (the difference between the pro forma net tangible book value per share $1.62, and the initial offering price of $10.00
per unit). This is because investors in this offering will be contributing approximately 99.98% of the total amount paid to us
for our outstanding securities after this offering but will only own approximately 79.05% of our outstanding shares of common
stock and this becomes exacerbated to the extent that public stockholders seek to convert their shares into a pro rata share of
the trust proceeds. Accordingly, the per-share purchase price you will be paying substantially exceeds our per share net tangible
book value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our outstanding warrants may have
an adverse effect on the market price of our common stock and make it more difficult to effect a business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We will be issuing warrants
to purchase 5,000,000 shares of common stock as part of the units offered by this prospectus and private warrants to purchase 3,250,000
shares of common stock. We may also issue other warrants to our initial stockholders, officers, directors or their affiliates in
payment of working capital loans made to us as described in this prospectus. To the extent we issue shares of common stock to effect
a business combination, the potential for the issuance of a substantial number of additional shares upon exercise of these warrants
could make us a less attractive acquisition vehicle in the eyes of a target business. Such securities, when exercised, will increase
the number of issued and outstanding shares of common stock and reduce the value of the shares issued to complete the business
combination. Accordingly, our warrants may make it more difficult to effectuate a business combination or increase the cost of
acquiring the target business. Additionally, the sale, or even the possibility of sale, of the shares underlying the warrants could
have an adverse effect on the market price for our securities or on our ability to obtain future financing. If and to the extent
these warrants are exercised, you may experience dilution to your holdings.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may redeem your unexpired warrants
prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We have the ability to
redeem outstanding warrants (excluding the private warrants and any warrants issued to our initial stockholders, officers or directors
in payment of working capital loans made to us) at any time after they become exercisable and prior to their expiration, at a price
of $0.01 per warrant, provided that the last reported sales price of the common stock equals or exceeds $18.00 per share (as adjusted
for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within a 30 trading-day period
commencing at any time after the warrants become exercisable and ending on the third business day prior to proper notice of such
redemption provided that on the date we give notice of redemption and during the entire period thereafter until the time we redeem
the warrants, we have an effective registration statement under the Securities Act covering the shares of common stock issuable
upon exercise of the warrants and a current prospectus relating to them is available. 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. Redemption of the outstanding warrants could force you (i)&nbsp;to exercise your warrants
and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii)&nbsp;to sell your warrants
at the then-current market price when you might otherwise wish to hold your warrants or (iii)&nbsp;to accept the nominal redemption
price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market
value of your warrants. None of the private warrants will be redeemable by us so long as they are held by the initial purchasers
or their permitted transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our management&rsquo;s ability to
require holders of our warrants to exercise such warrants on a cashless basis will cause holders to receive fewer shares of common
stock upon their exercise of the warrants than they would have received had they been able to exercise their warrants for cash.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If we call our public warrants
for redemption after the redemption criteria described elsewhere in this prospectus have been satisfied, our management will have
the option to require any holder that wishes to exercise his warrant (including any private warrants) to do so on a &ldquo;cashless
basis.&rdquo; If our management chooses to require holders to exercise their warrants on a cashless basis, the number of shares
of common stock received by a holder upon exercise will be fewer than it would have been had such holder exercised his warrant
for cash. This will have the effect of reducing the potential &ldquo;upside&rdquo; of the holder&rsquo;s investment in our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If our security holders exercise
their registration rights, it may have an adverse effect on the market price of our shares of common stock and the existence of
these rights may make it more difficult to effect a business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our initial stockholders
are entitled to make a demand that we register the resale of the founders&rsquo; shares at any time commencing three months prior
to the date on which their shares may be released from escrow. Additionally, the holders of representative shares, the private
warrants and any warrants our initial stockholders, officers, directors, or their affiliates may be issued in payment of working
capital loans made to us, are entitled to demand that we register the resale of the representative shares, private warrants and
any other warrants we issue to them (and the underlying securities) commencing at any time after we consummate an initial business
combination. The presence of these additional securities trading in the public market may have an adverse effect on the market
price of our securities. In addition, the existence of these rights may make it more difficult to effectuate a business combination
or increase the cost of acquiring the target business, as the stockholders of the target business may be discouraged from entering
into a business combination with us or will request a higher price for their securities because of the potential effect the exercise
of such rights may have on the trading market for our shares of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are deemed to be an investment
company, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make
it difficult for us to complete a business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">A company that, among other
things, is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting,
owning, trading or holding certain types of securities would be deemed an investment company under the Investment Company Act,
as amended, or the Investment Company Act. Since we will invest the proceeds held in the trust account, it is possible that we
could be deemed an investment company. Notwithstanding the foregoing, we do not believe that our anticipated principal activities
will subject us to the Investment Company Act. To this end, the proceeds held in trust may be invested by the trustee only in United&nbsp;States
 &ldquo;government securities&rdquo; within the meaning of Section&nbsp;2(a)(16) of the Investment Company Act having a maturity
of 180 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. By restricting the investment of the proceeds to these instruments,
we intend to meet the requirements for the exemption provided in Rule&nbsp;3a-1 promulgated under the Investment Company Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If we are nevertheless
deemed to be an investment company under the Investment Company Act, we may be subject to certain restrictions that may make it
more difficult for us to complete a business combination, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">restrictions on the nature of our investments; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">restrictions on the issuance of securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In addition, we may have
imposed upon us certain burdensome requirements, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">registration as an investment company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">adoption of a specific form of corporate structure; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reporting, record keeping, voting, proxy, compliance policies and procedures and disclosure requirements
and other rules&nbsp;and regulations.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Compliance with these additional
regulatory burdens would require additional expense for which we have not allotted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The determination for the offering
price of our units is more arbitrary than the pricing of securities for an operating company in a particular industry.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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 EarlyBirdCapital. Factors considered in determining the prices and terms of the units, including
the shares of common stock and warrants underlying the units, include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the history and prospects of companies whose principal business is the acquisition of other companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">prior offerings of those companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our prospects for acquiring an operating business at attractive values;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our capital structure;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an assessment of our management and their experience in identifying operating companies; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">general conditions of the securities markets at the time of the offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">However, although these
factors were considered, the determination of our offering price is more arbitrary than the pricing of securities for an operating
company in a particular industry since we have no historical operations or financial results to compare them to.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because each unit contains one-half
of one redeemable warrant and only a whole warrant may be exercised, the units may be worth less than units of other blank check
companies.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Each unit contains one-half
of one redeemable warrant. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Accordingly, unless you purchase a multiple of two units, the number of warrants issuable to you upon separation of the units will
be rounded down to the nearest whole number of warrants. This is different from other offerings similar to ours whose units include
one share of common stock and one 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 an initial 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 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 they included a warrant to purchase one whole share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we do not conduct an adequate
due diligence investigation of a target business, we may be required to subsequently take write-downs or write-offs, restructuring,
and impairment or other charges that could have a significant negative effect on our financial condition, results of operations
and our stock price, which could cause you to lose some or all of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We must conduct a due diligence
investigation of the target businesses we intend to acquire. Intensive due diligence is time consuming and expensive due to the
operations, accounting, finance and legal professionals who must be involved in the due diligence process. Even if we conduct extensive
due diligence on a target business, this diligence may not reveal all material issues that may affect a particular target business,
and factors outside the control of the target business and outside of our control may later arise. If our diligence fails to identify
issues specific to a target business, industry or the environment in which the target business operates, 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 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 common stock. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The requirement that we complete
an initial business combination within 24 months from the closing of this offering may give potential target businesses leverage
over us in negotiating a business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We have 24 months from
the closing of this offering to complete an initial business combination. Any potential target business with which we enter into
negotiations concerning a business combination will be aware of this requirement. Consequently, such target business may obtain
leverage over us in negotiating a business combination, knowing that if we do not complete a business combination with that particular
target business, we may be unable to complete a business combination with any other target business. This risk will increase as
we get closer to the time limit referenced above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not obtain a fairness opinion
with respect to the target business that we seek to acquire and therefore you may be relying solely on the judgment of our board
of directors in approving a proposed business combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We will only be required
to obtain a fairness opinion with respect to the target business that we seek to acquire if it is an entity that is affiliated
with any of our initial stockholders, officers, directors or their affiliates. In all other instances, we will have no obligation
to obtain an opinion. Accordingly, investors will be relying solely on the judgment of our board of directors in approving a proposed
business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Resources could be spent researching
acquisitions that are not consummated, which could materially adversely affect subsequent attempts to locate and acquire or merge
with another business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">It is anticipated 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 a decision is made not to complete a specific business combination, the costs incurred up to that point
for the proposed transaction likely would not be recoverable. Furthermore, even if an agreement is reached relating to a specific
target business, we may fail to consummate the 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Compliance with the Sarbanes-Oxley
Act of 2002 will require substantial financial and management resources and may increase the time and costs of completing an acquisition.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Section&nbsp;404 of the
Sarbanes-Oxley Act of 2002 requires that we evaluate and report on our system of internal controls and may require that we have
such system of internal controls audited beginning with our Annual Report on Form&nbsp;10-K for the year ending December&nbsp;31,
2021. If we fail to maintain the adequacy of our internal controls, we could be subject to regulatory scrutiny, civil or criminal
penalties and/or stockholder litigation. Any inability to provide reliable financial reports could harm our business. Section&nbsp;404
of the Sarbanes-Oxley Act also requires that our independent registered public accounting firm report on management&rsquo;s evaluation
of our system of internal controls. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding
adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with the
Sarbanes-Oxley Act may increase the time and costs necessary to complete any such acquisition. Furthermore, any failure to implement
required new or improved controls, or difficulties encountered in the implementation of adequate controls over our financial processes
and reporting in the future, could harm our operating results or cause us to fail to meet our reporting obligations. Inferior internal
controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect
on the trading price of our stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we effect a business combination
with a company located in a foreign jurisdiction, we would be subject to a variety of additional risks that may negatively impact
our operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If we consummate a business
combination with a target business in a foreign country, we would be subject to any special considerations or risks associated
with companies operating in the target business&rsquo; home jurisdiction, including any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">rules&nbsp;and regulations or currency conversion or corporate withholding taxes on individuals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">tariffs and trade barriers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">regulations related to customs and import/export matters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">longer payment cycles;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">tax issues, such as tax law changes and variations in tax laws as compared to the United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">currency fluctuations and exchange controls;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">challenges in collecting accounts receivable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">cultural and language differences;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">employment regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">crime, strikes, riots, civil disturbances, terrorist attacks and wars; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">deterioration of political relations with the United States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We cannot assure you that
we would be able to adequately address these additional risks. If we were unable to do so, our operations might suffer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we effect a business combination
with a company located outside of the United States, the laws applicable to such company will likely govern all of our material
agreements and we may not be able to enforce our legal rights.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">If we effect a business
combination with a company located outside of the United States, the laws of the country in which such company operates will govern
almost all of the material agreements relating to its operations. We cannot assure you that the target business will be able to
enforce any of its material agreements or that remedies will be available in this new jurisdiction. The system of laws and the
enforcement of existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States.
The inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business,
business opportunities or capital. Additionally, if we acquire a company located outside of the United States, it is likely that
substantially all of our assets would be located outside of the United States and some of our officers and directors might reside
outside of the United States. As a result, it may not be possible for investors in the United States to enforce their legal rights,
to effect service of process upon our directors or officers or to enforce judgments of United States courts predicated upon civil
liabilities and criminal penalties of our directors and officers under federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Provisions in our amended and restated
certificate of incorporation and bylaws and Delaware law may inhibit a takeover of us, which could limit the price investors might
be willing to pay in the future for our common stock and could entrench management.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our amended and restated
certificate of incorporation and bylaws contain provisions that may discourage unsolicited takeover proposals that stockholders
may consider to be in their best interests. 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 elected in each year. As a result, at a given annual meeting
only a minority of the board of directors may be considered for election. Since our &ldquo;staggered board&rdquo; may prevent our
stockholders from replacing a majority of our board of directors at any given annual meeting, it may entrench management and discourage
unsolicited stockholder proposals that may be in the best interests of stockholders. Moreover, our board of directors has the ability
to designate the terms of and issue new series of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We are also subject to
anti-takeover provisions under Delaware law, which could delay or prevent a change of control. Together these provisions may make
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because we must furnish our stockholders
with target business financial statements prepared in accordance with U.S. generally accepted accounting principles or international
financial reporting standards, we will not be able to complete a business combination with prospective target businesses unless
their financial statements are prepared in accordance with U.S. generally accepted accounting principles or international financial
reporting standards.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The federal proxy rules&nbsp;require
that a proxy statement with respect to a vote on a business combination meeting certain financial significance tests include historical
and/or pro forma financial statement disclosure in periodic reports. These financial statements may be required to be prepared
in accordance with, or be reconciled to, accounting principles generally accepted in the United States of America, or GAAP, or
international financial reporting standards, 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. We will include the same financial statement disclosure in connection with any tender offer documents we use, whether or
not they are required under the tender offer rules. Additionally, to the extent we furnish our stockholders with financial statements
prepared in accordance with IFRS, such financial statements will need to be audited in accordance with U.S. GAAP at the time of
the consummation of the business combination. These financial statement requirements may limit the pool of potential target businesses
we may acquire.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">There is currently no market
for our securities. Stockholders therefore have no access to information about prior market history on which to base their investment
decision. Following this offering, the price of our securities may vary significantly due to one or more potential business combinations
and general market or economic conditions. Furthermore, an active trading market for our securities may never develop or, if developed,
it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in laws or regulations, or
a failure to comply with any laws and regulations, may adversely affect our business, investments and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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 and results of
operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">While we expect to undertake
any merger or acquisition so as to minimize taxes both to the acquired business and/or assets and us, such business combination
might not meet the statutory requirements of a tax-free reorganization, or the parties might not obtain the intended tax-free treatment
upon a transfer of shares or assets. A business combination that does not qualify for tax-free treatment could result in the imposition
of substantial taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our amended and restated certificate
of incorporation will provide, subject to limited exceptions, that the Court of Chancery of the State of Delaware will be the sole
and exclusive forum for certain stockholder litigation matters, which could limit our stockholders&rsquo; ability to obtain a favorable
judicial forum for disputes with us or our directors, officers, employees or stockholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our amended and restated
certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions
against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court
of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have
consented to service of process on such stockholder&rsquo;s counsel except any action (A)&nbsp;as to which the Court of Chancery
in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery
(and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such
determination), (B)&nbsp;which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C)&nbsp;for
which the Court of Chancery does not have subject matter jurisdiction, or (D)&nbsp;any action arising under the Securities Act,
as to which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction.
Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice
of and consented to the forum provisions in our amended and restated certificate of incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">This choice of forum provision
may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any
of our directors, officers or employees, which may discourage lawsuits with respect to such claims, although our stockholders will
not be deemed to have waived our compliance with federal securities laws and the rules&nbsp;and regulations thereunder and may
therefore bring a claim in another appropriate forum. We cannot be certain that a court will decide that this provision is either
applicable or enforceable, and if a court were to find the choice of forum provision contained in our amended and restated certificate
of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such
action in other jurisdictions, which could harm our business, operating results and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our amended and restated
certificate of incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted
by applicable law. Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce
any duty or liability created by the Exchange Act or the rules&nbsp;and regulations thereunder. As a result, the exclusive forum
provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which
the federal courts have exclusive jurisdiction.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="c1"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The statements contained
in this prospectus that are not purely historical are forward-looking statements. Our forward-looking statements include, but are
not limited to, statements regarding our or our management&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;anticipates,&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;predicts,&rdquo; &ldquo;project,&rdquo;
 &ldquo;shall,&rdquo; &ldquo;should,&rdquo; &ldquo;would&rdquo; and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus
may include, for example, statements about:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our ability to complete our initial business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our success in retaining or recruiting, or changes required in, our officers, key employees or
directors following our initial business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our officers and directors allocating their time to other businesses and potentially having conflicts
of interest with our business or in approving our initial business combination, as a result of which they would then receive expense
reimbursements and other benefits;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our potential ability to obtain additional financing to complete a business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our pool of prospective target businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the ability of our officers and directors to generate a number of potential investment opportunities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">potential changes in control of us if we acquire one or more target businesses for stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our public securities&rsquo; potential liquidity and trading;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the lack of a market for our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding the time during which we will be an &ldquo;emerging growth company&rdquo;
under the JOBS Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our use of proceeds not held in the trust account; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our financial performance following this offering or following our initial business combination.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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;<I>Risk Factors</I>.&rdquo;
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results
may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required
under applicable securities laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="c2"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We estimate that the net
proceeds of this offering, in addition to the funds we will receive from the sale of the private warrants (all of which will be
deposited into the trust account), will be as set forth in the following table:</P>

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


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"></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="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">Without<BR> Over-<BR>
Allotment&nbsp;<BR>
Option</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">Over-Allotment<BR>
Option<BR> Exercised</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Gross proceeds</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">From offering</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">100,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">115,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 10.1pt">From private placement</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3,250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3,550,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Total gross proceeds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">103,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">119,550,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-indent: -10.1pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>O</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">ffering expenses</FONT></I><FONT STYLE="color: #231f20; font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Underwriting discount (2.0% of gross proceeds from units offered to public)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,300,000</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Legal fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Nasdaq listing fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">75,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">75,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Printing and engraving expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">40,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">40,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Accounting fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">35,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">35,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">FINRA filing fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17,750</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17,750</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">SEC registration fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">15,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">15,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 10.1pt">Miscellaneous expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">167,250</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">167,250</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Total expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,600,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,900,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Net proceeds</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Held in trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">115,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 10.1pt">Not held in trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">650,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">650,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Total net proceeds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">100,650,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">115,650,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
</TABLE>



<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt"></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="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">Percentage</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>U</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">se of net proceeds not held in trust<SUP>(3)(4)</SUP></FONT></I></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Legal, accounting and other third-party expenses attendant to the search for target businesses and to the due diligence investigation, structuring and negotiation of a business combination</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">150,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">23.1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Due diligence of prospective target businesses by officers and directors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">20,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Legal and accounting fees relating to SEC reporting obligations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">15.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 10.1pt">Working capital to cover miscellaneous expenses, including D&amp;O insurance</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">380,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">58.4</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 10.1pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">650,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">100.0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">A portion of the offering expenses, including the SEC registration fee, the FINRA filing fee, the
non-refundable portion of the Nasdaq listing fee and a portion of the legal and audit fees, have been paid from the loan we received
from our initial stockholders described below. These funds will be repaid out of the proceeds of this offering available to&nbsp;us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">No discounts or commissions will be paid with respect to the purchase of the private warrants.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of proceeds
not held in trust will remain constant at approximately $650,000 even if the over-allotment is exercised. The amount in the table
above does not include interest available to us from the trust account. The proceeds held in the trust account may be invested
only in U.S. government treasury obligations with a maturity of 180 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 estimate
the pre-tax interest earned on the trust account will be approximately $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif">
<FONT STYLE="font-size: 10pt">per year, assuming an interest rate of </FONT><B>[</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%
per year; however, we can provide no assurances regarding this amount.</FONT></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">These 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 initial business combination based upon the level of complexity of that business combination.
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 be deducted
from our excess working capital.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our initial stockholders
and EarlyBirdCapital have committed that they and/or their designees will purchase the private warrants (for an aggregate purchase
price of $3,250,000) from us on a private placement basis simultaneously with the consummation of this offering. They have also
agreed that if the over-allotment option is exercised by the underwriters in full or in part, they will purchase from us an additional
number of private warrants (up to a maximum of 300,000 private warrants at a price of $1.00 per private warrant) necessary to maintain
in the trust account $10.00 per unit sold to the public in this offering. These additional private warrants will be purchased in
a private placement that will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment
option. The private warrants are identical to the warrants sold in this offering subject to certain limited exceptions as described
elsewhere in this prospectus. All of the proceeds we receive from these purchases will be placed in the trust account described
below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">$100,000,000, or $115,000,000
if the over-allotment option is exercised in full, of net proceeds of this offering and the sale of the private warrants, will
be placed in a U.S.-based trust account maintained by Continental Stock Transfer&nbsp;&amp; Trust Company, New York, New York,
as trustee. The funds held in trust will be invested only 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 180 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, so that we are not deemed to be an investment company under the Investment Company Act. Except with respect
to interest earned on the funds held in the trust account that may be released to us to pay our income or other tax obligations, the proceeds will not be released from the trust account
until the earlier of the completion of a business combination or our redemption of 100% of the outstanding public shares if we
have not completed a business combination in the required time period. The proceeds held in the trust account may be used as consideration
to pay the sellers of a target business with which we complete a business combination. Any amounts not paid as consideration to
the sellers of the target business may be used to finance operations of the target business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Other than the repayment
of the $150,000 loan from Mr.&nbsp;Laikin (none of which payments will be made from the proceeds of this offering held in the trust
account prior to the completion of our initial business combination), no compensation of any kind will be paid to our initial stockholders,
officers, directors or any of their respective affiliates, for services rendered to us prior to or in connection with the consummation
of our initial business combination (regardless of the type of transaction that it is). However, such entity and individuals will
receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying
potential target businesses, performing business due diligence on suitable target businesses and business combinations as well
as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations.
Our audit committee will review and approve all reimbursements and payments made to our initial stockholders, officers, directors
or our or their respective affiliates, with any interested director abstaining from such review and approval. There is no limit
on the amount of such expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available proceeds
not deposited in the trust account and interest earned on the funds in the trust account that we are entitled to withdraw, such
expenses would not be reimbursed by us unless we consummate an initial business combination. Since the role of present management
after a business combination is uncertain, we have no ability to determine what remuneration, if any, will be paid to those persons
after a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Regardless of whether the
over-allotment option is exercised in full, the net proceeds from this offering available to us out of trust for our working capital
requirements in searching for a business combination will be approximately $650,000. We intend to use the proceeds for miscellaneous
expenses such as paying for director and officer liability insurance premiums, for due diligence, legal, accounting and other expenses
of structuring and negotiating business combinations, as well as for reimbursement of any out-of-pocket expenses incurred by our
initial stockholder, officers and directors in connection with activities on our behalf as described above. The allocation of the
net proceeds available to us outside of the trust account represents our best estimate of the intended uses of these funds. In
the event that our assumptions prove to be inaccurate, we may reallocate some of such proceeds within the above described categories.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We may use substantially
all of the net proceeds of this offering, including the funds held in the trust account, to acquire a target business and to pay
our expenses relating thereto, including a fee payable to EarlyBirdCapital upon consummation of our initial business combination
for assisting us in connection with our initial business combination, as described under the section titled &ldquo;<I>Underwriting
 &mdash; Business Combination Marketing Agreement</I>.&rdquo; To the extent that our capital stock is used in whole or in part as
consideration to effect a business combination, the proceeds held in the trust account which are not used to consummate a business
combination will be disbursed to the combined company and will, along with any other net proceeds not expended, be used as working
capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including
continuing or expanding the target business&rsquo; operations, for strategic acquisitions and for marketing, research and development
of existing or new products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">To the extent we are unable
to consummate a business combination, we will pay the costs of liquidation from our remaining assets outside of the trust account.
If such funds are insufficient, Mr.&nbsp;Laikin has agreed to advance us the funds necessary to complete such liquidation (currently
anticipated to be no more than $15,000) and has agreed not to seek repayment of such expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"> As of April 28, 2020,
Mr.&nbsp;Laikin had loaned us an aggregate of $22,525, which was used to pay a portion of the expenses of this offering referenced
in the line items above for SEC registration fee, FINRA filing fee, the non-refundable portion of Nasdaq listing fee and a portion
of the audit fees. The loan is due on the earlier of March&nbsp;1, 2021, the consummation of this offering or the abandonment
of this offering. The loan will be payable without interest. The loan will be repaid out of the proceeds of this offering available
to us for payment of offering expenses. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We believe that, upon consummation
of this offering, we will have sufficient available funds to operate for the next 24 months, assuming that a business combination
is not consummated during that time. However, if necessary, in order to meet our working capital needs following the consummation
of this offering, our initial stockholders, officers, directors and their affiliates may, but are not obligated to, loan us funds,
from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or,
at holder&rsquo;s discretion, up to $1,500,000 of the notes may be converted into warrants at a price of $1.00 per warrant. The
warrants would be identical to the private warrants. 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 other than the interest earned thereon would be used for such repayment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">A public stockholder will
be entitled to receive funds from the trust account (including interest earned on his, her or its portion of the trust account
to the extent not previously released to us) only in the event of (i)&nbsp;our redemption of 100% of the outstanding public shares
if we have not completed a business combination in the required time period, (ii)&nbsp;if that public stockholder converts such
shares, or sells such shares to us in a tender offer, in connection with a business combination which we consummate or (iii)&nbsp;we
seek to amend any provisions of our amended and restated certificate of incorporation that would affect our public stockholders&rsquo;
ability to convert or sell their shares to us in connection with a business combination as described herein or affect the substance
or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination within 24 months from
the closing of this offering. This redemption right shall apply in the event of the approval of any such amendment to our amended
and restated certificate of incorporation, whether proposed by our initial stockholders, executive officers, directors or any other
person. In no other circumstances will a public stockholder have any right or interest of any kind to or in the trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="BalanceSheet"></A>DIVIDEND
POLICY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We have not paid any cash
dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and
general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business
combination will be within the discretion of our board of directors at such time. It is the present intention of our board of directors
to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate
declaring any dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may
be limited by restrictive covenants we may agree to in connection therewith. In addition, our board of directors is not currently
contemplating and does not anticipate declaring any stock dividends in the foreseeable future, except if we increase the size of
the offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, in which case we will effect a stock dividend immediately
prior to the consummation of the offering in such amount as to maintain the ownership of our initial stockholders at 20.0% of our
issued and outstanding shares of our common stock upon the consummation of this offering (not including the private warrants and
underlying securities and the representative shares and assuming the initial stockholders do not purchase units in this offering).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="c4"></A>DILUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The difference between the public offering
price per share, assuming no value is attributed to the warrants included in the units we are offering by this prospectus and the
private warrants, and the pro forma net tangible book value per 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 warrants. 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 shares of common stock which may be converted into cash or sold in a tender
offer), by the number of outstanding shares of common stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At March&nbsp;16, 2020, our net tangible
book value was $<FONT STYLE="color: #231F20">0.00</FONT>, or approximately $(0.00) per share of common stock. After giving effect
to the sale of 10,000,000 shares of common stock included in the units we are offering by this prospectus, the sale of the private
warrants and founders shares and the deduction of underwriting commissions and estimated expenses of this offering, our pro forma
net tangible book value at March&nbsp;16, 2020 would have been $5,000,0<FONT STYLE="color: #231F20">10</FONT> or $<FONT STYLE="color: #231F20">1.62</FONT>
per share, representing an immediate increase in net tangible book value (as decreased by the value of the approximately <FONT STYLE="color: #231F20">4,999,695</FONT>
shares of common stock that may be converted to cash and assuming no exercise of the underwriters&rsquo; over-allotment option)
of $<FONT STYLE="color: #231F20">1.62</FONT> per share to our initial stockholders and an immediate dilution of $<FONT STYLE="color: #231F20">8.38</FONT>
per share or <FONT STYLE="color: #231F20">83.8</FONT>% to our public stockholders not exercising their conversion rights. The decrease
attributable to public shares subject to conversion is included in the calculation below at $10.00 per share, as all public stockholders
have the right to convert.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table illustrates the dilution
to the new investors on a per-share basis, assuming no value is attributed to the warrants included in the units or the private
warrants:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 73%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net tangible book value before this offering<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.00</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase attributable to public stockholders, private sales
and founders shares</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">1.62</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro forma net tangible book value after this offering</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">1.62</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution to public stockholders</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">8.38</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage of dilution to public stockholders</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">83.8</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information
with respect to our existing stockholders and the public stockholders:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Consideration</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average Price per <BR>
Share</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchased</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial stockholders</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,500,000</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.76</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative shares</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.19</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0001</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public stockholders</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79.05</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.98</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,650,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,025,015</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Assumes the over-allotment option has not been exercised and an aggregate of 375,000 founders&rsquo;
shares have been forfeited as a result thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma net tangible book value after
the offering is calculated as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Numerator:</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Net tangible book value before the offering</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Net proceeds from this offering, private placement and founders shares</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">103,275,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Less: Offering costs and underwriting fee</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #231F20">(2,600,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Less: Proceeds held in trust subject to conversion/tender</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(<FONT STYLE="color: #231F20">95,674,990</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,000,0<FONT STYLE="color: #231F20">10</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Denominator:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shares of common stock outstanding prior to this offering, including representative shares</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,500,000</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&#8203;<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shares of common stock included in the units offered</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Representative Shares</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">150,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Less: Shares subject to conversion/tender</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">
</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(<FONT STYLE="color: #231F20">9,567,499</FONT></P></TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.75pt solid">)</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #231F20">3,082,501</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Assumes the over-allotment option has not been exercised and an aggregate of 375,000 founders&rsquo;
shares have been forfeited as a result thereof.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="c5"></A>CAPITALIZATION</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our capitalization
at March&nbsp;16, 2020 and as adjusted to give effect to the sale of our units, the private warrants and the founders shares 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: 0pt 0; text-align: justify"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>March&nbsp;16, 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Actual</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>As Adjusted<SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 73%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Note payable to related party<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,525</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Common stock, $.0001 par value, &ndash;0&ndash; and 9,567,499 shares which are subject to possible conversion/tender<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">95,674,990</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Stockholders&rsquo; equity:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Preferred stock, $.0001 par value, 1,000,000 shares authorized; none issued or outstanding</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Common stock, $.0001 par value, 30,000,000 shares authorized; no shares issued and outstanding, actual; 3,082,501 shares<SUP>(4)</SUP>&nbsp;issued and outstanding (excluding 9,567,499 shares subject to possible conversion/tender), as adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">308</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,999,702</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: #231F20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: #231F20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Total stockholders&rsquo; equity:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,000,010</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Total capitalization</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,525</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,675,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
</TABLE>


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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Includes the $3.25 million we will receive from the sale of the private warrants and $25,000
                                                            for the sale of the founders shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (2) </TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> Represents
                                         amount drawn upon under the $150,000 promissory note as of March 16, 2020 issued to Robert
                                         J. Laikin, our Chairman. The note is non-interest bearing and is payable on the earlier
                                         to occur of March 1, 2021, the consummation of this offering, or the abandonment of this
                                         offering. Subsequent to March 16, 2020, we have drawn an additional $21,000 under the
                                         promissory note. </P>


</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the consummation of our initial business combination, we will provide our stockholders (but not our initial stockholders, officers
or directors) with the opportunity to convert or sell their public shares for cash equal to their pro rata share of the aggregate
amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination,
including interest not previously released to us (less taxes payable), subject to the limitations described herein whereby our
net tangible assets will be maintained at a minimum of $5,000,010. <FONT STYLE="color: #231F20">The actual number of shares that
may be converted may exceed the 9,567,499</FONT> shares indicated <FONT STYLE="color: #231F20">provided that we have net tangible
assets of at least $5,000,010 immediately prior to or upon consummation of the business combination</FONT>.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Assumes the over-allotment option has not been exercised and an aggregate of 375,000 founders&rsquo;
shares have been forfeited as a result thereof.</TD></TR></TABLE>

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

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

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

<!-- Field: Split-Segment; Name: 04 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_001"></A><FONT STYLE="text-transform: uppercase"><B>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<BR>
AND RESULTS OF OPERATIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were formed on March&nbsp;5, 2020 for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more target businesses. </FONT>Although we may
pursue an initial business combination in any industry or geographic location, we currently intend to focus on opportunities to
capitalize on the ability of our management team to identify, acquire and drive the operations of the business in the smart technology
innovations market. Specifically, we intend to target smart technology innovation companies that are at the forefront of high technology
and are enabling the future evolution of 5G communication, virtual reality, artificial intelligence, cloud computing, machine learning
and hardware and software distribution and value-added customized logistics services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to utilize cash derived from
the proceeds of this offering, our securities, debt or a combination of cash, securities and debt, in effecting a business combination.
The issuance of additional shares of common stock or preferred stock:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">may significantly reduce the equity interest of our stockholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">may subordinate the rights of holders of shares of common stock if we issue shares of preferred
stock with rights senior to those afforded to our shares of common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">will likely cause a change in control if a substantial number of our shares of common stock are
issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely
will also result in the resignation or removal of our present officers and directors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">may adversely affect prevailing market prices for our securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, if we issue debt securities,
it could result in:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">default and foreclosure on our assets if our operating revenues after a business combination are
insufficient to pay our debt obligations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">acceleration of our obligations to repay the indebtedness even if we have made all principal and
interest payments when due if the debt security contains covenants that required the maintenance of certain financial ratios or
reserves and we breach any such covenant without a waiver or renegotiation of that covenant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our inability to obtain additional financing, if necessary, if the debt security contains covenants
restricting our ability to obtain additional financing while such security is outstanding.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have neither engaged in any operations
nor generated any revenues to date. Our entire activity since inception has been to prepare for our proposed fundraising through
an offering of our equity securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an emerging growth company as defined
in the JOBS Act. As an emerging growth company, we have elected to delay the adoption of new or revised accounting standards that
have different effective dates for public and private companies until those standards apply to private companies. As such, our
financial statements may not be comparable to companies that comply with public company effective dates.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
indicated in the accompanying financial statements, at March&nbsp;16, 2020, we had $1,525 in cash and no working
capital</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">. Further, we have incurred and expect to continue to
incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty
through this offering. We cannot assure you that our plans to raise capital or to consummate an initial business combination
will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going
concern.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our liquidity needs have been satisfied
to date through the payment of certain of our deferred offering costs with the $25,000 purchase price of the founders&rsquo; shares
and loans from Robert J. Laikin, our Chairman, in an aggregate amount of $1,525 as of March 16, 2020 and an additional $21,000
subsequent to March 16, 2020 that are more fully described below. We estimate that the net proceeds from (i) the sale of the units
in this offering, after deducting offering expenses of approximately $600,000 and underwriting discounts and commissions of $2,000,000
(or $2,300,000 if the over-allotment option is exercised in full) and (ii) the sale of the private warrants for a purchase price
of $3,250,000 (or $3,550,000 if the over-allotment option is exercised in full) will be $103,250,000 (or $118,550,000 if the over-allotment
option is exercised in full). Of this amount, $100,000,000 (or $115,000,000 if the over-allotment option is exercised in full)
will be held in the trust account. The remaining $650,000 will not be held in trust. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may use substantially all of the net
proceeds of this offering, including the funds held in the trust account, to acquire a target business and to pay our expenses
relating thereto, including a fee payable to EarlyBirdCapital, upon consummation of our initial business combination for assisting
us in connection with our initial business combination, as described under the section titled &ldquo;<I>Underwriting &mdash; Business
Combination Marketing Agreement</I>.&rdquo; To the extent that our capital stock is used in whole or in part as consideration to
effect a business combination, the remaining proceeds held in the trust account as well as any other net proceeds not expended
will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a
variety of ways including continuing or expanding the target business&rsquo; operations, for strategic acquisitions and for marketing,
research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders&rsquo;
fees which we had incurred prior to the completion of our business combination if the funds available to us outside of the trust
account were insufficient to cover such expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that, upon consummation of this
offering, the approximate $650,000 of net proceeds not held in the trust account, together with the interest earned on the trust
account that is available to us, will be sufficient to allow us to operate for at least the next 24 months, assuming that a business
combination is not consummated during that time. Over this time period, we will be using these funds for identifying and evaluating
prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the
offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of
prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business
combination. We anticipate that we will incur approximately:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">$150,000 of expenses for the search for target businesses and for the legal, accounting and other
third-party expenses attendant to the due diligence investigations, structuring and negotiating of a business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">$20,000 of expenses for the due diligence and investigation of a target business by our officers
and directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">$100,000 of expenses in legal and accounting fees relating to our SEC reporting obligations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">$380,000 for general working capital that will be used for miscellaneous expenses, including D&amp;O
insurance and third party consulting fees.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our estimates of the above costs are
less than the actual costs, we may have insufficient funds available to operate our business prior to our initial business combination.
Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become
obligated to redeem a significant number of our public shares upon consummation of our initial business combination, in which case
we may issue additional securities or incur debt in connection with such business combination. We do not have a maximum debt leverage
ratio or a policy with respect to how much debt we may incur. The amount of debt we will be willing to incur will depend on the
facts and circumstances of the proposed business combination and market conditions at the time of the potential business combination.
At this time, we are not party to any arrangement or understanding with any third party with respect to raising additional funds
through the sale of our securities or the incurrence of debt. Subject to compliance with applicable securities laws, we would only
consummate such financing simultaneously with the consummation of our initial business combination. In the current economic environment,
it has become especially difficult to obtain acquisition financing. Additionally, following our initial business combination, if
cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of March 16, 2020, Robert W. Laikin,
our Chairman, has loaned an aggregate of $1,525 to us, on a non-interest-bearing basis, for payment of offering expenses on our
behalf pursuant to a $150,000 promissory note. Subsequent to March 16, 2020, Mr. Laikin loaned us an additional $21,000 under
the promissory note. The loan will be payable without interest on the earlier to occur of March 1, 2021, the consummation of this
offering, or the abandonment of this offering. If the offering is consummated, the loan will be repaid out of the proceeds of
this offering not being placed in trust. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our initial stockholders and EarlyBirdCapital
have committed that they and/or their designees will purchase an aggregate of 3,250,000 private warrants at $1.00 per private warrant
(for a total purchase price of $3,250,000) from us. This purchase will take place on a private placement basis simultaneously with
the consummation of this offering. They have also agreed that if the over-allotment option is exercised by the underwriters in
full or in part, they and/or their designees will purchase from us an additional number of private warrants (up to a maximum of
300,000 private warrants at a price of $1.00 per private warrant) necessary to maintain in the trust account $10.00 per unit sold
to the public in this offering. These additional private warrants will be purchased in a private placement that will occur simultaneously
with the purchase of units resulting from the exercise of the over-allotment option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not believe we will need to raise
additional funds following this offering in order to meet the expenditures required for operating our business. However, in order
to finance transaction costs in connection with an intended initial business combination, our initial stockholders, officers, directors
or their affiliates may, but are not obligated to, loan us funds as may be required. If we consummate an initial business combination,
we would repay such loaned amounts; provided that up to $1,500,000 of such loans may be convertible into warrants of the post business
combination entity at a price of $1.00 per warrant at the option of the lender. These additional warrants would be identical to
the private warrants. 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, 2021. As of the date
of this prospectus, we have not completed an assessment, nor have our auditors tested our systems, of internal controls. We expect
to assess the internal controls of our target business or businesses prior to the completion of our initial business combination
and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that we maintain
an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. Target businesses we may consider for a business combination may have internal
controls that need improvement in areas such as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">staffing for financial, accounting and external reporting areas, including segregation of duties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reconciliation of accounts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">proper recording of expenses and liabilities in the period to which they relate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">evidence of internal review and approval of accounting transactions;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">documentation of processes, assumptions and conclusions underlying significant estimates; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">documentation of accounting policies and procedures.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because it will take time, management involvement
and perhaps outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements
and market expectations for our operation of a target business, we may incur significant expense in meeting our public reporting
responsibilities, particularly in the areas of designing, enhancing, or remediating internal and disclosure controls. Doing so
effectively may also take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once our management&rsquo;s report on internal
controls is complete, we will retain our independent auditors to audit and render an opinion on such report when required by Section&nbsp;404.
The independent auditors may identify additional issues concerning a target business&rsquo;s internal controls while performing
their audit of internal control over financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Quantitative and Qualitative Disclosures about Market Risk</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net proceeds of this offering, including
amounts in the trust account, will 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 180 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. Due
to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements; Commitments and Contractual
Obligations; Quarterly Results</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, we did
not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii)&nbsp;of Regulation S-K and did not have any commitments
or contractual obligations. No unaudited quarterly operating data is included in this prospectus as we have conducted no operations
to date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="d_002"></A>PROPOSED
BUSINESS</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Delaware blank check company incorporated
on March&nbsp;5, 2020 formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination with one or more target businesses. We do not have any specific business combination
under consideration, and we have not (nor has anyone on our behalf), directly or indirectly, contacted any prospective target business
or had any substantive discussions, formal or otherwise, with respect to such a transaction.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will seek to capitalize on the significant
experience and contacts of our management team to complete our initial business combination. We believe our management team&rsquo;s
distinctive background and experience in both the public and private markets could have a significant impact on our ability to
consummate an initial business combination. Although we may pursue an initial business combination with a target business in any
industry or geographic location, we currently intend to focus on opportunities in the smart technology innovations market. Specifically,
we intend to target companies that are at the forefront of high technology and are enabling the future evolution of 5G communication,
virtual reality, artificial intelligence, cloud computing, machine learning, hardware and software distribution and value-added
customized logistics services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management team has significant hands-on
experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data
assets and intellectual property that already exist within most high-tech companies. Additionally, our management team has operated
and invested in leading global technology companies across their corporate life cycles, and developed deep relationships with key
large multi-national organizations and investors. We believe that these relationships and our officers&rsquo; and directors&rsquo;
know-how present a significant opportunity to help drive strategic dialogue, access new customer relationships and improve operating
results following the completion of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The past performance of the members of
our management team and board of directors is not a guarantee that we will be able to identify a suitable candidate for our initial
business combination or of success with respect to any business combination we may consummate. You should not rely on the historical
record of the performance of our management or any of its affiliates&rsquo; performance as indicative of our future performance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business strategy is to identify and
complete our initial business combination with a company that complements the experience of our management team and can benefit
from our management team&rsquo;s operational expertise. Our selection process is expected to leverage our management team&rsquo;s
relationship network and unique smart technology innovation industry expertise, including proven deal-sourcing and structuring
capabilities, to provide us with a multitude of business combination opportunities. Our management team has experience:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">operating companies, setting and changing strategies, and identifying, mentoring and recruiting
world-class talent;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">developing and growing companies, both organically and inorganically, and expanding the product
ranges and geographic footprints of a number of businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">sourcing, structuring, acquiring and selling businesses and achieving synergies to create stockholder
value;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">establishing a wide deal flow and efficient methodology of screening superior M&amp;A targets worldwide
utilizing various relationships with leading private equity firms, venture capital firms and venture arms of technology companies
who have various portfolio investments that are potential acquisition candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">partnering with industry-leading companies to increase sales and improve the competitive position
of those companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">addressing business and technological changes in an evolving global smart technology innovation
market landscape;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">assessing the leading global market opportunities
for connectivity solutions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">evaluating the viability of emerging smart technology innovation business models;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">fostering relationships with sellers, capital providers and target management teams; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">accessing the equity and debt capital markets across various business cycles, including financing
businesses and assisting companies with the transition to public ownership.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the completion of this offering,
we intend to begin the process of communicating with our management team and board of director&rsquo;s network of relationships
to articulate the parameters for our search for a potential target initial business combination and begin the process of pursuing
and reviewing potential opportunities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the reputations and experience
of our officers and directors and our ability to leverage their sourcing, valuation, diligence and execution capabilities will
provide us with a significant pipeline of opportunities form which to evaluate and select a business that will benefit from our
expertise. Our competitive strengths include the following:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management team consists of experienced
deal makers, operators, and investors. Our Chairman, Robert J. Laikin, has over 20 years of experience operating a public company
in the technology hardware, software, distribution and value-added customized logistic services marketplace. In 1989, Mr.&nbsp;Laikin
founded Brightpoint,&nbsp;Inc.(Nasdaq:CELL), a global leader in device lifecycle services to the wireless and high-tech industries
and lead the company through the rapidly changing technology-driven industry during the 23 years leading to its acquisition by
Ingram Micro Inc.(NYSE:IM) in 2012 for $1.1 billion. Mr.&nbsp;Laikin currently serves as Chairman of the Board of Washington Prime
Group,&nbsp;Inc., (NYSE: WPG), an industry-leading multi-faceted, retail real estate owner, developer and manager, and is a co-founder
and managing member of L7 Investment, LLC, a privately held real estate investment vehicle.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Larry
M Paulson, our Chief Executive Officer, has over 30 years of global senior management experience in wireless technology with Nokia
Oy (NYSE:NOK), Brightpoint Inc. (Nasdaq:CELL) and most recently Qualcomm Inc. (Nasdaq:QCOM), all global leaders in their field
in their respective time periods. In his most recent role with Qualcomm, Mr.&nbsp;Paulson was responsible for a broad set of customers
in semi conductor and software sales for mobile,&nbsp;Industrial IOT, automobile, voice and music, wifi mesh and networking, smart
watches, smart home, consumer IOT, AR and VR and computing segments</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Alternative Path to Becoming Public</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe our structure will make us an
attractive business combination partner to prospective target businesses that desires to become a publicly listed company. A merger
with us will offer a target business an alternative process to a public listing rather than the traditional initial public offering
process. We believe that the target businesses may favor this alternative, which we believe is less expensive, while offering greater
certainty of execution than the traditional initial public offering. Furthermore, once a proposed business combination is approved
by our shareholders and the transaction is consummated, 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
that could prevent the offering from occurring. Once public, we believe the target business would have greater access to capital
and additional means of creating management incentives that are better aligned with shareholders&rsquo; interests than it would
as a private company. 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 management. With public company corporate governance standards, a target business may
become attractive to the public investors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Strong and Stable Financial Position
with Flexibility.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With funds in the trust account of $100
million (or approximately $115 million if the over-allotment option is exercised in full) available to use for a business combination,
we offer a target business a variety of options such as providing the owners of a target business with shares in a public company
and a public means to sell such shares, 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 consummate 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, since we have
no specific business combination under consideration, we have not taken any steps to secure third party financing and there can
be no assurance that it will be available to us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the collective business and acquisition
experiences of our management team, we will seek to identify and target businesses at the forefront of high technology and are
enabling the future evolution of 5G communication, virtual reality, artificial intelligence, cloud computing, machine learning,
distribution, and value-added customized logistic services in which our management can assist in its growth and development. We
intend to acquire a target business or businesses that our management team believes can achieve long-term appreciation. Given our
management team&rsquo;s collective track record of transactions and industry contacts, we believe we can identify potential targets
and successfully negotiate and consummate our initial business combination, although we cannot provide any assurance that an initial
business combination will be consummated. In addition, we believe the target business will benefit from our involvement, including
through the potential strategic relationships we can introduce, as well by our assisting the target in areas such as corporate
financing, global expansion, vendor and customer growth. Our selection process will also leverage our team&rsquo;s network of industry,
private equity and venture capital relationships as well as relationships with management teams of public and private companies,
investment bankers, attorneys and accountants that we believe should provide us with significant acquisition transaction opportunities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Opportunities in the Smart Technology Innovation Markets</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management believes that in recent
years, a wide range of technological breakthroughs have accelerated cycles of change, radically impacting industries and business
models across the world. The transformative effects of innovations as diverse as 5G communications, virtual reality, artificial
intelligence, cloud computing, machine learning, hardware and software distribution and value-added customized logistics services
have upended industries both large and small. We believe there are significant opportunities in the smart technology innovation
markets due to the following factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Technologies becoming more affordable and accessible</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consumers and businesses are benefiting
from the falling costs of technologies. From smart phones, to self-driving cars, to smart manufacturing, to gene sequencing, new
applications of the technologies are becoming more affordable than ever.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Emerging technologies driving continued industry growth</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The smart technology innovation markets
continue to evolve rapidly, which has fostered innovation in products, services and business models globally. Technologies such
as 5G networks, virtual reality, artificial intelligence, cloud computing, machine learning and digital distribution, storage and
logistics have made remarkable advancements in the last decade and are on the verge of some major breakthroughs. We believe that
these exciting developments will continue to allow the industries to keep up its growth momentum.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Businesses increasingly using technologies to improve productivities</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The widespread adoption of consumer-centric
technologies has over time driven down the costs of research and development and production, improved data security, and eased
the learning curve for business users. As technology infrastructure becomes more readily available and cost effective, traditional
businesses are more willing to improve their operations through the use of technologies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have identified the following criteria that we believe are
important in evaluating candidates for our initial business combination:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Operating Stability with Significant Growth Potential</I></B>. We will generally seek to
acquire businesses that have demonstrated operational stability with consistent historical growth in their financial results, and
which are expected to continue to do so for the foreseeable future. We may pursue businesses with owners who would be interested
in a reverse merger, which is a combination effected via an exchange of equity, that could leave most or all our existing cash
available as capital to support growth efforts.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Leadership Position in its Industry</I></B><I>. </I>We will generally seek to identify businesses
that have leadership positions in its industry or a defensible niche with a target market as a result of industry leading differentiated
technology or other competitive advantages.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Unrealized Potential for Shareholder Value Creation</I></B>. We will seek target businesses
that are both initially attractive investment candidates and that possess the potential for ongoing shareholder value creation
in the long term. Examples of post-acquisition value creating activities include operational improvements in sales and marketing,
increasing operating efficiency and reducing costs. Other examples include value created through add-on acquisitions or divestitures,
or by lowering the cost of capital by opening up new sources of debt or equity financing.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Has the Potential to Grow Through Further Acquisition Opportunities</I></B>. We will generally
seek to acquire a business that has the potential to grow inorganically through additional acquisitions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Innovate within an existing market.
</I></B>We will seek a company who is innovating product or business modeling within an existing market sparing the risk and burden
of developing a new and yet to be proven marketplace.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Enterprise Value</I></B>. We intend to focus on companies with valuations between $200,000,000
and $500,000,000, as such companies generally have proven business models and offer long-term work adjustment return potential.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Has a Committed and Capable Management Team</I></B>. We will generally seek to acquire a
business with a professional management team whose interest are aligned with those of our investors. Where necessary, we may also
look to complement and enhance the capabilities of the target business&rsquo;s management team by recruiting additional talent
through our network of contacts.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Benefit from Being a Publicly Traded Company</I></B><I>. </I>We will primarily seek a target
that we believe will benefit from being publicly traded and will be able to effectively utilize the broader access to capital and
the public profile that are associated with being a publicly traded company.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Effecting</B></FONT><B> a Business
Combination</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not presently engaged in, and we
will not engage in, any substantive commercial business for an indefinite period of time following this offering. We intend to
utilize cash derived from the proceeds of this offering and the private placement of private warrants, our capital stock, debt
or a combination of these in effecting a business combination which has not yet been identified. Accordingly, investors in this
offering are investing without first having an opportunity to evaluate the specific merits or risks of any one or more business
combinations. A business combination may involve the acquisition of, or merger with, a company which does not need substantial
additional capital, but which desires to establish a public trading market for its shares, while avoiding what it may deem to be
adverse consequences of undertaking a public offering itself. These include time delays, significant expense, loss of voting control
and compliance with various federal and state securities laws. In the alternative, we may seek to consummate a business combination
with a company that may be financially unstable or in its early stages of development or growth. While we may seek to effect simultaneous
business combinations with more than one target business, we will probably have the ability, as a result of our limited resources,
to effect only a single business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We Have Not Identified a Target Business</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, we have not selected any target
business on which to concentrate our search for a business combination. None of our officers, directors, promoters and other affiliates
has engaged in any substantive discussions on our behalf with representatives of other companies regarding the possibility of a
potential merger, capital stock exchange, asset acquisition or other similar business combination with us. Additionally, we have
not engaged or retained any agent or other representative to identify or locate such companies. As a result, we cannot assure you
that we will be able to locate a target business or that we will be able to engage in a business combination with a target business
on favorable terms or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to our management team&rsquo;s
fiduciary obligations and the fair market value requirement described below, we will have virtually unrestricted flexibility in
identifying and selecting a prospective acquisition candidate. We have not established any specific attributes or criteria (financial
or otherwise) for prospective target businesses other than as described above. Accordingly, there is no basis for investors in
this offering to evaluate the possible merits or risks of the target business with which we may ultimately complete a business
combination. 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we have not yet selected a target
business with which to consummate our initial business combination, we believe based on our management&rsquo;s business knowledge
and past experience that there are numerous potential candidates. We expect that our principal means of identifying potential target
businesses will be through the extensive contacts and relationships of our initial stockholders, officers and directors. While
our officers and directors are not required to commit any specific amount of time in identifying or performing due diligence on
potential target businesses, our officers and directors believe that the relationships they have developed over their careers and
their access to our initial stockholders&rsquo; contacts and resources will generate a number of potential business combination
opportunities that will warrant further investigation. We also anticipate that target business candidates will be brought to our
attention from various unaffiliated sources, including investment bankers, venture capital funds, private equity funds, leveraged
buyout funds, management buyout funds and other members of the financial community. 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 they think we may be interested in on an unsolicited basis, since many of these sources will have read this
prospectus and know what types of businesses we are targeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our officers and directors must present
to us all target business opportunities that have a fair market value of at least 80% of the assets held in the trust account (less
any taxes payable on the interest earned on the trust account) at the time of the agreement to enter into the initial business
combination, subject to any fiduciary or contractual obligations. While we do not presently anticipate engaging the services of
professional firms or other individuals that specialize in business acquisitions on any formal basis (other than EarlyBirdCapital
as described elsewhere in this prospectus), 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. In no event, however, will our initial stockholders, officers, directors or their respective affiliates
be paid any compensation prior to, or for any services they render in order to effectuate, the consummation of an initial business
combination (regardless of the type of transaction that it is) other than the repayment of the $150,000 loan and reimbursement
of any out-of-pocket expenses. Our audit committee will review and approve all reimbursements and payments made to our initial
stockholders, officers, directors or our or their respective affiliates, with any interested director abstaining from such review
and approval.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have no present intention to enter into
a business combination with a target business that is affiliated with any of our officers or directors. However, we are not restricted
from entering into any such transactions and may do so if (i)&nbsp;such transaction is approved by a majority of our disinterested
independent directors and (ii)&nbsp;we obtain an opinion from an independent investment banking firm, or another independent entity
that commonly renders valuation opinions, that the business combination is fair to our unaffiliated stockholders from a financial
point of view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Selection of a Target Business and
Structuring of a Business Combination</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to our management team&rsquo;s
fiduciary obligations and the limitations that a target business have a fair market value of at least 80% of the balance in the
trust account (less any taxes payable on the interest earned on the trust account) at the time of the execution of a definitive
agreement for our initial business combination, as described below in more detail, and that we must acquire a controlling interest
in the target business, our management will have virtually unrestricted flexibility in identifying and selecting a prospective
target business. We have not established any specific attributes or criteria (financial or otherwise) for prospective target businesses
other than as described above under the caption &ldquo;<I>Investment Criteria</I>.&rdquo; In evaluating a prospective target business,
our management may consider a variety of factors, including one or more of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">financial condition and results of operation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">growth potential;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">brand recognition and potential;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">experience and skill of management and availability of additional personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">capital requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">competitive position;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">barriers to entry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">stage of development of the products, processes or services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">existing distribution and potential for expansion;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">degree of current or potential market acceptance of the products, processes or services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">proprietary aspects of products and the extent of intellectual property or other protection for
products or formulas;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">impact of regulation on the business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">regulatory environment of the industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">costs associated with effecting the business combination;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">industry leadership, sustainability of market share and attractiveness of market industries in
which a target business participates; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">macro competitive dynamics in the industry within which the company competes.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These criteria are not intended to be exhaustive.
Any evaluation relating to the merits of a particular business combination will be based, to the extent relevant, on the above
factors as well as other considerations deemed relevant by our management in effecting a business combination consistent with our
business objective. In evaluating a prospective target business, we will conduct an extensive due diligence review which will encompass,
among other things, meetings with incumbent management and inspection of facilities, as well as review of financial and other information
which is made available to us. This due diligence review will be conducted either by our management or by unaffiliated third parties
we may engage, although we have no current intention to engage any such third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The time and costs required to select and
evaluate a target business and to structure and complete the business combination cannot presently be ascertained with any degree
of certainty. Any costs incurred with respect to the identification and evaluation of a prospective target business with which
a business combination is not ultimately completed will result in a loss to us and reduce the amount of capital available to otherwise
complete a business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nasdaq rules&nbsp;require that the
target business or businesses that we acquire must collectively have a fair market value equal to at least 80% of the balance of
the funds in the trust account (less any taxes payable on the interest earned on the trust account) at the time of the execution
of a definitive agreement for our initial business combination. Notwithstanding the foregoing, if we are not then listed on the
Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently anticipate structuring a business
combination to acquire 100% of the equity interests or assets of the target business or businesses. We may, however, structure
our initial business combination where we merge directly with the target business or a newly formed subsidiary or where we acquire
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 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 stockholders prior to the
business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed
to the target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we could acquire a 100% controlling
interest in the target; however, as a result of the issuance of a substantial number of new shares, our stockholders immediately
prior to our initial business combination could own less than a majority of our outstanding shares subsequent to 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 valued for purposes
of the 80% of trust account balance test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair market value of the target will
be determined by our board of directors based upon one or more standards generally accepted by the financial community (such as
actual and potential sales, earnings, cash flow and/or book value). The proxy solicitation materials or tender offer documents
used by us in connection with any proposed transaction will provide public stockholders with our analysis of the fair market value
of the target business, as well as the basis for our determinations. If our board is not able to independently determine that the
target business has a sufficient fair market value, we will obtain an opinion from an unaffiliated, independent investment banking
firm, or another independent entity that commonly renders valuation opinions, with respect to the satisfaction of such criteria.
We will not be required to obtain an opinion from an investment banking firm as to the fair market value if our board of directors
independently determines that the target business complies with the 80% threshold.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may seek to effect a business combination
with more than one target business, although we expect to complete our business combination with just one business. Therefore,
at least initially, the prospects for our success may be entirely dependent upon the future performance of a single business operation.
Unlike other entities which may have the resources to complete several business combinations of entities operating in multiple
industries or multiple areas of a single industry, it is probable that we will not have the resources to diversify our operations
or benefit from the possible spreading of risks or offsetting of losses. By consummating a business combination with only a single
entity, our lack of diversification may:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">subject us to numerous economic, competitive and regulatory developments, any or all of which may
have a substantial adverse impact upon the particular industry in which we may operate subsequent to a business combination, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">result in our dependency upon the performance of a single operating business or the development
or market acceptance of a single or limited number of products, processes or services.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we determine to simultaneously acquire
several businesses and such businesses 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 acquisitions, which may make it more difficult
for us, and delay our ability, to complete the business combination. With multiple acquisitions, we could also face additional
risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence investigations (if
there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services
or products of the acquired companies in a single operating business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Limited Ability to Evaluate the Target
Business&rsquo; Management</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we intend to scrutinize the management
of a prospective target business when evaluating the desirability of effecting a business combination, we cannot assure you that
our assessment of the target business&rsquo; management will prove to be correct. In addition, we cannot assure you that the future
management will have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role
of our officers and directors, if any, in the target business following a business combination cannot presently be stated with
any certainty. While it is possible that some of our key personnel will remain associated in senior management or advisory positions
with us following a business combination, it is unlikely that they will devote their full-time efforts to our affairs subsequent
to a business combination. Moreover, they would only be able to remain with the company after the consummation of a business combination
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 them to receive compensation
in the form of cash payments and/or our securities for services they would render to the company after the consummation of the
business combination. While the personal and financial interests of our key personnel may influence their motivation in identifying
and selecting a target business, their ability to remain with the company after the consummation of a business combination will
not be the determining factor in our decision as to whether or not we will proceed with any potential business combination. Additionally,
we cannot assure you that our officers and directors 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 any such additional managers we do recruit will have the requisite
skills, knowledge or experience necessary to enhance the incumbent management.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Stockholders May&nbsp;Not Have the
Ability to Approve an Initial Business Combination</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any proposed business
combination, we will either (1)&nbsp;seek stockholder approval of our initial business combination at a meeting called for such
purpose at which stockholders may seek to convert their shares, regardless of whether they vote for or against the proposed business
combination or don&rsquo;t vote at all, into their pro rata share of the aggregate amount then on deposit in the trust account
(net of taxes payable), or (2)&nbsp;provide our stockholders with the opportunity to sell their shares to us by means of a tender
offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then
on deposit in the trust account (net of taxes payable), in each case subject to the limitations described herein. The decision
as to whether we will seek stockholder approval of a proposed business combination or will allow stockholders 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 stockholder approval. If we determine
to engage in a tender offer, such tender offer will be structured so that each stockholder may tender all of his, her or its shares
rather than some pro rata portion of his, her or its shares. In that case, we will file tender offer documents with the SEC which
will contain substantially the same financial and other information about the initial business combination as is required under
the SEC&rsquo;s proxy rules. Whether we seek stockholder approval or engage in a tender offer, we will consummate our initial business
combination only if we have net tangible assets of at least $5,000,001 immediately prior to or upon consummation of such business
combination and, if we seek stockholder approval, a majority of the outstanding shares of common stock voted are voted in favor
of the business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We chose our net tangible asset threshold
of $5,000,001 to ensure that we would avoid being subject to Rule&nbsp;419 promulgated under the Securities Act of 1933, as amended.
However, if we seek to consummate an initial business combination with a target business that imposes any type of working capital
closing condition or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial
business combination, we may need to have more than $5,000,001 in net tangible assets upon consummation and this may force us to
seek third party financing which may not be available on terms acceptable to us or at all. As a result, we may not be able to consummate
such initial business combination and we may not be able to locate another suitable target within the applicable time period, if
at all. Public stockholders may therefore have to wait 24 months from the closing of this offering in order to be able to receive
a pro rata share of the trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our initial stockholders, officers and
directors have agreed (1)&nbsp;to vote any shares of common stock owned by them in favor of any proposed business combination,
(2)&nbsp;not to convert any shares of common stock in connection with a stockholder vote to approve a proposed initial business
combination and (3)&nbsp;not sell any shares of common stock in any tender in connection with a proposed initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of our officers, directors, initial
stockholders or their affiliates has indicated any intention to purchase units or shares of common stock in this offering or from
persons in the open market or in private transactions. However, if we hold a meeting to approve a proposed business combination
and a significant number of stockholders vote, or indicate an intention to vote, against such proposed business combination or
that they wish to convert their shares, our officers, directors, initial stockholders or their affiliates could make such purchases
in the open market or in private transactions in order to influence the vote and reduce the number of conversions. Notwithstanding
the foregoing, our officers, directors, initial stockholders and their affiliates will not make purchases of shares of common stock
if the purchases would violate Section&nbsp;9(a)(2)&nbsp;or Rule&nbsp;10b-5 of the Exchange Act, which are rules&nbsp;designed
to stop potential manipulation of a company&rsquo;s stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any meeting called to approve an initial
business combination, public stockholders may seek to convert their shares, regardless of whether they vote for or against the
proposed business combination or do not vote at all, into their pro rata share of the aggregate amount then on deposit in the trust
account as of two business days prior to the consummation of the initial business combination, less any taxes then due but not
yet paid. Alternatively, we may provide our public stockholders with the opportunity to sell their shares of our common stock to
us through a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the
aggregate amount then on deposit in the trust account, less any taxes then due but not yet paid.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our initial stockholders and our officers
and directors will not have conversion rights with respect to any shares of common stock owned by them, directly or indirectly,
whether acquired prior to this offering or purchased by them in this offering or in the aftermarket. Additionally, the holders
of the representative shares will not have conversion rights with respect to the representative shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may require public stockholders, whether
they are a record holder or hold their shares in &ldquo;street name,&rdquo; to either (i)&nbsp;tender their certificates to our
transfer agent or (ii)&nbsp;deliver their shares to the transfer agent electronically using Depository Trust Company&rsquo;s DWAC
(Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s option, in each case prior to a date set forth in the proxy materials
sent in connection with the proposal to approve the business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is a nominal cost associated with
the above-referenced delivery 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 nominal amount and it would be up to the broker whether or not to pass this
cost on to the holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise
conversion rights. The need to deliver shares is a requirement of exercising conversion rights regardless of the timing of when
such delivery must be effectuated. However, in the event we require stockholders seeking to exercise conversion rights prior to
the consummation of the proposed business combination and the proposed business combination is not consummated this may result
in an increased cost to stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any proxy solicitation materials we furnish
to stockholders in connection with a vote for any proposed business combination will indicate whether we are requiring stockholders
to satisfy such certification and delivery requirements. Accordingly, a stockholder would have from the time the stockholder received
our proxy statement up until the vote on the proposal to approve the business combination to deliver his shares if he wishes to
seek to exercise his conversion rights. This time period varies depending on the specific facts of each transaction. However, as
the delivery process can be accomplished by the stockholder, whether or not he is a record holder or his shares are held in &ldquo;street
name,&rdquo; in a matter of hours by simply contacting the transfer agent or his broker and requesting delivery of his shares through
the DWAC System, we believe this time period is sufficient for an average investor. However, we cannot assure you of this fact.
Please see the risk factor titled &ldquo;<I>In connection with any stockholder meeting called to approve a proposed initial business
combination, we may require stockholders who wish to convert their shares in connection with a proposed business combination to
comply with specific requirements for conversion that may make it more difficult for them to exercise their conversion rights prior
to the deadline for exercising their rights</I>&rdquo; for further information on the risks of failing to comply with these requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any request to convert such shares once
made, may be withdrawn at any time up to the vote on the proposed business combination or the expiration of the tender offer. Furthermore,
if a holder of public shares delivered his certificate in connection with an election of their conversion and subsequently decides
prior to the applicable date not to elect to exercise such rights, he may simply request that the transfer agent return the certificate
(physically or electronically).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the initial business combination is
not approved or completed for any reason, then our public stockholders who elected to exercise their conversion rights would not
be entitled to convert their shares for the applicable pro rata share of the trust account. In such case, we will promptly return
any shares delivered by public holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Liquidation if No Business Combination</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of
incorporation provides that we will have only 24 months from the closing of this offering to complete an initial business combination.
If we have not completed an initial business combination by such date, 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
outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including any interest not previously released to us but net of taxes payable, divided by the number of then outstanding public
shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive
further liquidation distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject
(in the case of (ii)&nbsp;and (iii)&nbsp;above) to our obligations under Delaware law to provide for claims of creditors and the
requirements of other applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our initial stockholders, officers and
directors have agreed that they will not propose any amendment to our amended and restated certificate of incorporation that would
affect our public stockholders&rsquo; ability to convert or sell their shares to us in connection with a business combination as
described herein or affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
a business combination within 24 months from the closing of this offering unless we provide our public stockholders with the opportunity
to convert their shares of common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest not previously released to us but net of franchise and income taxes payable,
divided by the number of then outstanding public shares. This redemption right shall apply in the event of the approval of any
such amendment, whether proposed by our initial stockholders, officers, directors or any other person.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation
Law, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received
by them in a dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption
of 100% of our outstanding public shares in the event we do not complete our initial business combination within the required time
period may be considered a liquidation distribution under Delaware law. If the corporation complies with certain procedures set
forth in Section&nbsp;280 of the Delaware General Corporation Law intended to ensure that it makes reasonable provision for all
claims against it, including a 60-day notice period during which any third-party claims can be brought against the corporation,
a 90-day period during which the corporation may reject any claims brought, and an additional 150-day waiting period before any
liquidating distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is
limited to the lesser of such stockholder&rsquo;s pro rata share of the claim or the amount distributed to the stockholder, and
any liability of the stockholder would be barred after the third anniversary of the dissolution. It is our intention to redeem
our public shares as soon as reasonably possible following our 24<SUP>th</SUP> month, and, therefore, we do not intend to comply
with those procedures. As such, our stockholders could potentially be liable for any claims to the extent of distributions received
by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, if the pro rata portion of
our trust account distributed to our public stockholders upon the redemption of 100% of our public shares in the event we do not
complete our initial business combination within the required time period is not considered a liquidation distribution under Delaware
law and such redemption distribution is deemed to be unlawful, then pursuant to Section&nbsp;174 of the Delaware General Corporation
Law, the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead
of three years, as in the case of a liquidation distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we will not be complying with Section&nbsp;280
of the Delaware General Corporation Law, Section&nbsp;281(b)&nbsp;of the Delaware General Corporation Law requires us to adopt
a plan, based on facts known to us at such time that will provide for our payment of all existing and pending claims or claims
that may be potentially brought against us within the subsequent ten years. However, because we are a blank check company, rather
than an operating company, and our operations will be limited to searching for prospective target businesses to acquire, the only
likely claims to arise would be from our vendors (such as lawyers, investment bankers,&nbsp;etc.) or prospective target businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to seek to have all third
parties (including any vendors or other entities we engage after this offering) and any prospective target businesses enter into
agreements with us waiving any right, title, interest or claim of any kind they may have in or to any monies held in the trust
account. As a result, the claims that could be made against us will be limited, thereby lessening the likelihood that any claim
would result in any liability extending to the trust. We therefore believe that any necessary provision for creditors will be reduced
and should not have a significant impact on our ability to distribute the funds in the trust account to our public stockholders.
Nevertheless, Marcum LLP, our independent registered public accounting firm, and the underwriters of the offering, will not execute
agreements with us waiving such claims to the monies held in the trust account. Furthermore, there is no guarantee that other vendors,
service providers and prospective target businesses will execute such agreements. Nor is there any guarantee that, even if they
execute such agreements with us, they will not seek recourse against the trust account. Vincent Donargo, our Chief Financial Officer,
has agreed that he will be liable to ensure that the proceeds in the trust account are not reduced below $10.00 per share by the
claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered or contracted
for or products sold to us, but we cannot assure you that he will be able to satisfy his indemnification obligations if he is required
to do so. We have not asked Mr.&nbsp;Donargo to reserve for such indemnification obligations, nor have we independently verified
whether Mr.&nbsp;Donargo has sufficient funds to satisfy its indemnity obligations. Therefore, we cannot assure you that Mr.&nbsp;Donargo
will be able to satisfy his indemnification obligations if he is required to do so. Additionally, the agreement Mr.&nbsp;Donargo
entered into specifically provides for two exceptions to the indemnity it has given: it will have no liability (1)&nbsp;as to any
claimed amounts owed to a target business or vendor or other entity who has executed an agreement with us waiving any right, title,
interest or claim of any kind they may have in or to any monies held in the trust account, or (2)&nbsp;as to any claims for indemnification
by the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. As a result,
if we liquidate, the per-share distribution from the trust account could be less than $10.00 due to claims or potential claims
of creditors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate notifying the trustee of
the trust account to begin liquidating such assets promptly after our 24<SUP>th</SUP> month and anticipate it will take no more
than ten business days to effectuate such distribution. The holders of the founders&rsquo; shares have waived their rights to participate
in any liquidation distribution from the trust account with respect to such shares. There will be no distribution from the trust
account with respect to our warrants, including the private warrants, which will expire worthless. We will pay the costs of any
subsequent liquidation from our remaining assets outside of the trust account. If such funds are insufficient, Mr.&nbsp;Laikin
has contractually agreed to advance us the funds necessary to complete such liquidation (currently anticipated to be no more than
approximately $15,000) and has contractually agreed not to seek repayment for such expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are unable to complete an initial
business combination and expend all of the net proceeds of this offering, other than the proceeds deposited in the trust account,
and without taking into account interest, if any, earned on the trust account, the initial per-share redemption price would be
$10.00. As discussed above, the proceeds deposited in the trust account could become subject to claims of our creditors that are
in preference to the claims of public stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our public stockholders shall be entitled
to receive funds from the trust account only in the event of our failure to complete a business combination within the required
time period, if the stockholders seek to have us convert or purchase their respective shares upon a business combination which
is actually completed by us or upon certain amendments to our amended and restated certificate of incorporation prior to consummating
an initial business combination. In no other circumstances shall a stockholder have any right or interest of any kind to or in
the trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are forced to file a bankruptcy case
or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held in the trust account could be subject
to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority
over the claims of our stockholders. To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will
be able to return to our public stockholders at least $10.00 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are forced to file a bankruptcy case
or an involuntary bankruptcy case is filed against us which is not dismissed, any distributions received by stockholders could
be viewed under applicable debtor/creditor and/or bankruptcy laws as either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent
conveyance.&rdquo; As a result, a bankruptcy court could seek to recover all amounts received by our stockholders. Furthermore,
because we intend to distribute the proceeds held in the trust account to our public stockholders promptly after 24 months from
the closing of this offering, this may be viewed or interpreted as giving preference to our public stockholders over any potential
creditors with respect to access to or distributions from our assets. Furthermore, our board may be viewed as having breached their
fiduciary duties 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 stockholders from the trust account prior to addressing the claims of creditors. We cannot assure
you that claims will not be brought against us for these reasons.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of
incorporation contains certain requirements and restrictions relating to this offering that will apply to us until the consummation
of our initial business combination. These provisions cannot be amended without the approval of a majority of our stockholders.
If we seek to amend any provisions of our amended and restated certificate of incorporation that would affect our public stockholders&rsquo;
ability to convert or sell their shares to us in connection with a business combination as described herein or affect the substance
or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination within 24 months from
the closing of this offering, we will provide dissenting public stockholders with the opportunity to convert their public shares
in connection with any such vote. This conversion right shall apply in the event of the approval of any such amendment, whether
proposed by any officer, director or director nominee, or any other person. Our initial stockholders, officers and directors have
agreed to waive any conversion rights with respect to any founders&rsquo; shares and any public shares they may hold in connection
with any vote to amend our amended and restated certificate of incorporation. Specifically, our amended and restated certificate
of incorporation provides, among other things, that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">we shall either (1)&nbsp;seek stockholder approval of our initial business combination at a meeting
called for such purpose at which stockholders may seek to convert their shares, regardless of whether they vote for or against
the proposed business combination or don&rsquo;t vote at all, into their pro rata share of the aggregate amount then on deposit
in the trust account (net of taxes payable), or (2)&nbsp;provide our stockholders with the opportunity to sell their shares to
us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of
the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations described
herein;</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">we will consummate our initial business combination only if we have net tangible assets of at least
$5,000,001 immediately prior to or upon consummation of such business combination and, if we seek stockholder approval, a majority
of the outstanding shares of common stock voted are voted in favor of the business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">if our initial business combination is not consummated within 24 months from the closing of this
offering, then we will redeem all of the outstanding public shares and thereafter liquidate and dissolve our company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">upon the consummation of this offering, $100.0 million, or approximately $115 million if the over-allotment
option is exercised in full, shall be placed into the trust account;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">we may not consummate any other business combination, merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar transaction prior to our initial business combination; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">prior to our initial business combination, we may not issue additional stock that participates
in any manner in the proceeds of the trust account, or that votes as a class with the common stock sold in this offering on an
initial business combination.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In identifying, evaluating and selecting
a target business, we may encounter intense competition from other entities having a business objective similar to ours. Many of
these entities are well established and have extensive experience identifying and effecting business combinations directly or through
affiliates. Many of these competitors possess greater technical, human and other resources than us and our financial resources
will be relatively limited when contrasted with those of many of these competitors. While we believe there may be numerous potential
target businesses that we could acquire with the net proceeds of this offering, our ability to compete in acquiring certain sizable
target businesses may be limited by our available financial resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following also may not be viewed favorably
by certain target businesses:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our obligation to seek stockholder approval of a business combination or engage in a tender offer
may delay the completion of a transaction;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our obligation to convert or repurchase shares of common stock held by our public stockholders
may reduce the resources available to us for a business combination; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our outstanding warrants, and the potential future dilution they represent.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any of these factors may place us at a
competitive disadvantage in successfully negotiating a business combination. Our management believes, however, that our status
as a public entity and potential access to the United States public equity markets may give us a competitive advantage over privately
held entities having a similar business objective as ours in acquiring a target business with significant growth potential on favorable
terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we succeed in effecting a business combination,
there will be, in all likelihood, intense competition from competitors of the target business. We cannot assure you that, subsequent
to a business combination, we will have the resources or ability to compete effectively.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently maintain our principal executive
offices at 8556 Oakmont Lane,&nbsp;Indianapolis,&nbsp;Indiana 46260 which is provided to us by Robert J. Laikin, our Chairman for
no fee. We consider our current office space, combined with the other office space otherwise available to our executive officers,
adequate for our current operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have two executive officers. These individuals
are not obligated to devote any specific number of hours to our matters and intend to devote only as much time as they deem necessary
to our affairs. The amount of time they will devote in any time period will vary based on whether a target business has been selected
for the business combination and the stage of the business combination process the company is in. Accordingly, once a suitable
target business to acquire has been located, management may spend more time investigating such target business and negotiating
and processing the business combination (and consequently spend more time on our affairs) than had been spent prior to locating
a suitable target business. We presently expect our executive officers to devote such amount of time as they reasonably believe
is necessary to our business. We do not intend to have any full-time employees prior to the consummation of a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Periodic Reporting and Audited Financial Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have registered our units, common stock
and warrants under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and
current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual report will contain financial
statements audited and reported on by our independent registered public accountants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide stockholders with audited
financial statements of the prospective target business as part of any proxy solicitation materials or tender offer documents sent
to stockholders to assist them in assessing the target business. These financial statements will need to be prepared in accordance
with or reconciled to United States generally accepted accounting principles or international financial reporting standards as
promulgated by the International Accounting Standards Board. We cannot assure you that any particular target business identified
by us as a potential acquisition candidate will have the necessary financial statements. To the extent that this requirement cannot
be met, we may not be able to acquire the proposed target business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be required to have our internal
control procedures audited for the fiscal year ending December&nbsp;31, 2021 as required by the Sarbanes-Oxley Act. A target company
may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal controls. The development
of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary
to complete any such acquisition.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, and we
and the members of our management team have not been subject to any such proceeding in the 12 months preceding the date of this
prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison to Offerings of Blank Check Companies Subject
to Rule&nbsp;419</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table compares and contrasts
the terms of our offering and the terms of an offering of blank check companies under Rule&nbsp;419 promulgated by the SEC assuming
that the gross proceeds, underwriting discounts and underwriting expenses for the Rule&nbsp;419 offering are the same as this offering
and that the underwriters will not exercise their over-allotment option. None of the terms of a Rule&nbsp;419 offering will apply
to this offering because we will have net tangible assets in excess of $5,000,000 upon the successful consummation of this offering
and will file a Current Report on Form&nbsp;8-K, including an audited balance sheet demonstrating this fact.</P>

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

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

<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="text-align: justify; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 43%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of the Offering</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Escrow of offering proceeds</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100,000,000 of the proceeds from this offering and the sale of the private warrants will be deposited into a U.S.-based trust account maintained by Continental Stock Transfer&nbsp;&amp; Trust Company, acting as trustee</FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$88,200,000 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>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&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; font-size: 10pt"><B>Investment of net proceeds</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $100,000,000 of the proceeds of this offering and the sale of the private warrants held in trust will only be invested in United States &ldquo;government securities&rdquo; within the meaning of Section&nbsp;2(a)(16) of the Investment Company Act with a maturity of 180 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.</FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&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; font-size: 10pt"><B>Limitation on fair value or net assets of target business</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our initial business combination must occur with one or more target businesses that together have a fair market value of at least 80% of the assets held in the trust account at the time of the agreement to enter into the initial business combination. Notwithstanding the foregoing, if we are not then listed on the Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value test.</FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We would be restricted from acquiring a target business unless the fair value of such business or net assets to be acquired represent at least 80% of the maximum offering proceeds.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&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; font-size: 10pt"><B>Trading of securities issued</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The units may commence trading on or promptly after the date of this prospectus. The shares of common stock and warrants comprising the units will begin to trade separately on the 90<SUP>th</SUP> day after the date of this prospectus unless EarlyBirdCapital informs us of its decision to allow earlier separate trading, provided 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 proceeds of this offering, including any proceeds we receive from the exercise of the over-allotment option, if such option is exercised prior to the initial filing of such Current Report on Form&nbsp;8-K. If the over-allotment option is exercised after the initial filing of such Current Report on Form&nbsp;8-K, we will file an amendment to the Form&nbsp;8-K to provide updated financial information to reflect the exercise and consummation of the over-allotment option. We will also include in this Form&nbsp;8-K, an amendment thereto, or in a subsequent Form&nbsp;8-K, information indicating if EarlyBirdCapital has allowed separate trading of the shares of common stock and warrants prior to the 90<SUP>th</SUP> day after the date of this prospectus.</FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No trading of the units or the underlying shares of common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account. &nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of the Offering</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise of the warrants</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants cannot be exercised until the later of 30 days after the completion of a business combination or 12 months from the closing of this offering and, accordingly, will be exercised only after the trust account has been terminated and distributed</FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&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; font-size: 10pt"><B>Election to remain an investor</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will either (1)&nbsp;give our stockholders the opportunity to vote on the business combination or (2)&nbsp;provide our public stockholders with the opportunity to sell their shares of our common stock to us in a tender offer for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, less taxes. If we hold a meeting to approve a proposed business combination, we will send each stockholder a proxy statement containing information required by the SEC. Alternatively, if we do not hold a meeting and instead conduct a tender offer, we will conduct such tender offer in accordance with the tender offer rules&nbsp;of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination as we would have included in a proxy statement.</FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A prospectus containing information 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 the post-effective amendment, to decide whether he or she elects to remain a stockholder of the company or require the return of his or her investment. If the company has not received the notification by the end of the 45<SUP>th </SUP>business day, funds and interest or dividends, if any, held in the trust or escrow account would automatically be returned to the stockholder. Unless a sufficient number of investors elect to remain investors, all of the deposited funds in the escrow account must be returned to all investors and none of the securities will be issued. &nbsp;</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: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of the Offering</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business combination deadline</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination within 24 months from the closing of this offering, 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 outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest not released to us but net of franchise and income taxes payable, divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii)&nbsp;and (iii)&nbsp;above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an acquisition has not been consummated within 18 months after the effective date of the initial registration statement, funds held in the trust or escrow account would be returned to investors. &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&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; font-size: 10pt"><B>Interest earned
    on the funds in the trust account</B></FONT> </TD>
    <TD STYLE="text-align: justify; white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> There can be released
                                    to us, from time to time, any interest earned on the funds in the trust account that we may
                                    need to pay our tax obligations. The remaining interest earned on the funds in the trust account
                                    will not be released until the earlier of the completion of a business combination and our
                                    liquidation upon failure to effect a business combination within the allotted time. </P>


</TD>
    <TD STYLE="text-align: justify; white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All interest
    earned on the funds in the trust account will be held in trust for the benefit of public stockholders until the earlier of
    the completion of a business combination and our liquidation upon failure to effect a business combination within the allotted
    time.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&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; font-size: 10pt"><B>Release of funds</B></FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except for any interest
    earned on the funds in the trust account released to us for our tax obligations and working capital requirements as described
    in this prospectus, the proceeds held in the trust account will not be released to us until the earlier of the completion
    of a business combination and our liquidation upon failure to effect a business combination within the allotted time.</FONT></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proceeds held
    in the escrow account would not be released to the company 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="H_010"></A><FONT STYLE="text-transform: uppercase"><B>MANAGEMENT</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current directors and executive officers
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 58%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert J. Laikin</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Larry M. Paulson</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vincent Donargo</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heather Goodman</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brad Bostic</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Robert
J. Laikin </I></B></FONT> has served as our Chairman of the Board since our inception. Mr.&nbsp;Laikin currently serves as the
non-executive Chairman of the Board of Washington Prime Group Inc. (NYSE:WPG), where he has held a director role since May&nbsp;2014.
Mr.&nbsp;Laikin held the Lead Independent Director role at Washington Prime Group Inc. until the position was eliminated by the
Board in 2016 and he at that time became Chairman of the Board. Mr.&nbsp;Laikin has also been the managing member of L7 Investments
LLC, a closely held company that invests primarily in multi-family apartments as well as single-purpose buildings, hotels, divestitures
and single-family homes, since January&nbsp;2016. Mr.&nbsp;Laikin served as Executive Advisor to the CEO and Government Relations
Executive of Ingram Micro Inc. (NYSE:IM), a wholesale technology distributor and supply-chain management and mobile device lifecycle
services company, from November&nbsp;2012 to December&nbsp;2019. Previously Mr.&nbsp;Laikin served as the founder, Chief Executive
Officer and member of the board of directors of Brightpoint,&nbsp;Inc. (Nasdaq:CELL) from August&nbsp;1989 until it was acquired
by Ingram Macro Inc. in November&nbsp;2012. Mr.&nbsp;Laikin holds a Bachelor of Science from Indiana University. We believe Mr.&nbsp;Laikin
is well-qualified to serve as our Chairman because of his significant experience in the areas of executive leadership, corporate
management, retail, real estate, business strategy and corporate finance, banking, financing, accounting, corporate management,
general business and global business operations, accounting, corporate governance, public company compliance, political/governmental
matters, audit/compliance, entrepreneurism, real estate development, sales, charitable/philanthropic matters, marketing, risk management/insurance,
legal, investor, media and public relations, negotiation and deal structure.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Larry M. Paulson </I></B>has served
as our Chief Executive Officer and a member of our board of directors since our inception. He has also served as principal and
founder of Rancho Santa Fe Solutions , a wireless industry consulting company he founded in February&nbsp;2010. From 2013 to January&nbsp;2020,
Mr.&nbsp;Paulson was with Qualcomm (Nasdaq:QCOM) where he served as Vice President of Product Management (2013-16), Vice President
and President India and SAARC (2016-2018) and Vice President Sales NA and Australia (2018-Jan 2020). Prior to Qualcomm, he served
as Executive Vice President and Chief Marketing officer of Brightpoint,&nbsp;Inc., a provider of worldwide distribution and integrated
logistics services to the wireless communications industry, from 2010 to 2013. Prior to that he served with Nokia (NYSE:NOK) from
1987 to 2010 where he had numerous roles including global Senior Vice President and General Manager CDMA Product line. Mr.&nbsp;Paulson
holds a BA in Communications from Point Park University. We believe Mr.&nbsp;Paulson is well-qualified to serve on our board of
directors because of his more than thirty years of global senior management positions in the tech industry with expertise in wireless
communications.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Vincent
Donargo</I></B></FONT> has served as our Chief Financial Officer since our inception. Since December&nbsp;2019, Mr.&nbsp;Donargo
has been providing financial advisory and consulting services to private clients. From May&nbsp;2019 to December&nbsp;2019, Mr.&nbsp;Donargo
served as Executive Vice President and Chief Financial Officer of the Celadon Group Inc. (OTC:CGIPQ). From November&nbsp;2017 to
April&nbsp;2019, he was Vice President and Chief Accounting Officer of the Celadon Group Inc., where he was brought in to assist
with Celadon Group&rsquo;s financial restructuring. Celadon Group filed a voluntary petition for bankruptcy on December&nbsp;8,
2019. From August&nbsp;2016 to November&nbsp;2017, Mr.&nbsp;Donargo was Executive Vice President and Chief Financial Officer of
Beaulieu Group LLC, a North American carpet and flooring manufacturing company, where he assisted the company with its financial
restructuring process. Beaulieu Group LLC filed a voluntary petition for bankruptcy on July&nbsp;16, 2017. Prior to joining Beaulieu
Group, Mr.&nbsp;Donargo held senior finance positions at several publicly-traded companies, including Executive Vice President
and Chief Financial Officer of Brightstar Corporation from April, 2014 to August&nbsp;2016 and Executive Vice President, Chief
Financial Officer and Treasurer of Brightpoint,&nbsp;Inc. from September&nbsp;2005 until it was acquired by Ingram Macro Inc. in
November&nbsp;2012. From 1998 to 2005, Mr.&nbsp;Donargo was the strategic business unit controller, director of finance and corporate
controller of Aearo Company, a safety products manufacturing company. Prior to that, from 1990 to 1998, Mr.&nbsp;Donargo was employed
in various financial positions with National Starch and Chemical Company, a specialty chemical manufacturing company. Mr.&nbsp;Donargo
holds a BA in Accounting from Rutgers University.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Heather
Goodman</I></B></FONT> has served as a member of our board of directors since our inception. Since March&nbsp;2007, Ms.&nbsp;Goodman
has served as the Chief Operating Officer and President of True Capital Management, a boutique multi-family office specializing
in business management and investment advisory services for athletes, entertainers and high net worth individuals. Previously Ms.&nbsp;Goodman
acted as Financial Advisor at Morgan Stanley Smith Barney from February&nbsp;2002 to February&nbsp;2007. Ms.&nbsp;Goodman holds
a BS in Business Administration with an emphasis in Accounting from California Polytechnic State University, San Luis Obispo. She
is a Certified Public Accountant and maintains Series&nbsp;63, 65 and life insurance licenses. We believe Ms.&nbsp;Goodman is well-qualified
to serve as a director given her experience in building infrastructures which have created scalable platforms to achieve goals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Brad
Bostic</I></B></FONT> has served as a member of our board of directors since our inception. Mr.&nbsp;Bostic has served as the Chairman
and Chief Executive Officer of hc1, a bioinformatics company with more than 1,000 health systems and diagnostic laboratory sites
utilizing its machine-learning powered software, since founding hc1 in 2011. Mr.&nbsp;Bostic has also served as the Managing Director
of Health Cloud Capital since June&nbsp;2017, where he leads the deployment of Health Cloud Capital Fund I, a special purpose vehicle
targeting SaaS bioinformatics businesses that can be consolidated with hc1. Mr.&nbsp;Bostic has been responsible for forging strategic
partnerships for hcl with global healthcare technology leaders including Quest Diagnostics, Appriss Health, CliniSys, and Amazon
Web Services and leading healthcare organizations including Cleveland Clinic, University of Washington Health System, Sonora Quest
Labs, and Sonic Healthcare. Mr.&nbsp;Bostic has served on the board of directors of TechPoint Indiana, an advisory body advising
technology companies headquartered in Indiana, since January&nbsp;2015 and Eskenazi Health Foundation, a non-profit organization
aiming to promote a vital, healthy Indianapolis community, since December&nbsp;2017. Mr.&nbsp;Bostic holds a BS in Business at
Indiana University with a concentration in Informatics. We believe Mr.&nbsp;Bostic is well-qualified to serve on our board of directors
given his expertise in the technology industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors is divided into
three classes with only one class of directors being elected in each year and each class serving a three-year term. The term of
office of the first class of directors, consisting of Mr.&nbsp;Bostic, will expire at our first annual meeting of stockholders.
The term of office of the second class of directors, consisting of Ms.&nbsp;Goodman, will expire at the second annual meeting.
The term of office of the third class of directors, consisting of Mr.&nbsp;Laikin, will expire at the third annual meeting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No executive officer has received any cash
compensation for services rendered to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No compensation or fees of any kind will
be paid to our initial stockholders, members of our management team or their respective affiliates, for services rendered prior
to or in connection with the consummation of our initial business combination (regardless of the type of transaction that it is).
However, they will receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf,
such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations
as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations.
There is no limit on the amount of out-of-pocket expenses reimbursable by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 stockholders, to the extent then known, in the proxy solicitation materials furnished
to our stockholders. However, the amount of such compensation may not be known at the time of the stockholder meeting held to consider
an initial business combination, as it will be up to the directors of the post-combination business to determine executive and
director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in a Current
Report on Form&nbsp;8-K or a periodic report, as required by the SEC.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nasdaq listing standards require that a
majority of our board of directors be independent. An &ldquo;independent director&rdquo; is defined generally as a person other
than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion
of the company&rsquo;s board of directors, would interfere with the director&rsquo;s exercise of independent judgment in carrying
out the responsibilities of a director. Our board of directors has determined that Messrs.&nbsp;Laikin and Bostic and Ms.&nbsp;Goodman
are &ldquo;independent directors&rdquo; as defined in the Nasdaq listing standards and applicable SEC rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our independent directors will have regularly
scheduled meetings at which only independent directors are present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any affiliated transactions will be on
terms no less favorable to us than could be obtained from independent parties. Our board of directors will review and approve all
affiliated transactions with any interested director abstaining from such review and approval.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the consummation of this offering,
we will establish an audit committee of the board of directors. Messrs.&nbsp;Laikin and Bostic and Ms.&nbsp;Goodman will serve
as members of our audit committee, and Heather Goodman will chair 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. Each of Messrs.&nbsp;Laikin
and Bostic and Ms.&nbsp;Goodman meet the independent director standard under Nasdaq listing standards and under Rule&nbsp;10-A-3(b)(1)&nbsp;of
the Exchange Act. The audit committee&rsquo;s duties, which are specified in our Audit Committee Charter, include, but are not
limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reviewing and discussing with management and the independent auditor the annual audited financial
statements, and recommending to the board whether the audited financial statements should be included in our Form&nbsp;10-K;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">discussing with management and the independent auditor significant financial reporting issues and
judgments made in connection with the preparation of our financial statements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">discussing with management major risk assessment and risk management policies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">monitoring the independence of the independent auditor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reviewing and approving all related-party transactions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">pre-approving all audit services and permitted non-audit services to be performed by our independent
auditor, including the fees and terms of the services to be performed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">appointing or replacing the independent auditor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">determining the compensation and oversight of the work of the independent auditor (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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">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; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">approving reimbursement of expenses incurred by our management team in identifying potential target
businesses.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each member of the audit committee is financially
literate and our board of directors has determined that Messrs.&nbsp;Laikin and Bostic and Ms.&nbsp;Goodman qualify as an &ldquo;audit
committee financial experts,&rdquo; as defined under rules&nbsp;and regulations of the SEC, which generally is any person who has
past employment experience in finance or accounting, requisite professional certification in accounting, or other comparable experience
or background that results in the individual&rsquo;s financial sophistication.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective upon the date of this prospectus,
we will establish a nominating committee of the board of directors, which will consist of Messrs.&nbsp;Laikin and Bostic and Ms.&nbsp;Goodman,
each of whom is an independent director under Nasdaq&rsquo;s listing standards. Mr.&nbsp;Laikin will chair the nominating committee.
The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors.
The nominating committee considers persons identified by its members, management, stockholders, investment bankers and others.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The guidelines for selecting nominees,
which are specified in the Nominating Committee Charter, generally provide that persons to be nominated:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">should have demonstrated notable or significant achievements in business, education or public service;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">should possess the requisite intelligence, education and experience to make a significant contribution
to the board of directors and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">should have the highest ethical standards, a strong sense of professionalism and intense dedication
to serving the interests of the stockholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating Committee will consider
a number of qualifications relating to management and leadership experience, background and integrity and professionalism in evaluating
a person&rsquo;s candidacy for membership on the board of directors. The nominating committee may require certain skills or attributes,
such as financial or accounting experience, to meet specific board needs that arise from time to time and will also consider the
overall experience and makeup of its members to obtain a broad and diverse mix of board members. The nominating committee does
not distinguish among nominees recommended by stockholders and other persons.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective upon the date of this prospectus,
we will establish a compensation committee of the board of directors, which will consist of Messrs.&nbsp;Laikin and Bostic and
Ms.&nbsp;Goodman, each of whom is an independent director under Nasdaq&rsquo;s listing standards. Mr.&nbsp;Bostic will chair the
compensation committee. The compensation committee&rsquo;s duties, which are specified in our Compensation Committee Charter, include,
but are not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief
Executive Officer&rsquo;s compensation, evaluating our Chief Executive Officer&rsquo;s performance in light of such goals and objectives
and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reviewing and approving the compensation of all of our other executive officers;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reviewing our executive compensation policies and plans;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">implementing and administering our incentive compensation equity-based remuneration plans;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">assisting management in complying with our proxy statement and annual report disclosure requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">approving all special perquisites, special cash payments and other special compensation and benefit
arrangements for our executive officers and employees;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">if required, producing a report on executive compensation to be included in our annual proxy statement;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective upon consummation of this offering,
we will adopt a code of ethics that applies to all of our executive officers, directors and employees. The code of ethics codifies
the business and ethical principles that govern all aspects of our business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, officers and directors of a
corporation incorporated under the laws of the State of Delaware are required to present business opportunities to a corporation
if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the corporation could financially undertake the opportunity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the opportunity is within the corporation&rsquo;s line of business; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">it would not be fair to the corporation and its stockholders for the opportunity not to be brought
to the attention of the corporation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of
incorporation provides that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">except as may be prescribed by any written agreement with us, 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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our officers and directors will not be liable to our company or our stockholders for monetary damages
for breach of any fiduciary duty by reason of any of our activities to the fullest extent permitted by Delaware law.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our officers and directors
are, and may in the future become, affiliated with other companies. In order to minimize potential conflicts of interest which
may arise from such other corporate affiliations, each of our officers and directors has contractually agreed, pursuant to a written
agreement with us, until the earliest of our execution of a definitive agreement for a business combination, our liquidation or
such time as he ceases to be an officer or director, to present to our company for our consideration, prior to presentation to
any other entity, any suitable business opportunity which may reasonably be required to be presented to us, subject to any fiduciary
or contractual obligations he might have as of the date of this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The following table summarizes
the relevant fiduciary or contractual obligations of our officers and directors:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Individual</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 63%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Affiliated Entity </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert J. Laikin</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington Prime Group Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">L7 Investments LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eskenazi Health Foundation</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Larry M. Paulson</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rancho Santa Fe Solutions LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&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; font-size: 10pt">Heather Goodman</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">True Capital Management</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&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; font-size: 10pt">Brad Bostic</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">hc1.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Health Cloud Capital</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eskenazi Health Foundation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TechPoint</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bostech Ventures</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BEA Holdings</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should also be aware of the following
additional potential conflicts of interest:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">None of our officers and directors is required to commit their full time to our affairs and, accordingly,
they may have conflicts of interest in allocating their time among various business activities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Unless we consummate our initial business combination, our officers, directors and initial stockholders
will not receive reimbursement or repayment for any out-of-pocket expenses incurred by them, or loans made to us, to the extent
that such expenses exceed the amount of available proceeds not deposited in the trust account or interest earned on the trust account
funds that are available to us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">The founders&rsquo; shares beneficially owned by our initial stockholders will be released from
escrow only if a business combination is successfully completed, and the private warrants purchased by our initial stockholders,
and any warrants which our officers or directors may purchase in the aftermarket will expire worthless if a business combination
is not consummated. Additionally, our officers and directors and affiliates will not receive liquidation distributions from the
trust account with respect to any of the founders&rsquo; shares. Furthermore, our initial stockholders have agreed that the private
warrants will not be sold or transferred by them until after we have completed a business combination.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the foregoing reasons, our board may
have a conflict of interest in determining whether a particular target business is appropriate to effect a business combination
with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To further minimize conflicts of interest,
we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our officers, directors
or initial stockholders unless we have obtained an opinion from an independent investment banking firm, or another independent
entity that commonly renders valuation opinions, that the business combination is fair to our unaffiliated stockholders from a
financial point of view. We will also need to obtain the approval of a majority of our disinterested independent directors. Furthermore,
in no event will any of our initial stockholders, members of our management team or their respective affiliates be paid any compensation
prior to, or for any services they render in order to effectuate, the consummation of an initial business combination (regardless
of the type of transaction that it is) other than the repayment of the $150,000 loan and reimbursement of any out-of-pocket expenses.</P>

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

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

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

<!-- Field: Split-Segment; Name: 06 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_001"></A><FONT STYLE="text-transform: uppercase"><B>PRINCIPAL
STOCKHOLDERS</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information
regarding the beneficial ownership of our shares of common stock as of the date of this prospectus and as adjusted to reflect the
sale of our shares of common stock included in the units offered by this prospectus and included in the private warrants (assuming
none of the individuals listed purchase units in this offering), by:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">each person known by us to be the beneficial owner of more than 5% of our outstanding shares of
common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">each of our officers and directors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">all of our officers and directors as a group.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, we believe
that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially
owned by them. The following table does not reflect record of beneficial ownership of the warrants included in the units offered
by this prospectus or the private 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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> &nbsp; </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Prior to Offering</B></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>After Offering<SUP>(2)</SUP></B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Name and Address of Beneficial Owner<SUP>(1)</SUP></B></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Amount and <BR>
    Nature of <BR>
    Beneficial <BR>
    Ownership</B></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Approximate<BR>
    Percentage of <BR>
    Outstanding <BR>
    Shares of <BR>
    Common <BR>
    Stock</B></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Amount and <BR>
    Nature of <BR>
    Beneficial <BR>
    Ownership</B></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Approximate<BR>
    Percentage of <BR>
    Outstanding <BR>
    Shares of <BR>
    Common Stock</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 43%"> <FONT STYLE="font-size: 10pt">Robert J. Laikin</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: center"> <FONT STYLE="font-size: 10pt">318,130</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: center"> <FONT STYLE="font-size: 10pt">11.1%</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: center"> <FONT STYLE="font-size: 10pt">276,505</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: center"> <FONT STYLE="font-size: 10pt">2.2%</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Larry M. Paulson</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">272,987</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">9.5%</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">237,362</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">1.9%</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Vincent Donargo</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">181,991</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">6.3%</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">158,366</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">1.3%</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Heather Goodman</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">100,000</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">3.5%</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">86,875</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Bradley Bostic<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">136,493</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">4.7%</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">118,868</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Jeffrey Foster<SUP>(4)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">272,987</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">9.5%</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">237,362</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">1.9%</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Louis Conforti<SUP>(5)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">181,991</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">6.3%</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">158,366</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">1.3%</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">All directors and executive officers as a group (five&nbsp;individuals)</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">1,009,601</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> 35.1% </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: center"> 7.1% </TD>
    <TD STYLE="white-space: nowrap; text-align: justify"> &nbsp; </TD></TR>
</TABLE>


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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 13pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Less than 1%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Unless otherwise indicated, the business address of each
of the individuals is 8556 Oakmont Lane,&nbsp;Indianapolis,&nbsp;IN 46260.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Assumes no exercise of the over-allotment option and,
therefore, the forfeiture of an aggregate of 375,000 shares of common stock.</TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (3) </TD><TD STYLE="text-align: justify"> Bradley Bostic
                                         holds the founders shares through BEA Holdings, LLC of which he is the managing director.
                                         Consequently, Mr. Bostic has voting and dispositive control over the shares held by BEA
                                         Holdings, LLC and may be deemed to be the beneficial owner of such. He disclaims beneficial
                                         ownership of any shares other than to the extent he may have a pecuniary interest therein,
                                         directly or indirectly. </TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(4)</FONT> </TD><TD STYLE="text-align: justify"> Jeffrey Foster holds the founders shares through New Frontier LLC of which he is the manager. Consequently,
Mr. Foster has voting and dispositive control over the shares held by New Frontier LLC and may be deemed to be the beneficial owner
of such. He disclaims beneficial ownership of any shares other than to the extent he may have a pecuniary interest therein, directly
or indirectly.&nbsp;New Frontier LLC&rsquo;s address is PO Box 162625, Austin, TX 78716. </TD>
</TR></TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(5)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Mr.
                                         Conforti&rsquo;s address is 4857 South Greenwood Ave,
                                         Chicago, IL 60615.</FONT> </TD>
</TR></TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately after this offering, our initial
stockholders will beneficially own approximately 20% of the then issued and outstanding shares of common stock (assuming they do
not purchase any units offered by this prospectus). None of our initial stockholders, officers, directors and initial stockholders
has indicated to us that it or they intend to purchase our securities in the offering. Because of the ownership block held by our
initial stockholders, officers, directors and initial stockholders, such individuals may be able to effectively exercise influence
over all matters requiring approval by our stockholders, including the election of directors and approval of significant corporate
transactions other than approval of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the underwriters do not exercise all
or a portion of the over-allotment option, an aggregate of 375,000 founders&rsquo; shares will be forfeited. Only a number of shares
necessary to maintain the 20% ownership interest in our shares of common stock after giving effect to the offering and the exercise,
if any, of the underwriters&rsquo; over-allotment option (not including the private warrants and representative shares and assuming
they do not purchase any units in this offering) will be necessary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the founders&rsquo; shares outstanding
prior to the date of this prospectus will be placed in escrow with Continental Stock Transfer&nbsp;&amp; Trust Company, as escrow
agent, until (i)&nbsp;with respect to 50% of such shares, the earlier of one year after the date of the consummation of our initial
business combination and the date on which the closing price of our common stock equals or exceeds $12.50 per share (as adjusted
for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period
commencing after our initial business combination and (ii)&nbsp;with respect to the remaining 50% of such shares, one year after
the date of the consummation of our initial business combination, or earlier if, subsequent to our initial business combination,
we consummate a liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders having
the right to exchange their shares of common stock for cash, securities or other property. Up to 375,000 of the founders&rsquo;
shares may also be released from escrow earlier than this date for cancellation if the over-allotment option is not exercised in
full as described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the escrow period, the holders of
these shares will not be able to sell or transfer their securities except for transfers, assignments or sales (i)&nbsp;among our
initial stockholders or to our initial stockholders&rsquo; members, officers, directors, consultants or their affiliates, (ii)&nbsp;to
a holder&rsquo;s stockholders or members upon its liquidation, (iii)&nbsp;by bona fide gift to a member of the holder&rsquo;s immediate
family or to a trust, the beneficiary of which is the holder or a member of the holder&rsquo;s immediate family, for estate planning
purposes, (iv)&nbsp;by virtue of the laws of descent and distribution upon death, (v)&nbsp;pursuant to a qualified domestic relations
order, (vi)&nbsp;to us for no value for cancellation in connection with the consummation of our initial business combination, or
(vii)&nbsp;in connection with the consummation of a business combination at prices no greater than the price at which the shares
were originally purchased, in each case (except for clause (vi)&nbsp;or with our prior consent) where the transferee agrees to
the terms of the escrow agreement and to be bound by these transfer restrictions, but will retain all other rights as our stockholders,
including, without limitation, the right to vote their shares of common stock and the right to receive cash dividends, if declared.
If dividends are declared and payable in shares of common stock, such dividends will also be placed in escrow. If we are unable
to effect a business combination and liquidate, there will be no liquidation distribution with respect to the founders&rsquo; shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our initial stockholders and EarlyBirdCapital
have committed that they and/or their designees will purchase the 3,250,000 private warrants (for a total purchase price of $3,250,000)
from us. These purchases will take place on a private placement basis simultaneously with the consummation of this offering. They
have also agreed that if the over-allotment option is exercised by the underwriters in full or in part, they and/or their designees
will purchase from us an additional number of private warrants (up to a maximum of 300,000 private warrants) necessary to maintain
in the trust account $10.00 per unit sold to the public in this offering. These additional private warrants will be purchased in
a private placement that will occur simultaneously with the purchase of warrants resulting from the exercise of the over-allotment
option. The private warrants are identical to the warrants included in the units sold in this offering except that they: (i)&nbsp;will
not be redeemable by us and (ii)&nbsp;may be exercised for cash or on a cashless basis, as described in this prospectus, so long
as they are held by the initial purchasers or any of their permitted transferees. If the private warrants are held by holders other
than the initial purchasers or any of their permitted transferees, the private warrants will be redeemable by us and exercisable
by the holders on the same basis as the warrants included in the units being sold in this offering. The initial purchasers have
agreed not to transfer, assign or sell any of the private warrants (except in connection with the same limited exceptions that
the founders&rsquo; shares may be transferred as described above) until after the completion of our initial business combination.
In the event of a liquidation prior to our initial business combination, the private warrants will likely be worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to meet our working capital needs
following the consummation of this offering, our officers, directors and their affiliates may, but are not obligated to, loan us
funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or,
at holder&rsquo;s discretion, up to $1,500,000 of the notes may be converted into warrants at a price of $1.00 per warrant. The
warrants would be identical to the private warrants. 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 other than the interest earned thereon would be used for such repayment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our executive officers and our initial
stockholders are our &ldquo;promoters,&rdquo; as that term is defined under the federal securities laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_002"></A><FONT STYLE="text-transform: uppercase"><B>CERTAIN
TRANSACTIONS</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March&nbsp;2020, we issued 2,875,000
shares of common stock to our initial stockholders for $25,000 in cash, at a purchase price of approximately $0.01 per share,
in connection with our organization. If the underwriters do not exercise all or a portion of their over-allotment option, our initial
stockholders will forfeit up to an aggregate of 375,000 shares of common stock in proportion to the portion of the over-allotment
option that was not exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the underwriters determine the size
of the offering should be increased (including pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act) or decreased, a share
dividend or a contribution back to capital, as applicable, would be effectuated in order to maintain our initial stockholders&rsquo;
ownership at a percentage of the number of shares to be sold in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our initial stockholders and EarlyBirdCapital
have committed that they and/or their designees will purchase, pursuant to written subscription agreements with us, the 3,250,000
private warrants (for a total purchase price of $3,250,000) from us. This purchase will take place on a private placement basis
simultaneously with the consummation of this offering. They have also agreed that if the over-allotment option is exercised by
the underwriters in full or in part, they and/or their designees will purchase from us an additional number of private warrants
(up to a maximum of 300,000 private warrants) necessary to maintain in the trust account $10.00 per unit sold to the public in
this offering. These additional private warrants will be purchased in a private placement that will occur simultaneously with the
purchase of units resulting from the exercise of the over-allotment option. The purchase price for the private warrants will be
delivered to an escrow account at least 24 hours prior to the closing of this offering and will be deposited into the trust account
simultaneously with the consummation of the offering. The private warrants will be identical to the warrants included in the units
sold in this offering except that they: (i)&nbsp;will not be redeemable by us and (ii)&nbsp;may be exercised for cash or on a cashless
basis, as described in this prospectus, so long as they are held by the initial purchaser or any of their permitted transferees.
Once the private warrants are transferred to anyone other than a permitted transferee, the private warrants will be redeemable
by us and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering. Our purchasers
have agreed not to transfer, assign or sell any of the private warrants (except to certain permitted transferees) until after the
completion of our initial business combination. Furthermore, they have agreed (A)&nbsp;to vote the private warrants in favor of
any proposed business combination, (B)&nbsp;not to convert any private warrants in connection with a stockholder vote to approve
a proposed initial business combination or sell any private warrants to us in a tender offer in connection with a proposed initial
business combination and (C)&nbsp;that the private warrants shall not participate in any liquidating distribution from our trust
account upon winding up if a business combination is not consummated. In the event of a liquidation prior to our initial business
combination, the private warrants will likely be worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to meet our working capital needs
following the consummation of this offering, our initial stockholders, officers and directors or their affiliates may, but are
not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion.
Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination,
without interest, or, at holder&rsquo;s discretion, up to $1,500,000 of the notes may be converted into warrants at a price of
$1.00 per warrant. The warrants would be identical to the private warrants. 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 other than the interest earned thereon would be used for such repayment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of our founders&rsquo; shares
issued and outstanding on the date of this prospectus, as well as the holders of the private warrants and any warrants our initial
stockholders, officers, directors or their affiliates may be issued in payment of working capital loans made to us (and all underlying
securities), will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of
this offering. The holders of a majority of these securities are entitled to make up to two demands that we register such securities.
The holders of the majority of the founders&rsquo; shares can elect to exercise these registration rights at any time commencing
three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority
of the private warrants and warrants issued in payment of working capital loans made to us (or underlying securities) can elect
to exercise these registration rights at any time after we consummate a business combination. In addition, the holders have certain
 &ldquo;piggy-back&rdquo; registration rights with respect to registration statements filed subsequent to our consummation of a
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: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of March 16, 2020, Mr.&nbsp;Laikin
had loaned us an aggregate of $1,525 under the $150,000 promissory note to cover expenses related to this offering. Subsequent
to March 16, 2020, Mr. Laikin loaned us an additional $21,000 under the promissory note. We intend to repay the loans from the
proceeds of this offering not being placed in trust upon consummation of this offering. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will enter into agreements with our
officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended and
restated certificate of incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the repayment of the $150,000
loan, no compensation or fees of any kind will be paid to our initial stockholders, members of our management team or their respective
affiliates, for services rendered prior to or in connection with the consummation of our initial business combination (regardless
of the type of transaction that it is). However, such individuals will receive reimbursement for any out-of-pocket expenses incurred
by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence
on suitable target businesses and business combinations as well as traveling to and from the offices, plants or similar locations
of prospective target businesses to examine their operations. There is no limit on the amount of out-of-pocket expenses reimbursable
by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 stockholders, to the extent then known, in the proxy solicitation materials furnished
to our stockholders. However, the amount of such compensation may not be known at the time of the stockholder meeting held to consider
an initial business combination, as it will be up to the directors of the post-combination business to determine executive and
director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in a Current
Report on Form&nbsp;8-K or a periodic report, as required by the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All ongoing and future transactions between
us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less favorable
to us than are available from unaffiliated third parties. Such transactions will require prior approval by a majority of our uninterested
 &ldquo;independent&rdquo; directors or the members of our board who do not have an interest in the transaction, in either case
who had access, at our expense, to our attorneys or independent legal counsel. We will not enter into any such transaction unless
our disinterested &ldquo;independent&rdquo; directors determine that the terms of such transaction are no less favorable to us
than those that would be available to us with respect to such a transaction from unaffiliated third parties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Code of Ethics requires us to avoid,
wherever possible, all related party transactions that could result in actual or potential conflicts of interests, except under
guidelines approved by the board of directors (or the audit committee). Related-party transactions are defined as transactions
in which (1)&nbsp;the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (2)&nbsp;we or
any of our subsidiaries is a participant, and (3)&nbsp;any (a)&nbsp;executive officer, director or nominee for election as a director,
(b)&nbsp;greater than 5% beneficial owner of our shares of common stock, or (c)&nbsp;immediate family member, of the persons referred
to in clauses (a)&nbsp;and (b), has or will have a direct or indirect material interest (other than solely as a result of being
a director or a less than 10% beneficial owner of another entity). A conflict of interest situation can arise when a person takes
actions or has interests that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest
may also arise if a person, or a member of his or her family, receives improper personal benefits as a result of his or her position.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit committee, pursuant to its written
charter, will be responsible for reviewing and approving related-party transactions to the extent we enter into such transactions.
The audit committee will consider all relevant factors when determining whether to approve a related party transaction, including
whether the related party transaction is on terms no less favorable to us than terms generally available from an unaffiliated third-party
under the same or similar circumstances and the extent of the related party&rsquo;s interest in the transaction. No director may
participate in the approval of any transaction in which he is a related party, but that director is required to provide the audit
committee with all material information concerning the transaction. We also require each of our directors and executive officers
to complete a directors&rsquo; and officers&rsquo; questionnaire that elicits information about related party transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These procedures are intended to determine
whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part
of a director, employee or officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To further minimize conflicts of interest,
we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our initial stockholders,
officers or directors unless we have obtained an opinion from an independent investment banking firm, or another independent entity
that commonly renders valuation opinions, that the business combination is fair to our unaffiliated stockholders from a financial
point of view. We will also need to obtain approval of a majority of our disinterested independent directors.</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="f_003"></A><B>DESCRIPTION OF SECURITIES</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, we will
be authorized to issue 30,000,000 shares of common stock, par value $0.0001, and 1,000,000 shares of preferred stock, par value
$0.0001. As of the date of this prospectus, 3,025,000 shares of common stock are outstanding. No shares of preferred stock are
currently outstanding. The following description summarizes the material terms of our securities. Because it is only a summary,
it may not contain all the information that is important to you. For a complete description you should refer to our amended and
restated certificate of incorporation, bylaws and the form of warrant agreement, which are filed as exhibits to the registration
statement of which this prospectus is a part, and to the applicable provisions of Delaware law.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each unit consists of one share of common
stock and one-half of one warrant. Each whole warrant entitles the holder to purchase one share of common stock. Pursuant to the
warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares of common stock. This means that
only a whole warrant may be exercised at any given time by a warrantholder. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants
issuable to you upon separation of the units will be rounded down to the nearest whole number of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of common stock and warrants
will begin to trade separately on the 90<SUP>th</SUP> day after the date of this prospectus unless EarlyBirdCapital,&nbsp;Inc.
informs us of its decision to allow earlier separate trading, provided that in no event may the shares of common stock and warrants
be traded separately until we have filed with the SEC a Current Report on Form&nbsp;8-K which includes an audited balance sheet
reflecting our receipt of the gross proceeds of this offering. Once the shares of common stock and warrants commence separate trading,
holders will have the option to continue to hold units or separate their units into the component pieces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will file a Current Report on Form&nbsp;8-K
which includes an audited balance sheet promptly upon the consummation of this offering. The audited balance sheet will reflect
proceeds we receive from the exercise of the over-allotment option, if the over-allotment option is exercised on the date of this
prospectus. If the over-allotment option is exercised after the date of this prospectus, we will file an amendment to the Form&nbsp;8-K
to provide updated financial information to reflect the exercise of the over-allotment option. We will also include in this Form&nbsp;8-K,
an amendment thereto, or in a subsequent Form&nbsp;8-K information indicating if EarlyBirdCapital,&nbsp;Inc. has allowed separate
trading of the shares of common stock and warrants prior to the 90<SUP>th</SUP> day after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our stockholders of record are entitled
to one vote for each share held on all matters to be voted on by stockholders. In connection with any vote held to approve our
initial business combination, our initial stockholders, as well as all of our officers and directors, have agreed to vote their
respective shares of common stock owned by them immediately prior to this offering and any shares purchased in this offering or
following this offering in the open market in favor of the proposed business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will consummate our initial business
combination only if we have net tangible assets of at least $5,000,001 immediately prior to or upon consummation of such business
combination and, solely if a vote is held to approve a business combination, a majority of the outstanding shares of common stock
voted are voted in favor of the business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 elected in each year. There is no cumulative voting with respect to the election of directors, with the result
that the holders of more than 50% of the shares eligible to vote for the election of directors can elect all of the directors</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our amended and restated certificate
of incorporation, if we do not consummate an initial business combination by 24 months from the closing of this offering, our corporate
existence will cease except for the purposes of winding up our affairs and liquidating. If we are forced to liquidate prior to
an initial business combination, our public stockholders are entitled to share ratably in the trust account, based on the amount
then held in the trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our initial stockholders, officers and
directors have agreed to waive their rights to participate in any liquidation distribution from the trust account occurring upon
our failure to consummate an initial business combination with respect to the founder&rsquo;s shares. Our initial stockholders,
officers and directors will therefore not participate in any liquidation distribution from the trust account with respect to such
shares. They will, however, participate in any liquidation distribution from the trust account with respect to any shares of common
stock acquired in, or following, this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our stockholders have no conversion, preemptive
or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares of common stock, except
that public stockholders have the right to sell their shares to us in a tender offer or have their shares of common stock converted
to cash equal to their pro rata share of the trust account in connection with the consummation of our business combination. Public
stockholders who sell or convert their stock into their share of the trust account still have the right to exercise the warrants
that they received as part of the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no shares of preferred stock
outstanding. Our amended and restated certificate of incorporation authorizes the issuance of 1,000,000 shares of preferred stock
with such designation, rights and preferences as may be determined from time to time by our board of directors. No shares of preferred
stock are being issued or registered in this offering. Accordingly, our board of directors is empowered, without stockholder approval,
to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting
power or other rights of the holders of common stock. However, the underwriting agreement prohibits us, prior to a business combination,
from issuing preferred stock which participates in any manner in the proceeds of the trust account, or which votes as a class with
the common stock on a business combination. We may issue some or all of the preferred stock to effect a business combination. In
addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of us.
Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the
future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No warrants are currently outstanding.
Each whole warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share, subject
to adjustment as discussed below, at any time commencing on the later of 30 days after the completion of an initial business combination
or 12 months from the closing of this offering. However, no warrants will be exercisable for cash unless we have an effective and
current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus
relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common
stock issuable upon exercise of the public warrants is not effective within a specified period following the consummation of our
initial business combination, warrant holders may, until such time as there is an effective registration statement and during any
period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant
to the exemption provided by Section&nbsp;3(a)(9)&nbsp;of the Securities Act, provided that such exemption is available. If that
exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In
the event of such cashless exercise, each holder would pay the exercise price by surrendering the warrants for that number of shares
of common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of common stock 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; for this purpose will mean the average reported last
sale price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise. The warrants
will expire on the fifth anniversary of our completion of an 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The private warrants, as well as any warrants
underlying additional units we issue to our initial stockholders, officers, directors or their affiliates in payment of working
capital loans made to us, will be identical to the warrants underlying the units being offered by this prospectus except that such
warrants will be exercisable for cash or on a cashless basis, at the holder&rsquo;s option, and will not be redeemable by us, in
each case so long as they are still held by our initial stockholders or its permitted transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may call the warrants for redemption
(excluding the private warrants and any warrants underlying additional units issued to our initial stockholders, officers, directors
or their affiliates in payment of working capital loans made to us), in whole and not in part, at a price of $0.01 per warrant,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">at any time after the warrants become exercisable,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">upon not less than 30 days&rsquo; prior written notice of redemption to each warrant holder,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20&nbsp;trading days
within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day
prior to the notice of redemption to warrant holders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">if, and only if, there is a current registration statement in effect with respect to the shares
of common stock underlying such warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right to exercise will be forfeited
unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a
record holder of a warrant will have no further rights except to receive the redemption price for such holder&rsquo;s warrant upon
surrender of such warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The redemption criteria for our warrants
have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price
and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share
price declines as a result of our redemption call, the redemption will not cause the share price to drop below the exercise price
of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of
common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of common stock 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; for this purpose shall mean the average reported
last sale price of the shares of common stock for the 5&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants will be issued in registered
form under a warrant agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, as warrant agent, and us. The warrant
agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval, by written consent or vote, of the holders of at least a majority of the then
outstanding public warrants in order to make any change that adversely affects the interests of the registered holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price and number of shares
of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except as described
below, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if (x)&nbsp;we issue additional
shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective
issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our initial stockholders
or their affiliates, without taking into account any founders&rsquo; shares held by them prior to such issuance), (y)&nbsp;the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of our initial business combination on the date of the consummation of our initial business combination (net of
redemptions), and (z)&nbsp;the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the
nearest cent) to be equal to 115% of the greater of (i)&nbsp;the Market Value or (ii)&nbsp;the price at which we issue the additional
shares of common stock or equity-linked securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price,
by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have
the rights or privileges of holders of shares of common stock and any voting rights until they exercise their warrants and receive
shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled
to one vote for each share held of record on all matters to be voted on by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrant holders may elect to be subject
to a restriction on the exercise of their warrants such that an electing warrant holder would not be able to exercise their warrants
to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares of
common stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No fractional shares will be issued upon
exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share,
we will, upon exercise, round up to the nearest whole number the number of shares of common stock to be issued to the warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not paid any cash dividends on
our shares of common stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination
will be within the discretion of our then board of directors. It is the present intention of our board of directors to retain all
earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends in
the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Transfer Agent and Warrant Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent for our securities and
warrant agent for our warrants is Continental Stock Transfer&nbsp;&amp; Trust Company, 1 State Street, New York, New York 10004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Listing of our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to apply to have our units, common
stock and warrants listed on Nasdaq under the symbols &ldquo;NOVSU,&rdquo; &ldquo;NOVS,&rdquo; and &ldquo;NOVSW,&rdquo; respectively.
If approved for listing, we anticipate that our units will be listed on Nasdaq on or promptly after the effective date of the registration
statement. Following the date the common stock and warrants are eligible to trade separately, we anticipate that the common stock
and warrants will be listed separately and as a unit on Nasdaq.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Anti-Takeover Provisions of
Delaware Law and our Amended and Restated Certificate of Incorporation and By-Laws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Staggered board of directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of
incorporation provides that our board of directors will be classified into three classes of directors of approximately equal size.
As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at
two or more annual meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Special meeting of stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that special meetings
of our stockholders may be called only by a majority vote of our board of directors, by our president or by our chairman or by
our secretary at the request in writing of stockholders owning a majority of our issued and outstanding capital stock entitled
to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Advance notice requirements for stockholder
proposals and director nominations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that stockholders seeking
to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder&rsquo;s notice will
need to be delivered to our principal executive offices not later than the close of business on the 60<SUP>th</SUP> day nor earlier
than the close of business on the 90<SUP>th</SUP> day prior to the scheduled date of the annual meeting of stockholders. In the
event that less than 70 days&rsquo; notice or prior public disclosure of the date of the annual meeting of stockholders is given,
a stockholder&rsquo;s notice shall be timely if delivered to our principal executive offices not later than the 10<SUP>th</SUP>
day following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us.
Our bylaws also specify certain requirements as to the form and content of a stockholders&rsquo; meeting. These provisions may
preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors
at our annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Authorized but Unissued Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control
of us by means of a proxy contest, tender offer, merger or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Exclusive Forum Selection</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of
incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery
in the State of Delaware, except any action (A)&nbsp;as to which the Court of Chancery in the State of Delaware determines that
there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not
consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B)&nbsp;which is
vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C)&nbsp;for which the Court of Chancery
does not have subject matter jurisdiction or (D)&nbsp;any action arising under the Securities Act, as to which the Court of Chancery
and the federal district court for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside
of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder&rsquo;s
counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in
the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is
enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders
will not be deemed to have waived our compliance with federal securities laws and the rules&nbsp;and regulations thereunder and
therefore bring a claim in another appropriate forum. Additionally, we cannot be certain that a court will decide that this provision
is either applicable or enforceable, and if a court were to find the choice of forum provision contained in our amended and restated
certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving
such action in other jurisdictions, which could harm our business, operating results and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of
incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted by applicable
law. Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or
liability created by the Exchange Act or the rules&nbsp;and regulations thereunder. As a result, the exclusive forum provision
will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the
federal courts have exclusive jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Limitation on Liability and Indemnification
of Directors and Officers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of
incorporation provides that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law
as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation provides that
our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors, unless
they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law,
authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit
from their actions as directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will enter into agreements with our
officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended and
restated certificate of incorporation. Our bylaws also will permit us to secure insurance on behalf of any officer, director or
employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit indemnification.
We will purchase a policy of directors&rsquo; and officers&rsquo; liability insurance that insures our directors and officers against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify
the directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These provisions may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of
reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might
otherwise benefit us and our stockholders. Furthermore, a stockholder&rsquo;s investment may be adversely affected to the extent
we pay the costs of settlement and damage awards against directors and officers 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
directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing
provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_004"></A><FONT STYLE="text-transform: uppercase"><B>SHARES
ELIGIBLE FOR FUTURE SALE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately after this offering, we will
have 12,650,000 shares of common stock outstanding, or 14,525,000 shares if the over-allotment option is exercised in full. Of
these shares, the 10,000,000 shares sold in this offering, or 11,500,000 shares if the over-allotment option is exercised in full,
will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by
one of our affiliates within the meaning of Rule&nbsp;144 under the Securities Act. All of the remaining shares are restricted
securities under Rule&nbsp;144, in that they were issued in private transactions not involving a public offering. All of those
shares have been placed in escrow and will not be transferable until they are released except in limited circumstances described
elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Rule&nbsp;144</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A person who has beneficially owned restricted
shares of common stock or warrants for at least six months would be entitled to sell their securities provided that (i)&nbsp;such
person is not deemed to have been one of our affiliates at the time of, or at any time during the three 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. Persons
who have beneficially owned restricted shares of common stock for at least six months but who are our affiliates at the time of,
or 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 a number of shares that does not exceed the greater of either of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">1% of the number of shares of common stock then outstanding, which will equal 126,500 shares
                                                                                                                                                     immediately after this offering (or 145,250 if the over-allotment option is exercised in full); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the average weekly trading volume of the shares of common stock 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales under Rule&nbsp;144 are also limited
by manner of sale provisions and notice requirements and to the availability of current public information about us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on the Use of Rule&nbsp;144 by Shell Companies
or Former Shell Companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, the SEC staff had taken the
position that Rule&nbsp;144 is not available for the resale of securities initially issued by companies that are, or previously
were, blank check companies, like us. The SEC has codified and expanded this position in the amendments discussed above by prohibiting
the use of Rule&nbsp;144 for resale of securities issued by any shell companies (other than business combination related shell
companies) or any issuer that has been at any time previously a shell company. The SEC has provided an important exception to this
prohibition, however, if the following conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the issuer of the securities that was formerly a shell company has ceased to be a shell company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the issuer of the securities is subject to the reporting requirements of Section&nbsp;13 or 15(d)&nbsp;of
the Exchange Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the issuer of the securities has filed all Exchange Act reports and material required to be filed,
as applicable, during the preceding 12months (or such shorter period that the issuer was required to file such reports and materials),
other than Form&nbsp;8-K reports; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">at least one year has elapsed from the time that the issuer filed current Form&nbsp;10 type information
with the SEC reflecting its status as an entity that is not a shell company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, it is likely that pursuant
to Rule&nbsp;144, our initial stockholders will be able to sell their founders&rsquo; shares freely without registration one year
after we have completed our initial business combination assuming it is not an affiliate of ours at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Registration Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of the founders&rsquo; shares
and representative shares issued and outstanding on the date of this prospectus, as well as the holders of the private warrants
and any warrants our initial stockholders, officers, directors or their affiliates may be issued in payment of working capital
loans made to us (and all underlying securities), will be entitled to registration rights pursuant to an agreement to be signed
prior to or on the effective date of this offering. The holders of a majority of these securities are entitled to make up to two
demands that we register such securities. The holders of the majority of the founders&rsquo; shares can elect to exercise these
registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released
from escrow. The holders of a majority of the representative shares, private warrants and warrants issued to our initial stockholders,
officers, directors or their affiliates in payment of working capital loans made to us (or underlying securities) can elect to
exercise these registration rights at any time after we consummate a business combination. Notwithstanding anything to the contrary,
EarlyBirdCapital may only make a demand on one occasion and only during the five-year period beginning on the effective date of
the registration statement of which this prospectus forms a part. In addition, the holders have certain &ldquo;piggy-back&rdquo;
registration rights with respect to registration statements filed subsequent to our consummation of a business combination; provided,
however, that EarlyBirdCapital may participate in a &ldquo;piggy-back&rdquo; registration only during the seven-year period beginning
on the effective date of the registration statement of which this prospectus forms a part. We will bear the expenses incurred in
connection with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_005"></A><FONT STYLE="text-transform: uppercase"><B>MATERIAL
U.S. FEDERAL TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are the material U.S. federal
income and estate tax considerations with respect to your ownership and disposition of our units or components thereof, which we
refer to collectively as our securities, assuming you purchase the securities in this offering and will hold them as capital assets
within the meaning of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This discussion does not address all of
the U.S. federal income and estate tax considerations that may be relevant to you in light of your particular circumstances, and
it does not describe all of the tax consequences that may be relevant to persons subject to special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">certain financial institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">insurance companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">dealers and traders in securities or foreign currencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">persons holding our securities as part of a hedge, straddle, conversion transaction or other integrated
transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">former citizens or residents of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">U.S. persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">partnerships or other entities classified as partnerships for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">persons liable for the alternative minimum tax; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">tax-exempt organizations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following does not discuss any aspect
of state, local or non-U.S. taxation. This discussion is based on current provisions of the Code, Treasury regulations, judicial
opinions, published positions of the U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) and all other applicable authorities, all
of which are subject to change, possibly with retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an entity that is treated as a partnership
for U.S. federal income tax purposes holds our securities, the tax treatment of a partner will generally depend on the status of
the partner and the activities of the entity. If you are a partner in such an entity, you should consult your tax advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WE URGE PROSPECTIVE INVESTORS TO CONSULT
THEIR TAX ADVISORS REGARDING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. INCOME, ESTATE AND OTHER TAX CONSIDERATIONS WITH RESPECT
TO ACQUIRING, HOLDING AND DISPOSING OF OUR SECURITIES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each unit will be treated for U.S. federal
income tax purposes as an investment unit consisting of one share of our common stock and one-half of one warrant, with each whole
warrant entitling the warrant holder to acquire one share of our common stock, subject to adjustment. In determining your basis
for the one share of common stock and one-half of one warrant composing a unit, you should allocate your purchase price for the
unit between the components on the basis of their relative fair market values at the time of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Personal Holding Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We could be subject to United States federal
income tax at rates in excess of those generally applicable to corporations on a portion of our income if we are determined to
be a personal holding company, or PHC, for United States federal income tax purposes. A U.S. corporation will generally be classified
as a PHC for United States federal income tax purposes in a given taxable year if (i)&nbsp;at any time during the last half of
such taxable year, five or fewer individuals (without regard to their citizenship or residency and including as individuals for
this purpose certain entities such as certain tax-exempt organizations, pension funds, and charitable trusts) own or are deemed
to own (pursuant to certain constructive ownership rules) more than 50% of the stock of the corporation by value and (ii)&nbsp;at
least 60% of the corporation&rsquo;s adjusted ordinary gross income, as determined for United States federal income tax purposes,
for such taxable year consists of PHC income (which includes, among other things, dividends, interest, certain royalties, annuities
and, under certain circumstances, rents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on the date and size of our initial
business combination, it is possible that at least 60% of our adjusted ordinary gross income may consist of PHC income as discussed
above. In addition, depending on the concentration of ownership of our stock in the hands of individuals, including the members
of our initial stockholders and certain tax-exempt organizations, pension funds, and charitable trusts, it is possible that more
than 50% of our stock will be owned or deemed owned (pursuant to the constructive ownership rules) by such persons during the last
half of a taxable year. Thus, no assurance can be given that we will not become a PHC following this offering or in the future.
If we are or were to become a PHC in a given taxable year, we would be subject to an additional PHC tax, currently 20%, on our
undistributed PHC income, which generally includes our taxable income, subject to certain adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section is addressed to U.S. holders
of our securities. For purposes of this discussion, you are a &ldquo;U.S. holder&rdquo; if you are a beneficial owner of a security
that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">an individual citizen or resident of the United States for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">a corporation, or other entity taxable as a corporation, created or organized in, or under the
laws of, the United States or any state thereof or the District of Columbia; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">an estate or trust the income of which is subject to U.S. federal income taxation regardless of
its source.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Dividends and Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed under &ldquo;Dividend Policy&rdquo;
above, we do not anticipate that any dividends will be paid in the foreseeable future. If we do make distributions on our common
stock, such distributions generally will be treated as dividends for U.S. federal income tax purposes to the extent of our current
or accumulated earnings and profits. Distributions in excess of our current or accumulated earnings and profits generally will
first reduce your basis in the common stock (but not below zero) and then will be treated as gain realized on the sale or other
disposition of the common stock (as described in the first paragraph under &ldquo;&mdash; Sale or Other Disposition or Conversion
of Common Stock&rdquo; below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conversion feature of the common stock
described under &ldquo;Proposed Business &mdash; Effecting a Business Combination &mdash; Conversion Rights&rdquo; may be viewed
as a position with respect to substantially similar or related property which diminishes your risk of loss and thereby affects
your ability to satisfy the holding period requirements for the dividends received deduction or the preferential tax rate on qualified
dividend income with respect to the time period prior to the approval of an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Sale or Other Disposition or Conversion of Common
Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain or loss you realize on the sale or
other disposition of our common stock (other than conversion into cash but including a liquidation in the event we do not consummate
a business combination within the required time) will be capital gain or loss. The amount of your gain or loss will be equal to
the difference between your tax basis in the common stock disposed of and the amount realized on the disposition. The deductibility
of capital losses is subject to limitations. Any capital gain or loss you realize on a sale or other disposition of our common
stock will generally be long-term capital gain or loss if your holding period for the common stock is more than one year. However,
the conversion feature of the common stock described under &ldquo;Proposed Business &mdash; Effecting a Business Combination &mdash;
Conversion Rights&rdquo; could affect your ability to satisfy the holding period requirements for the long-term capital gain tax
rate with respect to the time period prior to the approval of an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you convert your common stock into a
right to receive cash as described in &ldquo;Proposed Business &mdash; Effecting a Business Combination &mdash; Conversion Rights,&rdquo;
the conversion generally will be treated as a sale of common stock described in the preceding paragraph (rather than as a dividend
or distribution). The conversion will, however, be treated as a dividend or distribution and taxed as described in &ldquo;&mdash;
Dividends and Distributions&rdquo; above if your percentage ownership in us (including shares that you are deemed to own under
certain attribution rules, such as the shares into which the warrants are exercisable) after the conversion is not meaningfully
reduced from what your percentage ownership was prior to the conversion. If you have a relatively minimal stock interest and, taking
into account the effect of conversion by other stockholders, your percentage ownership in us is reduced as a result of the conversion,
you may be regarded as having suffered a meaningful reduction in interest. For example, the IRS has ruled that even a small reduction
in the stockholder&rsquo;s proportionate interest constituted a &ldquo;meaningful reduction&rdquo; in a transaction in which a
holder held less than 1% of the shares of a corporation and did not have management control over the corporation. You should consult
your own tax advisor as to whether conversion of your common stock will be treated as a sale or as a dividend under the Code and,
if you actually or constructively own 5% (or, if our stock is not then publicly traded, 1%) or more of our common stock before
conversion, whether you are subject to special reporting requirements with respect to such conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Sale or Other Disposition, Exercise or Expiration
of Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the sale or other disposition of a
warrant (other than by exercise), you will generally recognize capital gain or loss equal to the difference between the amount
realized on the sale or other disposition and your tax basis in the warrant. This capital gain or loss will be long-term capital
gain or loss if, at the time of the sale or other disposition, the warrant has been held by you for more than one year. The deductibility
of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, you will not be required to
recognize income, gain or loss upon exercise of a warrant for cash for its exercise price. Your basis in a share of common stock
received upon exercise will be equal to the sum of (1)&nbsp;your basis in the warrant and (2)&nbsp;the exercise price of the warrant.
Your holding period in the shares received upon exercise will commence on the day after you exercise the warrants (or possibly
the date of exercise). Although there is no direct legal authority as to the U.S. federal income tax treatment of an exercise of
a warrant on a cashless basis, we intend to take the position that such exercise will not be taxable, either because the exercise
is not a gain realization event or because it qualifies as a tax-free recapitalization. In the former case, the holding period
of the common stock should commence on the day after the warrant is exercised (or possibly the date of exercise). In the latter
case, the holding period of the common stock would include the holding period of the exercised warrants. However, our position
is not binding on the IRS and the IRS may treat a cashless exercise of a warrant as a taxable exchange. You are urged to consult
your own tax advisor as to the consequences of an exercise of a warrant on a cashless basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a warrant expires without being exercised,
you will recognize a capital loss in an amount equal to your basis in the warrant. Such loss will be long-term capital loss if,
at the time of the expiration, the warrant has been held by you for more than one year. The deductibility of capital losses is
subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Constructive Dividends on Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed under &ldquo;Dividend Policy&rdquo;
above, we do not anticipate that any dividends will be paid in the foreseeable future. If at any time during the period you hold
warrants, however, we were to pay a taxable dividend to our stockholders and, in accordance with the anti-dilution provisions of
the warrants, the conversion rate of the warrants were increased, that increase would be deemed to be the payment of a taxable
dividend to you to the extent of our earnings and profits, notwithstanding the fact that you will not receive a cash payment. If
the conversion rate is adjusted in certain other circumstances (or in certain circumstances, there is a failure to make adjustments),
such adjustments may also result in the deemed payment of a taxable dividend to you. You should consult your tax advisor regarding
the proper treatment of any adjustments to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Unearned Income Medicare Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A 3.8% Medicare contribution tax will generally
apply to all or some portion of the net investment income of a U.S. holder that is an individual with adjusted gross income that
exceeds a threshold amount ($250,000 if married filing jointly or if considered a &ldquo;surviving spouse&rdquo; for federal income
tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax will also apply to all or some
portion of the undistributed net investment income of certain U.S. holders that are estates and trusts. For these purposes, dividends
and gains from the taxable dispositions of the common stock and warrants will generally be taken into account in computing such
a U.S. holder&rsquo;s net investment income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Information Reporting and Backup Withholding</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information returns may be filed with the
IRS with respect to dividends or other distributions we may pay to you and proceeds from the sale or other disposition of your
shares of common stock or warrants. You will be subject to backup withholding (currently, at a rate of 24%) on these payments if
you fail to provide your taxpayer identification number to the paying agent and comply with certain certification procedures or
otherwise establish an exemption from backup withholding (e.g., as a corporation or one of several types of entities and organizations
that qualify for exemption). Backup withholding is not an additional tax. Any amounts withheld with respect to your shares of common
stock or warrants under the backup withholding rules&nbsp;will be refunded to you or credited against your United States federal
income tax liability, if any, by the IRS provided that certain required information is furnished to the IRS in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section is addressed to non-U.S. holders
of the securities. For purposes of this discussion, a &ldquo;non-U.S. holder&rdquo; is a beneficial owner of a security (other
than an entity treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Dividends and Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed under &ldquo;Dividend Policy&rdquo;
above, we do not anticipate that any dividends will be paid in the foreseeable future. If, however, we were to pay taxable dividends
to you with respect to your shares of common stock (including any deemed distributions treated as a dividend on the warrants, as
described in &ldquo;&mdash; Constructive Dividends on Warrants&rdquo; below), those dividends would generally be subject to United
States withholding tax at a rate of 30% of the gross amount, unless you are eligible for a reduced rate of withholding tax under
an applicable income tax treaty and you provide proper certification of your eligibility for such reduced rate (usually on an IRS
Form&nbsp;W-8BEN or Form&nbsp;W-8BEN-E). A distribution generally will constitute a dividend for U.S. federal income tax purposes
to the extent of our current or accumulated earnings and profits as determined under the Code. Any distribution not constituting
a dividend generally will be treated first as reducing your basis in your shares of common stock and, to the extent it exceeds
your basis, as gain from the disposition of your shares of common stock treated as described under &ldquo;Sale or Other Disposition
of Common Stock or Warrants&rdquo; below. The full amount of any distributions to you may, however, be subject to United States
withholding tax unless the applicable withholding agent elects to withhold a lesser amount based on a reasonable estimate of the
amount of the distribution that would be treated as a dividend. In addition, if we determine that we are likely to be classified
as a &ldquo;United States real property holding corporation&rdquo; (see &ldquo;Sale or Other Disposition of Common Stock or Warrants&rdquo;
below), we will withhold at least 15% of any distribution that exceeds our current and accumulated earnings and profits as provided
by the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends we pay to you that are effectively
connected with your conduct of a trade or business within the United&nbsp;States (and, if certain income tax treaties apply, are
attributable to a United States permanent establishment maintained by you) generally will not be subject to United States withholding
tax if you comply with applicable certification and disclosure requirements (usually by providing an IRS Form&nbsp;W-8ECI). Instead,
such dividends generally will be subject to United States federal income tax, net of certain deductions, at the same graduated
individual or corporate rates applicable to United States persons. If you are a corporation, effectively connected income may also
be subject to a &ldquo;branch profits tax&rdquo; at a rate of 30% (or such lower rate as may be specified by an applicable income
tax treaty).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Exercise of Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You generally will not be subject to U.S.
federal income tax on the exercise of the warrants into shares of common stock. However, if a cashless exercise of warrants results
in a taxable exchange, as described in &ldquo;&mdash; U.S. Holders &mdash; Sale or Other Disposition, Exercise or Expiration of
Warrants,&rdquo; the rules&nbsp;described below under &ldquo;Sale or Other Disposition of Common Stock or Warrants&rdquo; would
apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Sale or Other Disposition of Common Stock or Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You generally will not be subject to United
States federal income tax on any gain realized upon the sale, exchange or other disposition of our common stock (which would include
a dissolution and liquidation in the event we do not consummate an initial business combination within the required timeframe)
or warrants (including an expiration or redemption of our warrants), unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the gain is effectively connected with your conduct of a trade or business within the United States
(and, under certain income tax treaties, is attributable to a United States permanent establishment you maintain);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">you are an individual, you hold your shares of common stock or warrants as capital assets, you
are present in the United States for 183 days or more in the taxable year of disposition and you meet other conditions, and you
are not eligible for relief under an applicable income tax treaty; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">we are or have been a &ldquo;United States real property holding corporation&rdquo; for United
States federal income tax purposes and, in the case where the shares of our common stock are regularly traded on an established
securities market, you hold or have held, directly or indirectly, at any time within the shorter of the five-year period preceding
disposition or your holding period for your shares of common stock or warrants, more than 5% of our common stock. Special rules&nbsp;may
apply to the determination of the 5% threshold in the case of a holder of a warrant. You are urged to consult your own tax advisors
regarding the effect of holding the warrants on the calculation of such 5% threshold. We will be classified as a United States
real property holding corporation if the fair market value of our &ldquo;United States real property interests&rdquo; equals or
exceeds 50% of the sum of (1)&nbsp;the fair market value of our United States real property interests, (2)&nbsp;the fair market
value of our non-United States real property interests and (3)&nbsp;the fair market value of any other of our assets which are
used or held for use in our trade or business. Although we currently are not a United States real property holding corporation,
we cannot determine whether we will be a United States real property holding corporation in the future until we consummate an initial
business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain that is effectively connected with
your conduct of a trade or business within the United States generally will be subject to United States federal income tax, net
of certain deductions, at the same rates applicable to United States persons. If you are a corporation, the branch profits tax
also may apply to such effectively connected gain. If the gain from the sale or disposition of your shares of common stock or warrants
is effectively connected with your conduct of a trade or business in the United States but under an applicable income tax treaty
is not attributable to a permanent establishment you maintain in the United States, your gain may be exempt from United States
tax under the treaty. If you are described in the second bullet point above, you generally will be subject to United States federal
income tax at a rate of 30% on the gain realized, although the gain may be offset by some United States source capital losses realized
during the same taxable year. If you are described in the third bullet point above, gain recognized by you on the sale, exchange
or other disposition of shares of common stock or warrants will be subject to U.S. federal income tax on a net income basis at
normal graduated U.S. federal income tax rates. In addition, a buyer of your shares of common stock or warrants may be required
to withhold United States income tax at a rate of 15% of the amount realized upon such disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you convert your common stock into a
right to receive cash as described in &ldquo;Proposed Business &mdash; Effecting a Business Combination &mdash; Conversion Rights,&rdquo;
the conversion generally will be treated as a sale of common stock rather than as a dividend or distribution. The conversion will,
however, be treated as a dividend or distribution and taxed as described in &ldquo;Dividends and Distributions&rdquo; if your percentage
ownership in us (including shares that you are deemed to own under certain attribution rules, such as the shares into which the
warrants are exercisable) after the conversion is not meaningfully reduced from what your percentage ownership was prior to the
conversion. See the discussion in &ldquo;&mdash; U.S. Holders &mdash; Sale or Other Disposition or Conversion of Common Stock.&rdquo;
You should consult your own tax advisor as to whether conversion of your common stock will be treated as a sale or as a dividend
under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Constructive Dividends on Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed under &ldquo;Dividend Policy&rdquo;
above, we do not anticipate that any dividends will be paid in the foreseeable future. If at any time during the period you hold
warrants, however, we were to pay a taxable dividend to our stockholders and, in accordance with the anti-dilution provisions of
the warrants, the conversion rate of the warrants were increased, that increase would be deemed to be the payment of a taxable
dividend to you to the extent of our earnings and profits, notwithstanding the fact that you will not receive a cash payment. If
the conversion rate is adjusted in certain other circumstances (or in certain circumstances, there is a failure to make adjustments),
such adjustments may also result in the deemed payment of a taxable dividend to you. Any resulting withholding tax attributable
to deemed dividends would be collected from other amounts payable or distributable to you. You should consult your tax advisor
regarding the proper treatment of any adjustments to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Information Reporting and Backup Withholding</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We must report annually to the IRS the
amount of dividends or other distributions we may pay to you on your shares of common stock and the amount of tax we withhold on
any such distributions regardless of whether withholding is required. The IRS may make copies of the information returns reporting
those dividends and amounts withheld available to the tax authorities in the country in which you reside pursuant to the provisions
of an applicable income tax treaty or exchange of information treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The United States imposes backup withholding
on dividends and certain other types of payments to United States persons. You will not be subject to backup withholding on dividends
you receive on your shares of common stock if you provide proper certification (usually on an IRS Form&nbsp;W-8BEN or Form&nbsp;W-8BEN-E)
of your status as a non-United States person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information reporting and backup withholding
generally are not required with respect to the amount of any proceeds from the sale of your shares of common stock or warrants
outside the United States through a foreign office of a foreign broker that does not have certain specified connections to the
United States. However, if you sell your shares of common stock or warrants through a United States broker or the United States
office of a foreign broker, the broker will be required to report to the IRS the amount of proceeds paid to you unless you provide
appropriate certification (usually on an IRS Form&nbsp;W-8BEN or Form&nbsp;W-8BEN-E) to the broker of your status as a non-United
States person. Information reporting also would apply if you sell your shares of common stock or warrants through a foreign broker
deriving more than a specified percentage of its income from United States sources or having certain other connections to the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional
tax. Any amounts withheld with respect to your shares of common stock or warrants under the backup withholding rules&nbsp;will
be refunded to you or credited against your United States federal income tax liability, if any, by the IRS provided that certain
required information is furnished to the IRS in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Estate Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common stock owned or treated as owned
by an individual who is not a citizen or resident (as defined for United&nbsp;States federal estate tax purposes) of the United
States at the time of his or her death, or by an entity the property of which is potentially includible in such an individual&rsquo;s
gross estate, will be included in the individual&rsquo;s gross estate for United&nbsp;States federal estate tax purposes and therefore
may be subject to United States federal estate tax unless an applicable estate tax treaty provides otherwise. The foregoing may
also apply to warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FATCA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
30% withholding tax will be imposed on payments to certain foreign entities of U.S.-source dividends, unless various U.S. information
reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those
entities) have been satisfied or an exemption has otherwise been established. </FONT>While withholding described in this paragraph
would have also applied to payments of gross proceeds from the sale or other disposition of our securities on or after January&nbsp;1,
2019, recently proposed Treasury regulations eliminate such withholding on payments of gross proceeds entirely. Taxpayers generally
may rely on these proposed Treasury regulations until final Treasury regulations are issued. Potential investors should consult
their tax advisors regarding the possible implications of this withholding tax on their investment in the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="H_008"></A>UNDERWRITING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are offering the units described in
this prospectus through the underwriters named below. EarlyBirdCapital,&nbsp;Inc. is acting as representative of the underwriters.
We have entered into an underwriting agreement with the representative. Subject to the terms and conditions of the underwriting
agreement, the underwriters have agreed to purchase, and we have agreed to sell to the underwriters, the number of units listed
next to each of its name in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriter</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of <BR>
Units</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EarlyBirdCapital,&nbsp;Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriting agreement provides that
the underwriters must buy all of the units if they buy any of them. However, the underwriters are not required to purchase the
units covered by the option to purchase additional units as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our units are offered subject to a number
of conditions, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">receipt and acceptance of our units by the underwriters; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the underwriters&rsquo; right to reject orders in whole or in part.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this offering, the underwriters
or securities dealers may distribute prospectuses electronically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Option To Purchase Additional Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the underwriters an over-allotment
option to buy up to an aggregate of 1,500,000 additional units. The underwriters have 45 days from the date of this prospectus
to exercise this option. If the underwriters exercise this option, they will purchase additional units approximately in proportion
to the amounts specified in the table above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underwriting Discount</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Units sold by the underwriters to the public
will initially be offered at the initial offering price set forth on the cover of this prospectus. Any units sold by the underwriters
to securities dealers may be sold at a discount of up to $[&bull;] per unit from the initial public offering price and the dealers
may reallow a concession not in excess of $[&bull;] per unit to other dealers. Sales of units made outside of the United States
may be made by affiliates of the underwriters. After completion of this offering, if the underwriters still hold any units sold
by us to them in this offering, the representative may change the offering price and the other selling terms. Upon execution of
the underwriting agreement, the underwriters will be obligated to purchase the units at the prices and upon the terms stated therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the per unit
and total underwriting discount we will pay to the underwriters assuming both no exercise and full exercise of the underwriters&rsquo;
over-allotment option to purchase up to 1,500,000 additional units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No Exercise</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Full Exercise</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 71%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per Unit</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.20</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,300,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that the total expenses of
the offering payable by us, not including the underwriting discount, will be approximately $600,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have agreed to pay for the FINRA-related
fees and expenses of the underwriters&rsquo; legal counsel, not to exceed $15,000, the expenses of transaction &ldquo;bibles&rdquo;
and lucite cube &ldquo;mementos,&rdquo; not to exceed $3,000, and the expenses of investigations and background checks, not to
exceed $3,500 per individual, representing an aggregate payment of up to $50,000, all of which are included in the total estimated
expenses of $600,000. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Combination Marketing Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have engaged EarlyBirdCapital as an
advisor in connection with our business combination to assist us in holding meetings with our shareholders to discuss the potential
business combination and the target business&rsquo; attributes, introduce us to potential investors that are interested in purchasing
our securities in connection with our initial business combination, assist us in obtaining shareholder approval for the business
combination and assist us with our press releases and public filings in connection with the business combination. We will pay EarlyBirdCapital
a cash fee for such services upon the consummation of our initial business combination in an amount equal to 3.5% of the gross
proceeds of this offering; provided that up to 30% of the fee may be allocated in our sole discretion to other third parties who
are investment banks or financial advisory firms not participating in this offering that assist us in identifying and consummating
an initial business combination. Additionally, we will pay EarlyBirdCapital a cash fee equal to 1.0% of the total consideration
payable in the proposed business combination if it introduces us to the target business with which we complete a business combination;
provided that the foregoing fee will not be paid prior to the date that is 90 days from the effective date of the registration
statement of which this prospectus forms a part, unless FINRA determines that such payment would not be deemed underwriters&rsquo;
compensation in connection with this offering pursuant to FINRA Rule&nbsp;5110(c)(3)(B)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Representative Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March&nbsp;2020, we issued to designees
of EarlyBirdCapital the 150,000 representative shares for nominal consideration. The holders of the representative shares have
agreed not to transfer, assign or sell any such shares without our prior consent until the completion of our initial business combination.
In addition, the holders of the representative shares have agreed (i)&nbsp;to waive their conversion rights (or right to participate
in any tender offer) with respect to such shares in connection with the completion of our initial business combination and (ii)&nbsp;to
waive their rights to liquidating distributions from the trust account with respect to such shares if we fail to complete our initial
business combination within 24 months from the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The representative shares have been deemed
compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the effectiveness
of the registration statement of which this prospectus forms a part pursuant to Rule&nbsp;5110(g)(1)&nbsp;of the FINRA Manual.
Pursuant to FINRA Rule&nbsp;5110(g)(1), these securities will not be sold during the offering, or sold, transferred, assigned,
pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in
the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the
registration statement of which this prospectus forms a part or commencement of sales of the public offering, except to any underwriter
and selected dealer participating in the offering and their bona fide officers or partners, provided that all securities so transferred
remain subject to the lockup restriction above for the remainder of the time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the holders of these shares
the registration rights as described under the section &ldquo;<I>Shares Eligible for Future Sale &mdash; Registration Rights</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Private warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EarlyBirdCapital has committed that it
and/or its designees will purchase from us 500,000 private warrants for a total purchase price of $500,000. This purchase will
take place on a private placement basis simultaneously with the consummation of this offering. EarlyBirdCapital has also agreed
that if the over-allotment option is exercised by the underwriters in full or in part, it and/or its designees will purchase from
us an additional number of private warrants (up to a maximum of 46,154 private warrants) necessary to maintain in the trust account
$10.00 per unit sold to the public in this offering. The private warrants have been deemed compensation by FINRA and are therefore
subject to a 180-day lock-up pursuant to FINRA Rule&nbsp;5110(g)(1). Additionally, the private warrants purchased by EarlyBirdCapital
may not be 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 180-day period following the
effective date of this prospectus except to any selected dealer participating in the offering and the bona fide officers or partners
of the underwriter and any such participating selected dealer. EarlyBirdCapital has agreed that the private warrants it purchases
will not be sold or transferred by it (except to certain permitted transferees) until after we have completed an initial business
combination. We have granted the holders of private warrants, including EarlyBirdCapital, the registration rights as described
under the section &ldquo;<I>Shares Eligible for Future Sale &mdash; Registration Rights</I>.&rdquo; In compliance with FINRA Rule&nbsp;5110(f)(2)(H),
the EarlyBirdCapital registration rights are limited to demand and &ldquo;piggy back&rdquo; rights for periods of five and seven
years, respectively, from the effective date of this prospectus with respect to the registration under the Securities Act of the
private warrants and the underlying securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to indemnify the underwriter
against certain liabilities, including certain liabilities under the Securities Act. If we are unable to provide this indemnification,
we have agreed to contribute to payments the underwriter may be required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nasdaq Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to apply to have our units listed
on the Nasdaq under the symbol &ldquo;NOVSU&rdquo; and, once the common stock and warrants begin separate trading, under the symbols
 &ldquo;NOVS&rdquo; and &ldquo;NOVSW,&rdquo; respectively.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Price Stabilization, Short Positions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this offering, the underwriters
may engage in activities that stabilize, maintain or otherwise affect the price of units during and after this offering, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">stabilizing transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">short sales;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">purchases to cover positions created by short sales;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">imposition of penalty bids; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">syndicate covering transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stabilizing transactions consist of bids
or purchases made for the purpose of preventing or retarding a decline in the market price of our units while this offering is
in progress. Stabilization transactions permit bids to purchase the underlying security so long as the stabilizing bids do not
exceed a specified maximum. These transactions may also include making short sales of our units, which involve the sale by the
underwriters of a greater number of units than they are required to purchase in this offering and purchasing units on the open
market to cover short positions created by short sales. Short sales may be &ldquo;covered short sales,&rdquo; which are short positions
in an amount not greater than the underwriters&rsquo; option to purchase additional units referred to above, or may be &ldquo;naked
short sales,&rdquo; which are short positions in excess of that amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters may close out any covered
short position by either exercising their option, in whole or in part, or by purchasing units in the open market. In making this
determination, the underwriters will consider, among other things, the price of units available for purchase in the open market
as compared to the price at which they may purchase units through the over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Naked short sales are short sales made
in excess of the over-allotment option. 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 that could adversely affect investors who purchased in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters also may impose a penalty
bid. This occurs when a particular underwriter repays to the representative of the underwriters a portion of the underwriting discount
received by it because the representative has repurchased units sold by or for the account of that underwriter in stabilizing or
short covering transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These stabilizing transactions, short sales,
purchases to cover positions created by short sales, the imposition of penalty bids and syndicate covering transactions may have
the effect of raising or maintaining the market price of our units or preventing or retarding a decline in the market price of
our units. As a result of these activities, the price of our units may be higher than the price that otherwise might exist in the
open market. The underwriters may carry out these transactions on Nasdaq, in the over-the-counter market or otherwise. Neither
we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on
the price of the units. Neither we, nor the underwriters, make any representation that the underwriter will engage in these stabilization
transactions or that any transaction, once commenced, will not be discontinued without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Determination of Offering Price</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to this offering, there was no public
market for our units. The initial public offering price will be determined by negotiation between us and the representative of
the underwriters. The principal factors to be considered in determining the initial public offering price include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the information set forth in this prospectus and otherwise available to the representative;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our history and prospects and the history and prospects for the industry in which we compete;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our past and present financial performance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our prospects for future earnings and the present state of our development;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the general condition of the securities market at the time of this offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the recent market prices of, and demand for, publicly traded units of generally comparable companies;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">other factors deemed relevant by the underwriters and us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we nor the underwriters can assure
investors that an active trading market will develop for our units, warrants or common stock or that the units will trade in the
public market at or above the initial public offering price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affiliations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EarlyBirdCapital and its 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. EarlyBirdCapital and its affiliates may from time to time in the future engage with us and perform services for us
or in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of
their various business activities, the underwriters and their respective affiliates may also 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 such investment and securities activities may involve securities
and/or instruments of us. The underwriters and their affiliates may also make investment recommendations and/or publish or express
independent research views in respect of these securities or instruments and may at any time hold, or recommend to clients that
they acquire, long and/or short positions in these securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Future Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not under any contractual obligation
to engage any of the underwriters to provide any services for us after this offering and have no present intent to do so. However,
the underwriters may introduce us to potential target businesses or assist us in raising additional capital in the future. If any
of the underwriters provide services to us after this offering, we may pay such underwriter fair and reasonable fees that would
be determined at that time in an arm&rsquo;s length negotiation; provided that no agreement will be entered into with any underwriter
and no fees for such services will be paid to any underwriter prior to the date that is 90 days from the date of this prospectus,
unless FINRA determines that such payment would not be deemed underwriter&rsquo;s compensation in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Electronic Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus in electronic format may be
made available on the Internet sites or through other online services maintained by the underwriters participating in this offering,
or by their affiliates. In those cases, prospective investors may view offering terms online and, depending upon the particular
underwriter, prospective investors may be allowed to place orders online. The underwriters may agree with us to allocate a specific
number of units for sale to online brokerage account holders. Any such allocation for online distributions will be made by the
underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on any underwriter&rsquo;s
website and any information contained in any other website maintained by an underwriter is not part of the prospectus or the registration
statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity
as underwriter and should not be relied upon by investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selling Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Canada</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Resale Restrictions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to distribute our securities
in the Province of Ontario, Canada (the &ldquo;Canadian Offering Jurisdiction&rdquo;) by way of a private placement and exempt
from the requirement that we prepare and file a prospectus with the securities regulatory authorities in such Canadian Offering
Jurisdiction. Any resale of our securities in Canada must be made under applicable securities laws that will vary depending on
the relevant jurisdiction, and which may require resales to be made under available statutory exemptions or under a discretionary
exemption granted by the applicable Canadian securities regulatory authority. Canadian resale restrictions in some circumstances
may apply to resales of interests made outside of Canada. Canadian purchasers are advised to seek legal advice prior to any resale
of our securities. We may never be a &ldquo;reporting issuer&rdquo;, as such term is defined under applicable Canadian securities
legislation, in any province or territory of Canada in which our securities will be offered and there currently is no public market
for any of the securities in Canada, and one may never develop. Canadian investors are advised that we have no intention to file
a prospectus or similar document with any securities regulatory authority in Canada qualifying the resale of the securities to
the public in any province or territory in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Representations of Purchasers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Canadian purchaser will be required to
represent to us and the dealer from whom the purchase confirmation is received that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the purchaser is entitled under applicable provincial securities laws to purchase our securities
without the benefit of a prospectus qualified under those securities laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">where required by law, that the purchaser is purchasing as principal and not as agent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the purchaser has reviewed the text above under Resale Restrictions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the purchaser acknowledges and consents to the provision of specified information concerning its
purchase of our securities to the regulatory authority that by law is entitled to collect the information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Rights of Action &mdash; Ontario
Purchasers Only</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Ontario securities legislation, certain
purchasers who purchase a security offered by this prospectus during the period of distribution will have a statutory right of
action for damages, or while still the owner of our securities, for rescission against us in the event that this prospectus contains
a misrepresentation without regard to whether the purchaser relied on the misrepresentation. The right of action for damages is
exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge of the facts giving rise to
the cause of action and three years from the date on which payment is made for our securities. The right of action for rescission
is exercisable not later than 180 days from the date on which payment is made for our securities. If a purchaser elects to exercise
the right of action for rescission, the purchaser will have no right of action for damages against us. In no case will the amount
recoverable in any action exceed the price at which our securities were offered to the purchaser and if the purchaser is shown
to have purchased the securities with knowledge of the misrepresentation, we will have no liability. In the case of an action for
damages, we will not be liable for all or any portion of the damages that are proven to not represent the depreciation in value
of our securities as a result of the misrepresentation relied upon. These rights are in addition to, and without derogation from,
any other rights or remedies available at law to an Ontario purchaser. The foregoing is a summary of the rights available to an
Ontario purchaser. Ontario purchasers should refer to the complete text of the relevant statutory provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Enforcement of Legal Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our directors and officers as well
as the experts named herein are located outside of Canada and, as a result, it may not be possible for Canadian purchasers to effect
service of process within Canada upon us or those persons. All of our assets and the assets of those persons are located outside
of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada or to enforce a
judgment obtained in Canadian courts against us or those persons outside of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Collection of Personal Information</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Canadian purchaser is resident in
or otherwise subject to the securities laws of the Province of Ontario, the Purchaser authorizes the indirect collection of personal
information pertaining to the Canadian purchaser by the Ontario Securities Commission (the &ldquo;OSC&rdquo;) and each Canadian
purchaser will be required to acknowledge and agree that the Canadian purchaser has been notified by us (i)&nbsp;of the delivery
to the OSC of personal information pertaining to the Canadian purchaser, including, without limitation, the full name, residential
address and telephone number of the Canadian purchaser, the number and type of securities purchased and the total purchase price
paid in respect of the securities, (ii)&nbsp;that this information is being collected indirectly by the OSC under the authority
granted to it in securities legislation, (iii)&nbsp;that this information is being collected for the purposes of the administration
and enforcement of the securities legislation of Ontario, and (iv)&nbsp;that the title, business address and business telephone
number of the public official in Ontario who can answer questions about the OSC&rsquo;s indirect collection of the information
is the Administrative Assistant to the Director of Corporate Finance, the Ontario Securities Commission, Suite&nbsp;1903, Box&nbsp;5520,
Queen Street West, Toronto, Ontario, M5H 3S8, Telephone: (416) 593-8086, Facsimile: (416) 593-8252.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
Australia</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No placement document, prospectus, product
disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission (&ldquo;ASIC&rdquo;),
in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure
document under the Corporations Act 2001 (the &ldquo;Corporations Act&rdquo;) and does not purport to include the information required
for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any offer in Australia of the shares may
only be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated investors&rdquo; (within the meaning
of section 708(8)&nbsp;of the Corporations Act), &ldquo;professional investors&rdquo; (within the meaning of section 708(11) of
the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that
it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares applied for by Exempt
Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under
the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be
required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a
disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such
Australian on-sale restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains general information
only and does not take account of the investment objectives, financial situation or particular needs of any particular person.
It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors
need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if
necessary, seek expert advice on those matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
the Dubai International Financial Centre</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to an Exempt Offer
in accordance with the Offered Securities Rules&nbsp;of the Dubai Financial Services Authority (&ldquo;DFSA&rdquo;). This prospectus
is intended for distribution only to persons of a type specified in the Offered Securities Rules&nbsp;of the DFSA. It must not
be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in
connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein
and has no responsibility for the prospectus. The shares to which this prospectus relates may be illiquid and/or subject to restrictions
on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not
understand the contents of this prospectus you should consult an authorized financial advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
the European Economic Area</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In relation to each member state of the
European Economic Area that has implemented the Prospectus Directive (each, a &ldquo;relevant member state&rdquo;), with effect
from and including the date on which the Prospectus Directive is implemented in that relevant member state (the &ldquo;relevant
implementation date&rdquo;), an offer of units described in this prospectus may not be made to the public in that relevant member
state prior to the publication of a prospectus in relation to the units that has been approved by the competent authority in that
relevant member state or, where appropriate, approved in another relevant member state and notified to the competent authority
in that relevant member state, all in accordance with the Prospectus Directive, except that, with effect from and including the
relevant implementation date, an offer of our units may be made to the public in that relevant member state at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">to any legal entity which is a qualified investor as defined in the Prospectus Directive;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">to fewer than 100, or, if the relevant member state has implemented the relevant provisions of
the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive),
as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated
by the issuer for any such offer; or natural or legal persons (other than qualified investors as defined below) subject to obtaining
the prior consent of the underwriter for any such offer; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">in any other circumstances that do not require the publication by us of a prospectus pursuant to
Article&nbsp;3 of the Prospectus Directive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each purchaser of units described in this
prospectus located within a relevant member state will be deemed to have represented, acknowledged and agreed that it is a &ldquo;qualified
investor&rdquo; within the meaning of Article&nbsp;2(1)(e)&nbsp;of the Prospectus Directive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of this provision, the
expression an &ldquo;offer to the public&rdquo; in any relevant member state means the communication in any form and by any means
of sufficient information on the terms of the offer and the units to be offered so as to enable an investor to decide to purchase
or subscribe for the units, as the expression may be varied in that member state by any measure implementing the Prospectus Directive
in that member state, and the expression &ldquo;Prospectus Directive&rdquo; means Directive 2003/71/EC (and amendments thereto,
including the PD 2010 Amending Directive to the extent implemented by the relevant member state) and includes any relevant implementing
measure in each relevant member state, and the expression 2010 PD Amending Directive means Directive 2010/73/EU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not authorized and do not authorize
the making of any offer of securities through any financial intermediary on their behalf, other than offers made by the underwriters
with a view to the final placement of the units as contemplated in this prospectus. Accordingly, no purchaser of the units, other
than the underwriters, is authorized to make any further offer of the units on behalf of us or the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
Switzerland</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares may not be publicly offered
in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) 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&nbsp;or the listing rules&nbsp;of any other stock exchange or regulated trading facility in Switzerland.
Neither this document nor any other offering or marketing material relating to the shares 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither this document nor any other offering
or marketing material relating to the offering, the Company or the shares 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 shares will not be supervised by, the
Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under
the Swiss Federal Act on Collective Investment Schemes (&ldquo;CISA&rdquo;). The investor protection afforded to acquirers of interests
in collective investment schemes under the CISA does not extend to acquirers of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
the United Kingdom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is only being distributed
to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of Article&nbsp;2(1)(e)&nbsp;of
the Prospectus Directive that are also (i)&nbsp;investment professionals falling within Article&nbsp;19(5)&nbsp;of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &ldquo;Order&rdquo;) or (ii)&nbsp;high net worth entities,
and other persons to whom it may lawfully be communicated, falling within Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;of the Order (all
such persons together being referred to as a &ldquo;relevant person&rdquo;). The units are only available to, and any invitation,
offer or agreement to purchase or otherwise acquire such units will be engaged in only with, relevant persons. This prospectus
and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by
recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not
act or rely on this document or any of its contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
France</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither this prospectus nor any other offering
material relating to the units described in this prospectus has been submitted to the clearance procedures of the Autorit&eacute;
des March&eacute;s Financiers or by the competent authority of another member state of the European Economic Area and notified
to the Autorit&eacute; des March&eacute;s Financiers. The units have not been offered or sold and will not be offered or sold,
directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the units
has been or will be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">released, issued, distributed or caused to be released, issued or distributed to the public in
France; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">used in connection with any offer for subscription or sale of the units to the public in France.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such offers, sales and distributions will
be made in France only:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">to qualified investors (investisseurs qualifi&eacute;s) and/or to a restricted circle of investors
(cercle restreint d&rsquo;investisseurs), in each case investing for their own account, all as defined in, and in accordance with,
Article&nbsp;L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code mon&eacute;taire et financier;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">to investment services providers authorized to engage in portfolio management on behalf of third
parties; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">in a transaction that, in accordance with article L.411-2-II-1&deg;-or-2&deg;-or 3&deg; of the
French Code mon&eacute;taire et financier and article 211-2 of the General Regulations (R&egrave;glement G&eacute;n&eacute;ral)
of the Autorit&eacute; des March&eacute;s Financiers, does not constitute a public offer (appel public &agrave; l&rsquo;&eacute;pargne).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The units may be resold directly or indirectly,
only in compliance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code mon&eacute;taire et
financier.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
Hong Kong</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The units may not be offered or sold in
Hong Kong by means of any document other than (i)&nbsp;in circumstances which do not constitute an offer to the public within the
meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii)&nbsp;to &ldquo;professional investors&rdquo; within the meaning
of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules&nbsp;made thereunder, or (iii)&nbsp;in other
circumstances which do not result in the document being a &ldquo;prospectus&rdquo; within the meaning of the Companies Ordinance
(Cap.32, Laws of Hong Kong) and no advertisement, invitation or document relating to the units may 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 in Hong Kong (except if permitted to do so under the laws of Hong Kong)
other than with respect to units which are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional
investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules&nbsp;made
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
Japan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The units have not been and will not be
registered under the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25 of 1948, as amended) and, accordingly, will
not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering
or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations
and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time.
For the purposes of this paragraph, &ldquo;Japanese Person&rdquo; shall mean any person resident in Japan, including any corporation
or other entity organized under the laws of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in
Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus has not been registered
as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection
with the offer or sale, or invitation for subscription or purchase, of the units may not be circulated or distributed, nor may
the units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly,
to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and Futures Act,
Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1), or any person
pursuant to Section&nbsp;275(1A), and in accordance with the conditions specified in Section&nbsp;275 of the SFA or (iii)&nbsp;otherwise
pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance
with conditions set forth in the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the units are subscribed or purchased
under Section&nbsp;275 of the SFA by a relevant person that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">a corporation (which is not an accredited investor (as defined in Section&nbsp;14A 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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments
and each beneficiary of the trust is an individual who is an accredited investor, shares, debentures and units of shares and debentures
of that corporation or the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be transferred
within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section&nbsp;275
of the SFA except:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">to an institutional investor (for corporations, under Section&nbsp;274 of the SFA) or to a relevant
person defined in Section&nbsp;275(2)&nbsp;of the SFA, or to any person pursuant to an offer that is made on terms that such shares,
debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration
of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for
in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified
in Section&nbsp;275 of the SFA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">where no consideration is or will be given for the transfer; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">where the transfer is by operation of law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="j_002"></A>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blank Rome LLP, New York, New York, is
acting as our counsel in connection with the registration of our securities under the Securities Act, and as such, will pass upon
the validity of the securities offered in this offering. Graubard Miller, New York, New York, is acting as counsel to the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_003"></A><FONT STYLE="text-transform: uppercase"><B>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of Novus Capital
Corporation at March&nbsp;16, 2020 and for the period from March&nbsp;5, 2020 (inception) through March&nbsp;16, 2020 included
in this prospectus have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report,
thereon (which contains an explanatory paragraph relating to substantial doubt about the ability of Novus Capital Corporation to
continue as a going concern as described in Note 1 to the financial statements), appearing elsewhere in this prospectus, and are
included in reliance on such report given upon such firm as experts in auditing and accounting.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_004"></A><FONT STYLE="text-transform: uppercase"><B>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration
statement on Form&nbsp;S-1 under the Securities Act with respect to the securities we are offering by this prospectus. This prospectus
does not contain all of the information included in the registration statement. For further information about us and our securities,
you should refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we
make reference in this prospectus to any of our contracts, agreements or other documents, the references are materially complete
but may not include a description of all aspects of such contracts, agreements or other documents, and you should refer to the
exhibits attached to the registration statement for copies of the actual contract, agreement or other document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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>. You may also read and copy any document we file with the SEC at its public reference
facility at 100 F Street, N.E., Washington, D.C. 20549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may also obtain copies of the documents
at prescribed rates by writing to the Public Reference Section&nbsp;of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please
call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 08 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="H_007"></A>INDEX
TO FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PAGE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#H_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
    of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><A HREF="#H_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#H_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    Sheet</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><A HREF="#H_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#H_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Operations</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><A HREF="#H_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#H_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Changes in Stockholders&rsquo; Equity</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><A HREF="#H_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#H_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Cash Flows</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><A HREF="#H_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#H_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    to Financial Statements</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center"><A HREF="#H_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="H_001"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholders and the Board of Directors of<BR>
Novus Capital Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance
sheet of Novus Capital Corp. (the &ldquo;Company&rdquo;) as of <FONT STYLE="font: 10pt Times New Roman, Times, Serif">March&nbsp;16</FONT>, 2020
and the related statements of operations, changes in stockholders&rsquo; equity and cash flows for the period from March&nbsp;5,
2020 (inception) through <FONT STYLE="font: 10pt Times New Roman, Times, Serif">March&nbsp;16</FONT>, 2020 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 <FONT STYLE="font: 10pt Times New Roman, Times, Serif">March&nbsp;16</FONT>, 2020 and the
results of its operations and its cash flows for the period from March&nbsp;5, 2020 (inception) through <FONT STYLE="font: 10pt Times New Roman, Times, Serif">March&nbsp;16</FONT>,
2020, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Explanatory Paragraph &mdash; Going Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P>The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As
more fully described in Note 1 to the financial statements, the Company&rsquo;s business plan is dependent upon its completion
of the proposed initial public offering described in Note 3 to the financial statements. The Company had no working capital
as of March 16, 2020 and lacks the financial resources it needs to sustain operations for a reasonable period of time, which
is considered to be one year from the issuance date of the financial statements. 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 Note 1 and 3. The financial statements do not include any adjustments that might become necessary should the Company be
unable to continue as a going concern.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&nbsp;and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We conducted our audit in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required
to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are
required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable
basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Marcum LLP<BR>
Marcum LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&rsquo;s auditor since 2020.<BR>
New York, NY<BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">March&nbsp;26, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="H_002"></A>NOVUS
CAPITAL CORP.<BR>
BALANCE SHEET<BR>
MARCH&nbsp;16, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 20pt">Cash</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,525</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Deferred offering costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,525</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Accrued expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Promissory note &ndash; Related party</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,525</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Total Current Liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,525</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Commitments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Stockholders&rsquo; Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Common stock, $0.0001 par value; 30,000,000 shares authorized; none issued and outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Accumulated deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Total Stockholders&rsquo; Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,525</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="H_003"></A><FONT STYLE="text-transform: uppercase"><B>NOVUS
CAPITAL CORP.<BR>
STATEMENT OF OPERATIONS<BR>
For the period from March&nbsp;5, 2020 (inception) to March&nbsp;16, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Formation and operating costs</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Net Loss</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Weighted average shares outstanding, basic and diluted</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Basic and diluted net loss per common share</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.00</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="H_004"></A>NOVUS
CAPITAL CORP.<BR>
STATEMENT OF CHANGES IN STOCKHOLDERS&rsquo; EQUITY<BR>
For the period from MARCH&nbsp;5, 2020 (inception) to MARCH&nbsp;16, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Additional </B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Paid in </B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Accumulated </B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Stockholders&rsquo; </B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Capital</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Deficit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 35%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Balance &ndash; March&nbsp;5, 2020 (inception)</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Net Income(loss)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Balance &ndash; March&nbsp;16, 2020</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="H_005"></A>NOVUS
CAPITAL CORP.<BR>
STATEMENT OF CASH FLOWS<BR>
For the period from march 5, 2020 (inception) to March&nbsp;16, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash Flows from Operating Activities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments to reconcile net loss to net cash used in operating activities:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in operating assets and liabilities:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 30pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net cash used in operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash Flows from Financing Activities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds from promissory note &ndash; related party</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,525</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments of offering costs</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net cash used in operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Change in Cash</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,525</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash &ndash; Beginning</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash &ndash; Ending</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,525</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-cash investing and financing activities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of Representative Shares</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred offering costs paid directly by initial stockholders from proceeds from issuance of common stock to initial stockholders</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="H_009"></A>Note 1 &mdash; Description of Organization and Business Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Novus Capital Corp. (the &ldquo;Company&rdquo;)
was incorporated in Delaware on March&nbsp;5, 2020. The Company is a blank check company formed for the purpose of entering into
a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination
with one or more businesses or entities (the &ldquo;Business Combination&rdquo;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March&nbsp;16, 2020, the Company
had not commenced any operations. All activity for the period from March&nbsp;5, 2020 (inception) through March&nbsp;16, 2020 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 a Business Combination, at the earliest.
The Company will generate non-operating income in the form of interest income from the proceeds derived from the Proposed Public
Offering. The Company has selected December&nbsp;31 as its fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s ability to commence
operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 10,000,000 units (the
 &ldquo;Units&rdquo; and, with respect to the shares of common stock included in the Units being offered, the &ldquo;Public Shares&rdquo;)
at $10.00 per Unit (or 11,500,000 units if the underwriters&rsquo; over-allotment option is exercised in full), which is discussed
in Note 3, and the sale of 3,250,000 warrants (or 3,550,000 warrants if the underwriters&rsquo; over-allotment option is exercised
in full) (the &ldquo;Private Warrants&rdquo;) at a price of $1.00 per Private Warrant in a private placement to the Company&rsquo;s
initial stockholders and EarlyBirdCapital,&nbsp;Inc. (&ldquo;EarlyBirdCapital&rdquo;) that will close simultaneously with the Proposed
Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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
Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.
There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete
a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined
below) (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business
Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more
of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it
not to be required to register as an investment company under the Investment Company Act 1940, as amended (the &ldquo;Investment
Company Act&rdquo;). Upon the closing of the Proposed Public Offering, management has agreed that an amount equal to at least $10.00
per Unit sold in the Proposed Public Offering, including the proceeds from the sale of the Private Warrants, will be held in a
trust account (&ldquo;Trust Account&rdquo;), located in the United States and invested only in U.S. government securities, within
the meaning set forth in Section&nbsp;2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended
investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule&nbsp;2a-7
of the Investment Company Act, as determined by the Company, until the earlier of: (i)&nbsp;the completion of a Business Combination
and (ii)&nbsp;the distribution of the Trust Account, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The Company will provide its holders of the outstanding
Public Shares (the &ldquo;public stockholders&rdquo;) with the opportunity to redeem all or a portion of their Public Shares upon
the completion of a Business Combination either (i)&nbsp;in connection with a stockholder meeting called to approve the Business
Combination or (ii)&nbsp;by means of a tender offer. The decision as to whether the Company will seek stockholder approval of
a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders
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 earned on the funds held in the Trust Account and not previously released
to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with
respect to the Company&rsquo;s warrants. The Public Shares subject to redemption will be recorded at redemption value and classified
as temporary equity upon the completion of the Proposed Offering in accordance with the Accounting Standards Codification (&ldquo;ASC&rdquo;)
Topic 480 &ldquo;Distinguishing Liabilities from Equity.&rdquo; The Company will proceed with a Business Combination if the Company
has net tangible assets of at least $5,000,001 immediately prior to or upon such consummation of a Business Combination and, if
the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder
vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the
Company will, pursuant to its Amended and Restated Certificate of Incorporation (the &ldquo;Amended and Restated Certificate of
Incorporation&rdquo;), conduct the redemptions pursuant to the tender offer rules&nbsp;of the U.S. Securities and Exchange Commission
(&ldquo;SEC&rdquo;) and file tender offer documents with the SEC containing substantially the same information as would be included
in a proxy statement prior to completing a Business Combination. If, however, stockholder approval of the transaction is required
by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem
shares in conjunction with a proxy solicitation pursuant to the proxy rules&nbsp;and not pursuant to the tender offer rules. If
the Company seeks stockholder approval in connection with a Business Combination, the Company&rsquo;s initial stockholders and
EarlyBirdCapital have agreed to vote their Founder Shares (as defined in Note 5), Representative Shares (as defined in Note 7)
and any Public Shares purchased during or after the Proposed Public Offering (a)&nbsp;in favor of approving a Business Combination
and (b)&nbsp;not to convert any shares in connection with a stockholder vote to approve a Business Combination or sell any shares
to the Company in a tender offer in connection with a Business Combination. Additionally, each public stockholder may elect to
redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or don&rsquo;t vote at all. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial stockholders and EarlyBirdCapital
have agreed (a)&nbsp;to waive their redemption rights with respect to their Founder Shares and Public Shares held by it in connection
with the completion of a Business Combination, (b)&nbsp;to waive their rights to liquidating distributions from the Trust Account
with respect to the Founder Shares and Representative Shares if the Company fails to consummate a Business Combination and (c)&nbsp;not
to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect a public stockholders&rsquo;
ability to convert or sell their shares to the Company in connection with a Business Combination or affect the substance or timing
of the Company&rsquo;s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination,
unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any
such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will have until 24 months from
the closing of the Proposed Public Offering to complete a Business Combination (the &ldquo;Combination Period&rdquo;). If the Company
is unable to complete a 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 taxes, divided by the
number of then outstanding Public Shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders
(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 stockholders and the
Company&rsquo;s board of directors, dissolve and liquidate, subject in each case to the Company&rsquo;s obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to protect the amounts held in
the Trust Account, Vincent Donargo, our Chief Financial Officer, has agreed to 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 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 $10.00 per
Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving
any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any
claims under the Company&rsquo;s indemnity of the underwriters of Proposed Public Offering against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Moreover, in the event that an executed
waiver is deemed to be unenforceable against a third party, the Insiders will not be responsible to the extent of any liability
for such third-party claims. The Company will seek to reduce the possibility that the Insiders 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 the Company does business, execute agreements with the Company waiving any right, title, interest or claim
of any kind in or to monies held in the Trust Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Going Concern Consideration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At March&nbsp;16, 2020, the Company had
$1,525 of cash. The Company expects to incur significant costs in pursuit of its financing and acquisition plans. These conditions
raise substantial doubt about the Company&rsquo;s ability to continue as a going concern within one year after the date that the
financial statements are issued. Management plans to address this uncertainty through a Proposed Public Offering as discussed in
Note 3. There is no assurance that the Company&rsquo;s plans to raise capital or to consummate a Business Combination will be successful
within the Combination Period. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 2 &mdash; Summary of Significant Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Basis of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements are
presented in in conformity with accounting principles generally accepted in the United States of America (&ldquo;GAAP&rdquo;) and
pursuant to the rules&nbsp;and regulations of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Emerging Growth Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an &ldquo;emerging growth
company,&rdquo; as defined in Section&nbsp;2(a)&nbsp;of the Securities Act, as modified by the Jumpstart Our Business Startups
Act of 2012 (the &ldquo;JOBS Act&rdquo;), and it may take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions
from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, Section&nbsp;102(b)(1)&nbsp;of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange 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 election to opt out is irrevocable. The Company has elected not to opt
out of such extended transition period which means that when a standard is issued or revised and it has different application dates
for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time
private companies adopt the new or revised standard. This may make comparison of the Company&rsquo;s financial statements with
another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using
the extended transition period difficult or impossible because of the potential differences in accounting standards used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements
in conformity with 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 revenues and expenses during the reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to
exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or
set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly
from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cash and cash equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 March&nbsp;16, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Deferred Offering Costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering costs consist of legal,
accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Proposed
Public Offering and that will be charged to stockholder&rsquo;s 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows the asset and liability
method of accounting for income taxes under ASC 740, &ldquo;Income Taxes.&rdquo; Deferred tax assets and liabilities are recognized
for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing
assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included
the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 740 prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax
expense. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">There were no unrecognized tax benefits and no amounts accrued for interest and
penalties as of March&nbsp;16, 2020.</FONT> 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 is subject to income tax examinations by major
taxing authorities since inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
was no provision for income taxes for the period from March&nbsp;5, 2020 (inception) to March&nbsp;16, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Net Loss Per Common Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss per share is computed by dividing
net loss by the weighted average number of shares of common stock outstanding during the period, excluding shares of common stock
subject to forfeiture by the initial stockholders. At March&nbsp;16, 2020, the Company did not have any dilutive securities and
other contracts that could, potentially, be exercised or converted into shares of common stock 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Concentration of Credit Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially
subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may
exceed the Federal Depository Insurance Coverage of $250,000. At March&nbsp;16, 2020, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fair Value of Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company&rsquo;s assets
and liabilities, which qualify as financial instruments under ASC 820, &ldquo;Fair Value Measurements and Disclosures,&rdquo; approximates
the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management does not believe that any recently issued, but not
yet effective, accounting pronouncements, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 3 &mdash; Public Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Proposed Public Offering,
the Company intends to offer for sale 10,000,000 Units (or 11,500,000 Units if the over-allotment option is exercised in full)
at a price of $10.00 per Unit. Each Unit will consist of one share of common stock and one-half of one warrant (&ldquo;Public Warrant&rdquo;).
Each whole Public Warrant will entitle the holder to purchase one share of common stock at a price of $11.50 per share, subject
to adjustment (see Note 7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 4 &mdash; Private Placement and Representative Shares</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to March 16, 2020, the initial
stockholders purchased an aggregate of 2,500,000 Founders Shares (or 2,875,000 Founders Shares if the over-allotment option is
exercised in full) at a price of $0.0087 per Founders Share, for an aggregate purchase price of $25,000 in a private placement
that will occur simultaneously with the closing of the Proposed Public Offering (see Note 8 &ndash; Subsequent Events). EarlyBirdCapital
has agreed to purchase an aggregate of 150,000 Representative Shares at a price of $0.0001 per Representative Shares, for an aggregate
purchase price of $15, in a private placement. The initial stockholders and EarlyBirdCapital have agreed to purchase 3,250,000
private warrants (2,750,000 private warrants by our initial stockholders and/or their designees and 500,000 private warrants by
EarlyBirdCapital and/or its designees) They have also agreed that if the over-allotment option is exercised by the underwriters
in full or in part, they and/or their designees will purchase from us an additional number of private warrants (up to a maximum
of 300,000 private warrants at $1.00 per private warrant, of which up to 253,846 private warrants will be purchased by our initial
stockholders and/or their designees and up to 46,154 private warrants will be purchased by EarlyBirdCapital and/or their designees)
in order to maintain in the trust account $10.0 per unit sold to the public. The proceeds from the private placement of the private
warrants will be added to the proceeds of the Proposed Public Offering to be held in the Trust Account. If the Company does not
complete a Business Combination within the Combination Period, the proceeds from the sale of the private warrants will be used
to fund the redemption of the Public Shares (subject to the requirements of applicable law).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 5 &mdash; Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Founder Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to March 16,&nbsp;2020, the
initial stockholders purchased 2,875,000 shares (the &ldquo;Founder Shares&rdquo;) of the Company&rsquo;s common stock for an aggregate
price of $25,000. All shares were issued and proceeds received as of March 26, 2020 (see Note 8 &ndash; Subsequent Events). The
Founder Shares include an aggregate of up to 375,000 shares subject to forfeiture by the initial stockholders to the extent that
the underwriters&rsquo; over-allotment is not exercised in full or in part, so that the initial stockholders will collectively
own 20% of the Company&rsquo;s issued and outstanding shares after the Proposed Public Offering (assuming the initial stockholders
do not purchase any Public Shares in the Proposed Public Offering and excluding the Representative Shares).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial stockholders have agreed, subject
to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until, with respect to 50% of the Founder
Shares, the earlier of one year after the consummation of a Business Combination and the date on which the closing price of the
common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect
to the remaining 50% of the Founder Shares, until the one year after the consummation of a Business Combination, or earlier, in
either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar
transaction which results in all of the Company&rsquo;s stockholders having the right to exchange their shares of common stock
for cash, securities or other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Promissory Note &mdash; Related Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March&nbsp;2020, the Company issued
an unsecured promissory note to Robert J. Laikin, the Company&rsquo;s Chairman (the &ldquo;Promissory Note&rdquo;), pursuant to
which the Company may borrow up to an aggregate principal amount of $150,000, of which $1,525 was outstanding under the Promissory
Note as of March&nbsp;16, 2020. The Promissory Note is non-interest bearing and payable on the earlier of (i)&nbsp;March&nbsp;1,
2021, (ii)&nbsp;the consummation of the Proposed Public Offering or (iii)&nbsp;the date on which the Company determines not to
proceed with the Proposed Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Related Party Loans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in order to finance transaction
costs in connection with a Business Combination, or certain of the Company&rsquo;s officers, directors or initial stockholders
or their affiliates 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 close, 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. 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. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 $1,500,000 of such Working
Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant.</FONT>
The warrants would be identical to the Private Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 6 &mdash; Commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of the Founder Shares and Representative
Shares, as well as the holders of the Private Warrants and any warrants that may be issued in payment of Working Capital Loans
made to the Company (and all underlying securities), will be entitled to registration rights pursuant to an agreement to be signed
prior to or on the effective date of Proposed Public Offering. The holders of a majority of these securities are entitled to make
up to two demands that the Company register such securities. The holders of the majority of the Founders Shares can elect to exercise
these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be
released from escrow. The holders of a majority of the Representative Shares, Private Warrants and warrants issued in payment of
Working Capital Loans (or underlying securities) can elect to exercise these registration rights at any time after the Company
consummates a Business Combination. Notwithstanding anything to the contrary, EarlyBirdCapital may only make a demand on one occasion
and only during the five-year period beginning on the effective date of the Proposed Public Offering. In addition, the holders
have certain &ldquo;piggy-back&rdquo; registration rights with respect to registration statements filed subsequent to the consummation
of a Business Combination; provided, however, that EarlyBirdCapital may participate in a &ldquo;piggy-back&rdquo; registration
only during the seven-year period beginning on the effective date of the Proposed Public Offering. The Company will bear the expenses
incurred in connection with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underwriting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will grant the underwriters
a 45-day option from the date of Proposed Public Offering to purchase up to 1,500,000 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters will be entitled to a
cash underwriting discount of $0.20 per Unit, or $2,000,000 in the aggregate (or $2,300,000 in the aggregate if the underwriters&rsquo;
over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Combination Marketing Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has engaged EarlyBirdCapital
as an advisor in connection with a Business Combination to assist the Company in holding meetings with its shareholders to discuss
the potential Business Combination and the target business&rsquo; attributes, introduce the Company to potential investors that
are interested in purchasing the Company&rsquo;s securities in connection with a Business Combination, assist the Company in obtaining
shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection
with the Business Combination. The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of a Business
Combination in an amount equal to 3.5% of the gross proceeds of Proposed Public Offering (exclusive of any applicable finders&rsquo;
fees which might become payable); provided that up to 30% of the fee may be allocated at the Company&rsquo;s sole discretion to
other third parties who are investment banks or financial advisory firms not participating in the Proposed Public Offering that
assist the Company in identifying and consummating a Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 &mdash; Stockholders&rsquo; Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Preferred
Stock &mdash; </B></FONT>The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per
share with such designation, rights and preferences as may be determined from time to time by the Company&rsquo;s board of directors.
At March&nbsp;16, 2020, there were no shares of preferred stock issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Common
Stock</B></FONT> &mdash; The Company is authorized to issue 30,000,000 shares of common stock with a par value of $0.0001 per share.
At March&nbsp;16, 2020, there were no shares of common stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Warrants</B></FONT>
 &mdash; The Public Warrants will become exercisable on the later of (a)&nbsp;30 days after the completion of a Business Combination
or (b)&nbsp;12 months from the closing of the Proposed Public Offering. No warrants will be exercisable for cash unless the Company
has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants
and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering
the shares of common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the
consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and
during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless
basis pursuant to the exemption provided by Section&nbsp;3(a)(9)&nbsp;of the Securities Act, provided that such exemption is available.
If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once the warrants become exercisable, the
Company may redeem the Public Warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">in whole and not in part;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">at a price of $0.01 per warrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">upon not less than 30 days&rsquo; prior written notice of redemption;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20&nbsp;trading&nbsp;days
within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day
prior to the notice of redemption to warrant holders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">if, and only if, there is a current registration statement in effect with respect to the shares
of common stock underlying the warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company calls the Public Warrants
for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a
 &ldquo;cashless basis,&rdquo; as described in the warrant agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Warrants will be identical
to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Warrants and the
shares of common stock issuable upon the exercise of the Private Warrants will not be transferable, assignable or salable until
after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will
be exercisable for cash or on a cashless basis, at the holder&rsquo;s option, and be non-redeemable so long as they are held by
the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers
or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same
basis as the Public Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price and number of shares
of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not
be adjusted for issuances of shares of common stock at a price below their respective exercise prices. Additionally, in no event
will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within
the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any
of such funds with respect to their warrants, nor will they receive any distribution from the Company&rsquo;s assets held outside
of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if (x)&nbsp;the Company issues
additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of a
Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price
or effective issue price to be determined in good faith by the Company&rsquo;s board of directors, and in the case of any such
issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior to
such issuance), (y)&nbsp;the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination
(net of redemptions), and (z)&nbsp;the volume weighted average trading price of the Company&rsquo;s common stock during the 20
trading day period starting on the trading day prior to the day on which the Company consummates 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 greater of (i)&nbsp;the Market Value or (ii)&nbsp;the price at which the Company issues the additional
shares of common stock or equity-linked securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Representative Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to March 16, 2020,
the Company issued to the designees of EarlyBirdCapital 150,000 shares of common stock (the &ldquo;Representative Shares&rdquo;).
The Company accounted for the Representative Shares as an offering cost of the Proposed Public Offering, with a corresponding credit
to stockholders&rsquo; equity. The Company estimated the fair value of Representative Shares to be <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$1,304</FONT>
based upon the price of the Founder Shares issued to the initial stockholders. The holders of the Representative Shares have agreed
not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, the holders have agreed
(i)&nbsp;to waive their redemption rights with respect to such shares in connection with the completion of a Business Combination
and (ii)&nbsp;to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company
fails to complete a Business Combination within the Combination Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Representative Shares have been deemed
compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective date
of the registration statement related to the Proposed Public Offering pursuant to Rule&nbsp;5110(g)(1)&nbsp;of FINRA&rsquo;s NASD
Conduct Rules. Pursuant to FINRA Rule&nbsp;5110(g)(1), these securities will not be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days
immediately following the effective date of the registration statements related to the Proposed Public Offering, nor may they be
sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration
statements related to the Proposed Public Offering except to any underwriter and selected dealer participating in the Proposed
Public Offering and their bona fide officers or partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 &mdash; Subsequent Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluated subsequent events
and transactions that occurred after the balance sheet date up to March 26, 2020, the date that the financial statements were available
to be issued. Other than as described below, 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After March 16, 2020, the initial stockholders purchased 2,875,000
shares (the &ldquo;Founder Shares&rdquo;) of the Company&rsquo;s common stock for an aggregate price of $25,000. The Founder Shares
include an aggregate of up to 375,000 shares subject to forfeiture by the initial stockholders to the extent that the underwriters&rsquo;
over-allotment is not exercised in full or in part, so that the initial stockholders will collectively own 20% of the Company&rsquo;s
issued and outstanding shares after the Proposed Public Offering (assuming the initial stockholders do not purchase any Public
Shares in the Proposed Public Offering and excluding the Representative Shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Subsequent to March 16, 2020, Mr. Laikin loaned us an additional
$21,000 under the promissory note. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10,000,000 Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Novus
Capital Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[&bull;]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Sole Book-Running Manager</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EarlyBirdCapital,&nbsp;Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until <B>[&bull;]</B>, 2020 (25 days after
the date of this prospectus), all dealers that buy, sell or trade our common stock, whether or not participating in this offering,
may be required to deliver a prospectus. This is in addition to the dealers&rsquo; obligation to deliver a prospectus when acting
as underwriters and with respect to their unsold allotments or subscriptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 116 -->
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    <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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 10pt">SEC expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">15,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">FINRA expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17,750&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Accounting fees and expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Printing and engraving expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">250,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Stock exchange listing and filing fees</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">75,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">167,250&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">600,000&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that all directors, officers, employees and agents of the registrant shall be entitled to be indemnified by us to the fullest extent
permitted by Section&nbsp;145 of the Delaware General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;145 of the Delaware General
Corporation Law concerning indemnification of officers, directors, employees and agents is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Section&nbsp;145. Indemnification
of officers, directors, employees and agents; insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action,
suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
the person&rsquo;s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in
good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person&rsquo;s conduct was unlawful.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or
was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by the person
in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be
made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">To the extent that a present or former director or officer of a corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a)&nbsp;and (b)&nbsp;of this
section, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys&rsquo;
fees) actually and reasonably incurred by such person in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Any indemnification under subsections (a)&nbsp;and (b)&nbsp;of this section (unless ordered by
a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of
the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable
standard of conduct set forth in subsections (a)&nbsp;and (b)&nbsp;of this section. Such determination shall be made, with respect
to a person who is a director or officer at the time of such determination, (1)&nbsp;by a majority vote of the directors who are
not parties to such action, suit or proceeding, even though less than a quorum, or (2)&nbsp;by a committee of such directors designated
by majority vote of such directors, even though less than a quorum, or (3)&nbsp;if there are no such directors, or if such directors
so direct, by independent legal counsel in a written opinion, or (4)&nbsp;by the stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">Expenses (including attorneys&rsquo; fees) incurred by an officer or director in defending any
civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay
such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized
in this section. Such expenses (including attorneys&rsquo; fees) incurred by former directors and officers or other employees and
agents may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">The indemnification and advancement of expenses provided by, or granted pursuant to, the other
subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement
of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to
action in such person&rsquo;s official capacity and as to action in another capacity while holding such office.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">A corporation shall have power to purchase and maintain insurance on behalf of any person who is
or was director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of such person&rsquo;s status as
such, whether or not the corporation would have the power to indemnify such person against such liability under this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">For purposes of this section, references to &ldquo;the corporation&rdquo; shall include, in addition
to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers,
and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation,
or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, shall stand in the same position under this section with respect to the
resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence
had continued.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">For purposes of this section, references to &ldquo;other enterprises&rdquo; shall include employee
benefit plans; references to &ldquo;fines&rdquo; shall include any excise taxes assessed on a person with respect to any employee
benefit plan; and references to &ldquo;serving at the request of the corporation&rdquo; shall include any service as a director,
officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee
or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and
in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner &ldquo;not opposed to the best interests of the corporation&rdquo; as referred to
in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">The indemnification and advancement of expenses provided by, or granted pursuant to, this section
shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions
for advancement of expenses or indemnification brought under this section or under any bylaw, agreement, vote of stockholders or
disinterested directors, or otherwise. The Court of Chancery may summarily determine a corporation&rsquo;s obligation to advance
expenses (including attorneys&rsquo; fees).&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the
foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment of expenses incurred or paid by a director, officer or controlling person in a successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
the court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Paragraph B of Article&nbsp;Eighth of
our certificate of incorporation provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;The Corporation, to the full extent
permitted by Section&nbsp;145 of the GCL, as amended from time to time, shall indemnify all persons whom it may indemnify pursuant
thereto. Expenses (including attorneys&rsquo; fees) incurred by an officer or director in defending any civil, criminal, administrative,
or investigative action, suit or proceeding for which such officer or director may be entitled to indemnification hereunder shall
be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking
by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to
be indemnified by the Corporation as authorized hereby.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Underwriting Agreement
filed as Exhibit&nbsp;1.1 to this Registration Statement, we have agreed to indemnify the Underwriter and the Underwriter has agreed
to indemnify us against certain civil liabilities that may be incurred in connection with this offering, including certain liabilities
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will enter into indemnification agreements
with each of our officers and directors a form of which is to be filed as an exhibit to this Registration Statement. These agreements
will require us to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may
arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which
they could be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> During the past three&nbsp;years, we sold the following
ordinary shares without registration under the Securities Act: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> &bull; </TD><TD STYLE="text-align: justify"> In March 2020, we issued an aggregate of 2,875,000
                                         common stock shares to our initial stockholders for an aggregate purchase price of&thinsp;
                                         $25,000, or approximately $0.01 per share, in connection with the Company&rsquo;s organization
                                         pursuant to the exemption from registration contained in Section&nbsp;4(a)(2) of the
                                         Securities Act. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> &bull; </TD><TD STYLE="text-align: justify"> In March 2020, we  issued an aggregate of 150,000
                                         shares to designees of EarlyBirdCapital, Inc. pursuant to the exemption from registration
                                         contained in Section&nbsp;4(a)(2) of the Securities Act as the shares were issued to
                                         accredited investors. The shares issued were issued with a value of $0.0001 per share. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"> &bull; </TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> Our
                                         initial stockholders and EarlyBirdCapital have committed that they and/or their designees
                                         will purchase from us an aggregate of 3,250,000 private warrants at $1.00 per private
                                         warrant (for a total purchase price of&thinsp; $3,250,000). Our initial stockholders
                                         shall purchase an aggregate of 2,750,000 private warrants and EarlyBirdCapital and/or
                                         its designees shall purchase an aggregate of 500,000 private warrants. The private warrants
                                         are identical to the warrants sold in this offering except as otherwise described in
                                         this prospectus. These purchases will take place on a private placement basis simultaneously
                                         with the consummation of this offering. All of the proceeds we receive from these purchases
                                         will be placed in the trust account described below. Our initial stockholders and EarlyBirdCapital
                                         have also agreed that if the over-allotment option is exercised by the underwriters,
                                         they and/or their designees will purchase from us at a price of&thinsp; $1.00 per private
                                         warrant an additional number of private warrants (up to a maximum of 300,000 private
                                         warrants; up to 253,846 private warrants by our initial stockholders and up to 46,154
                                         private warrants by EarlyBirdCapital)&nbsp;pro&nbsp;rata&nbsp;with the amount of the
                                         over-allotment option exercised so that at least $10.00 per unit sold to the public in
                                         this offering is held in trust regardless of whether the over-allotment option is exercised
                                         in full or part. The proceeds from the private placement of the private placement warrants
                                         will be added to the proceeds of this offering and placed into an account in the United
                                         States maintained by Continental Stock Transfer &amp; Trust Company, as trustee. These
                                         additional private warrants will be purchased in a private placement that will occur
                                         simultaneously with the purchase of&nbsp;units resulting from the exercise of the over-allotment
                                         option. These issuances will be made pursuant to the exemption from registration contained
                                         in Section&nbsp;4(a)(2) of the Securities Act. </P>


</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> No underwriting discounts or commissions were paid with
respect to such sales. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The following exhibits are filed as part of this Registration Statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<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="white-space: nowrap; width: 10%; border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;<BR>
    No..</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Description</B></FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex1-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">1.1</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex1-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Underwriting Agreement.</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex1-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">1.2</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex1-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Business Combination
    Marketing Agreement.</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex3-1.htm" STYLE="-sec-extract: exhibit"> 3.1 </A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex3-1.htm" STYLE="-sec-extract: exhibit"> Certificate
    of Incorporation. </A></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex3-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">3.2</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex3-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Amended and Restated
    Certificate of Incorporation.</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex3-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">3.3</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex3-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Amended and Restated Bylaws.</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex4-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">4.1</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex4-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Specimen Unit Certificate.</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex4-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">4.2</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex4-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Specimen Common Stock Certificate.</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex4-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">4.3</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex4-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Specimen Warrant Certificate.</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex4-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">4.4</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex4-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Warrant Agreement between
    Continental Stock Transfer&nbsp;&amp; Trust Company and the Registrant.</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">5.1</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">Opinion of Blank Rome LLP.*</FONT> </TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex10-1x1.htm" STYLE="-sec-extract: exhibit">10.1.1</A></FONT> </TD><TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex10-1x1.htm" STYLE="-sec-extract: exhibit">Form
    of Letter Agreement from the Registrant&rsquo;s officers and directors</A></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex10-1x2.htm" STYLE="-sec-extract: exhibit">10.1.2</A></FONT> </TD><TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex10-1x2.htm" STYLE="-sec-extract: exhibit">Form
    of Letter Agreement from the Registrant&rsquo;s initial stockholders</A></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex10-1x3.htm" STYLE="-sec-extract: exhibit">10.1.3</A></FONT> </TD><TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex10-1x3.htm" STYLE="-sec-extract: exhibit">Form
    of Letter Agreement from the Registrant&rsquo;s chairman</A></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex10-1x4.htm" STYLE="-sec-extract: exhibit">10.1.4</A></FONT> </TD><TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt"><A HREF="tm2013332d2_ex10-1x4.htm" STYLE="-sec-extract: exhibit">Form
    of Letter Agreement from the Registrant&rsquo;s CFO</A></FONT> </TD></TR>

<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex10-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">10.2</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex10-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Investment Management
    Trust Agreement between Continental Stock Transfer&nbsp;&amp; Trust Company and the Registrant.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex10-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">10.3</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex10-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Promissory Note.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex10-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">10.4</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex10-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Registration Rights
    Agreement.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex10-5x1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">10.5.1</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex10-5x1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Subscription agreement
    for private warrants by the initial stockholders.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex10-5x2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">10.5.2</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex10-5x2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Subscription agreement
    for private warrants by EarlyBirdCapital,&nbsp;Inc.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex10-6.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">10.6</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex10-6.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Stock Escrow Agreement.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex14.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">14</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex14.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Code of Ethics.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2013332d2_ex23-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">23.1</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex23-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Consent of Marcum LLP.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">23.2</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">Consent of Blank Rome LLP (included
    in Exhibit&nbsp;5.1).*</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="#poa" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">24</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="#poa" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Power of Attorney (included on signature
    page&nbsp;of this Registration Statement).</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex99-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">99.1</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex99-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Audit committee charter.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2013332d2_ex99-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">99.2</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex99-2.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Compensation committee charter.</FONT> </A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="tm2013332d2_ex99-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">99.3</FONT> </A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2013332d2_ex99-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Nominating committee charter.</FONT> </A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"> * </TD><TD STYLE="text-align: justify"> To be filed by amendment. </TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 17. UNDERTAKINGS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act of 1933;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than 20 percent change
in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration
statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">That for the purpose of determining any liability under the Securities Act of 1933 in a primary
offering of securities of the 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule&nbsp;424;</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned
registrant or used or referred to by the undersigned registrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The undersigned hereby undertakes to provide to the underwriter at the closing specified in the
underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit
prompt delivery to each purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In&nbsp;the&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">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)&nbsp;or (4)&nbsp;or 497(h)&nbsp;under the Securities Act
shall be deemed to be part of this registration statement as of the time it was declared effective.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">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 <I>bona fide </I>offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the requirements of the
Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Rancho Santa Fe, California, on the 28th day of April, 2020. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.25pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.25pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVUS
    CAPITAL CORPORATION</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.25pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.25pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-bottom: 2.25pt"> &nbsp; </TD>
    <TD STYLE="width: 5%; padding-bottom: 2.25pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT> </TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding-bottom: 2.25pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> &nbsp;/s/
                                         Larry M. Paulson </P>


</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.25pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.25pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT> </TD>
    <TD STYLE="padding-bottom: 2.25pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Larry M. Paulson</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.25pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.25pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT> </TD>
    <TD STYLE="padding-bottom: 2.25pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive
    Officer</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="poa"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Larry
M. Paulson </FONT>and <FONT STYLE="font-family: Times New Roman, Times, Serif">Vincent Donargo </FONT>his true and lawful attorney-in-fact,
with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities to sign
any and all amendments including pre- and post-effective amendments to this registration statement, any subsequent registration
statement for the same offering which may be filed pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act of 1933, as amended,
and pre- or post-effective amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact or his substitute,
each acting alone, may lawfully do or cause to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the </FONT>requirements <FONT STYLE="font-family: Times New Roman, Times, Serif">of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 30%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Name</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Position</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Date</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">/s/ Larry M. Paulson</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>Chief Executive Officer</I></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 28, 2020</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">Larry M. Paulson</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt"><I>(Principal Executive Officer)</I></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD></TR>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">/s/ Vincent Donargo&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>Chief Financial Officer</I></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Vincent Donargo</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>(Principal Financial and Accounting Officer)</I></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 28, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD>
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    <TD> &nbsp; </TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">/s/ Robert J. Laikin&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>Chairman of the Board</I></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">Robert J. Laikin</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">/s/ Heather Goodman&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>Director</I></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 28, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">Heather Goodman</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">/s/ Brad Bostic&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>Director</I></FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 28, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">Brad Bostic</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
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{"company-data": {"conformed-name": "Novus Capital Corp", "cik": "0001807707", "assigned-sic": "6770", "irs-number": "845042965", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-237877", "film-number": "20826207"}, "business-address": {"street1": "8556 OAKMONT LANE", "city": "INDIANAPOLIS", "state": "IN", "zip": "46260", "phone": "(317) 590-6959"}, "mail-address": {"street1": "8556 OAKMONT LANE", "city": "INDIANAPOLIS", "state": "IN", "zip": "46260"}}
As filed on
April 28, 2020 with the U.S. Securities and Exchange Commission.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
NOVUS
CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
6770
84-5042965
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
8556
Oakmont Lane
Indianapolis, IN 46260
(317) 590 6959
(Address, including zip code, and telephone
number, including area code, of registrant's principal executive offices)
Robert
J. Laikin
8556 Oakmont Lane
Indianapolis, IN 46260
(317) 590 6959
(Name, address, including
zip code, and telephone number, including area code, of agent for service)
Copies to:
Robert
                                         J. Mittman, Esq.
Brad L. Shiffman, Esq.
Blank Rome LLP
1271 Avenue of the Americas
New York, New York 10021
(212) 885-5000
(212) 885-5001 – Facsimile
RMittman@blankrome.com
BShiffman@blankrome.com
David
    Alan Miller, Esq.
Jeffrey M. Gallant, Esq.
Graubard Miller
The Chrysler Building
405 Lexington Avenue
New York, New York 10174
(212) 818-8800
(212) 818-8881 – Facsimile
DMiller@graubard.com
JGallant@graubard.com
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, a 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.
¨
CALCULATION OF REGISTRATION FEE
Title of each Class of Security being
registered
Amount
being
Registered
Proposed
Maximum
Offering Price
Per Security
(1)
Proposed
Maximum
Aggregate
Offering
Price
(1)
Amount of
Registration
Fee
Units, each consisting of one share of common stock, $.0001 par value, and one-half of one Warrant
(2)
11,500,000 Units
$
10.00
$
115,000,000
$
14,927.00
Shares of common stock included as part of the Units
(3)
11,500,000 Shares
—
—
—
(4)
Redeemable Warrants included as part of the Units
(3)
5,750,000 Warrants
—
—
—
(4)
Total
$
115,000,000
$
14,927.00
(1)
Estimated solely for the purpose of calculating the registration fee.
(2)
Includes 1,500,000 Units, consisting of 1,500,000 shares of common stock and 750,000 Redeemable
Warrants underlying such Units, which may be issued on exercise of a 45-day option granted to the underwriter.
(3)
Pursuant to Rule 416, there are also being registered an indeterminable number of additional
securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.
(4)
No fee pursuant to Rule 457(g).
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 or until the registration statement shall become effective on such date as the 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 prospectus is not an offer to sell these securities and is not soliciting
an offer to buy these securities in any state or jurisdiction where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED April 28, 2020
PRELIMINARY PROSPECTUS
$100,000,000
Novus
Capital Corporation
10,000,000
Units
Novus Capital Corporation is a blank check
company formed for the purpose of entering into a merger, share
exchange
, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities,
which we refer to as a "target business." Our efforts to identify a prospective target business will not be limited
to a particular industry or geographic region. We do not have any specific business combination under consideration and we have
not (nor has anyone on our behalf), directly or indirectly, contacted any prospective target business or had any substantive discussions,
formal or otherwise, with respect to such a transaction. If we are unable to consummate an initial business combination within
24 months from the closing of this offering, we will redeem 100% of the public shares for a pro rata portion of the trust account,
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, divided by the number of then outstanding public shares, subject to applicable law and as further
described herein.
This
is an initial
public
offering of our securities.
Each unit that we are offering has a price of $10.00 and consists of one share of common stock and one-half of one warrant. Each
whole warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share. Each whole warrant will
become exercisable on the later of 30 days after the completion of an initial business combination or 12 months from the closing
of this offering and will expire on the fifth anniversary of our completion of an initial business combination, or earlier upon
redemption or liquidation. We have granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units to
cover over-allotments, if any.
Our initial stockholders and EarlyBirdCapital, Inc.,
the representative of the underwriters in this offering, have committed that they and/or their designees will purchase from us
an aggregate of 3,250,000 warrants, or "private warrants," at $1.00 per private warrant (for a total purchase price
of $3,250,000). The private warrants are identical to the warrants sold in this offering except as otherwise described in this
prospectus. These purchases will take place on a private placement basis simultaneously with the consummation of this offering.
All of the proceeds we receive from these purchases will be placed in the trust account described below. Our initial stockholders
and EarlyBirdCapital have also agreed that if the over-allotment option is exercised by the underwriters, they and/or their designees
will purchase from us at a price of  $1.00 per private warrant an additional number of private warrants (up to a maximum
of 300,000 private warrants)
pro rata
with the amount of the over-allotment option exercised, so that at
least $10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment option is
exercised in full or part. These additional private warrants will be purchased in a private placement that will occur simultaneously
with the purchase of units resulting from the exercise of the over-allotment option.
There is presently
no public market for our units, shares of common stock or warrants. We intend to apply to have our units listed on the Nasdaq Capital
Market, or Nasdaq, under the symbol "NOVSU" on or promptly after the date of this prospectus. The common stock and
warrants comprising the units will begin separate trading on the 90
th
day following the date of this prospectus unless
EarlyBirdCapital informs us of its decision to
allow
earlier separate trading, subject to our
filing a Current Report on Form 8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds
of this offering and issuing a press release announcing when such separate trading will begin; provided that no fractional warrants
will be issued upon separation of the units and only whole warrants will trade. We cannot guarantee that our securities will be
approved for listing. Once the securities comprising the units begin separate trading, the common stock and warrants will be traded
on the Nasdaq under the symbols "NOVS" and "NOVSW", respectively.
We are an "emerging
growth company" as defined in the Jumpstart Our Business Startups Act and will therefore be subject to reduced public company
reporting requirements.
Investing
in our securities involves a high degree of risk. See "Risk Factors" beginning on page
16
of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.
Neither the Securities
and Exchange Commission 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
$
100,000,000
Underwriting discounts and commissions
(1)
$
0.20
$
2,000,000
Proceeds, before expenses, to us
$
9.80
$
98,000,000
(1)
The underwriters have received and will receive compensation in addition to the underwriting discount, including 150,000 shares of common stock, which we refer to herein as the "representative shares." See "Underwriting" for further information relating to the underwriting compensation we will pay in this offering.
Upon consummation of the
offering, an aggregate of $100,000,000 (or $115,000,000 if the over-allotment option is exercised in full) or $10.00 per unit
sold to the public in this offering will be deposited into a U.S.-based trust account maintained by Continental Stock Transfer &
Trust Company, acting as trustee. Except as described in this prospectus, these funds will not be released to us until the earlier
of the completion of a business combination and our redemption of our public shares.
The underwriters are offering
the units on a firm commitment basis. The underwriters expect to deliver the units to purchasers on or about
[•]
, 2020.
Sole Book-Running Manager
EarlyBirdCapital, Inc.
[•]
,
2020
You should rely only
on the information contained in this prospectus. We have not, and the underwriters have not, authorized anyone to provide you with
different information. We are not, and the underwriters are not, making an offer of these securities in any jurisdiction where
the offer is not permitted.
NOVUS CAPITAL CORPORATION
TABLE OF CONTENTS
prospectus
    summary
2
SUMMARY FINANCIAL DATA
14
RISK FACTORS
16
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
35
USE OF PROCEEDS
36
DIVIDEND POLICY
38
DILUTION
39
CAPITALIZATION
41
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
42
PROPOSED BUSINESS
46
MANAGEMENT
63
PRINCIPAL STOCKHOLDERS
69
CERTAIN TRANSACTIONS
71
DESCRIPTION OF SECURITIES
73
SHARES ELIGIBLE FOR FUTURE SALE
79
MATERIAL U.S. FEDERAL TAX CONSIDERATIONS
81
UNDERWRITING
88
LEGAL MATTERS
97
EXPERTS
97
WHERE YOU CAN FIND ADDITIONAL INFORMATION
98
INDEX TO FINANCIAL STATEMENTS
F-1
prospectus
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. References in this prospectus to "we," "us" or "our company" refer to Novus Capital
Corporation. References in this prospectus to our "public shares" are to shares of our common stock sold as part of
the units in this offering (whether they are purchased in this offering or thereafter in the open market) and references to "public
stockholders" refer to the holders of our public shares, including our initial stockholders (as defined below), officers
and directors to the extent they purchase public shares, provided that their status as "public stockholders" shall
only exist with respect to such public shares. References in this prospectus to our "management" or our "management
team" refer to our officers and directors, references to our "initial stockholders" are to our stockholders prior
to this offering (excluding EarlyBirdCapital). The term "equity-linked securities" refers to any debt or equity securities
issued in a transaction, including but not limited to a private placement of equity or debt, that are convertible, exercisable
or exchangeable for shares of common stock. Unless we tell you otherwise, the information in this prospectus assumes that the underwriters
will not exercise their over-allotment option.
General
We are a blank check company
formed under the laws of the State of Delaware on March 5, 2020. We were formed for the purpose of entering into a merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with
one or more businesses or entities, which we refer to as a "target business." We may pursue a business combination
opportunity in any business or industry we choose. To date, our efforts have been limited to organizational activities as well
as activities related to this offering. None of our officers, directors, promoters and other affiliates has engaged in any substantive
discussions on our behalf with representatives of other companies regarding the possibility of a potential business combination
with us.
We will seek to capitalize on the significant
experience and contacts of our management team to complete our initial business combination. We believe our management team's
distinctive background and experience in both the public and private markets could have a significant impact on our ability to
consummate an initial business combination. Although we may pursue an initial business combination with a target business in any
industry or geographic location, we currently intend to focus on opportunities in the smart technology innovations market. Specifically,
we intend to target companies that are at the forefront of high technology and are enabling the future evolution of 5G communication,
virtual reality, artificial intelligence, cloud computing, machine learning, hardware and software distribution and value-added
customized logistics services.
Our management team has significant hands-on
experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data
assets and intellectual property that already exist within most high-tech companies. Additionally, our management team has operated
and invested in leading global technology companies across their corporate life cycles, and developed deep relationships with key
large multi-national organizations and investors. We believe that these relationships and our officers' and directors'
know-how present a significant opportunity to help drive strategic dialogue, access new customer relationships and improve operating
results following the completion of our initial business combination.
Notwithstanding
the foregoing, the past performance of the members of our management team is not a guarantee that we will be able to identify a
suitable candidate for our initial business combination or of success with respect to any business combination we may consummate.
You should not rely on the historical record of the performance of our management or any of its affiliates' performance as
indicative of our future performance.
Additionally, in the course of their respective careers,
members of our management team have been involved in businesses and deals that were unsuccessful. Our officers and directors have
no experience with special purpose acquisition companies.
Effecting a Business
Combination
We will either (1) seek
stockholder approval of our initial business combination at a meeting called for such purpose at which stockholders may seek to
convert their shares, regardless of whether they vote for or against the proposed business combination or don't vote at all,
into their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable), or (2) provide
our stockholders with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need for a stockholder
vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable),
in each case subject to the limitations described herein. The decision as to whether we will seek stockholder approval of our proposed
business combination or allow stockholders 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 stockholder approval. If we decide to allow stockholders to sell their shares to us in a tender offer,
we will file tender offer documents with the SEC which will contain substantially the same financial and other information about
the initial business combination as is required under the SEC's proxy rules. We will consummate our initial business combination
only if we have net tangible assets of at least $5,000,001 immediately prior to or upon consummation of such business combination
and, if we seek stockholder approval, a majority of the outstanding shares of common stock voted are voted in favor of the business
combination.
2
We will have up to 24 months
from the closing of this offering to consummate an initial business combination. If we are unable to consummate an initial business
combination within such time period, we will redeem 100% of our outstanding public shares for a pro rata portion of the funds held
in the trust account, 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, divided by the number of then outstanding public shares, subject to
applicable law and as further described herein, and then seek to dissolve and liquidate. We expect the pro rata redemption price
to be approximately $10.00 per share of common stock (regardless of whether or not the underwriters exercise their over-allotment
option), without taking into account any interest earned on such funds. However, we cannot assure you that we will in fact be able
to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public stockholders.
Nasdaq rules require
that our initial business combination must occur with one or more target businesses that together have a fair market value of at
least 80% of the assets held in the trust account (less any taxes payable on the interest earned on the trust account) at the time
of the agreement to enter into the initial business combination. The fair market value of the target or targets will be determined
by our board of directors based upon one or more standards generally accepted by the financial community (such as actual and potential
sales, earnings, cash flow and/or book value). Although our board of directors will rely on generally accepted standards, our board
of directors will have discretion to select the standards employed. In addition, the application of the standards generally involves
a substantial degree of judgment. Accordingly, investors will be relying on the business judgment of the board of directors in
evaluating the fair market value of the target or targets. The proxy solicitation materials or tender offer documents used by us
in connection with any proposed transaction will provide public stockholders with our analysis of the fair market value of the
target business, as well as the basis for our determinations. If our board is not able independently to 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. Notwithstanding the foregoing,
if we are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value
test.
We currently anticipate
structuring a business combination to acquire 100% of the equity interests or assets of the target business or businesses. We may,
however, structure our initial business combination where we merge directly with the target business or a newly formed subsidiary
or where we acquire 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 sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940,
as amended, or the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities
of the target, our stockholders prior to the business combination may collectively own a minority interest in the post-transaction
company, depending on valuations ascribed to the target and us in the business combination transaction. For example, we could pursue
a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding capital stock of a target.
In this case, we could acquire a 100% controlling interest in the target; however, as a result of the issuance of a substantial
number of new shares, our stockholders immediately prior to our initial business combination could own less than a majority of
our outstanding shares subsequent to 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 valued for purposes of the 80% fair market value test.
3
Potential Conflicts
Members of our management
team will directly or indirectly own shares of our common stock, or other instruments, such as warrants, linked to our common stock,
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. Further, each of our officers and directors
may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of
any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business
combination.
Our officers and directors
have agreed to present to us all target business opportunities that have a fair market value of at least 80% of the assets held
in the trust account, subject to any fiduciary or contractual obligations they have as of the date of this prospectus. As more
fully discussed in "
Management — Conflicts of Interest
," if any of our officers or directors becomes aware
of an initial business combination opportunity that might be attractive to any entity to which he has fiduciary or contractual
obligations, he may be required to present such initial business combination opportunity to such entity prior to presenting such
initial business combination opportunity to us. For more information on the relevant fiduciary duties or contractual obligations
of our management team, see the section titled "
Management — Conflicts of Interest
."
JOBS Act
We are an emerging growth
company as defined in the Jumpstart Our Business Startups Act of 2012 (which we refer to herein as the JOBS Act) and will remain
such for up to five years. However, if our annual gross revenue is $1.07 billion or more, if our non-convertible debt issued
within a three year period exceeds $1billion or the market value of our shares of common stock that are held by non-affiliates
exceeds $700 million on the last day of the second fiscal quarter of any given fiscal year, we would cease to be an emerging growth
company as of the following fiscal year. As an emerging growth company, we have elected, under Section 107(b) of the
JOBS Act, to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of
1933, as amended, or the Securities Act, for complying with new or revised accounting standards.
Private Placement
Subsequent to March 16, 2020, we
issued an aggregate of 2,875,000 shares of our common stock, which we refer to throughout this prospectus as the "founders'
shares," for an aggregate purchase price of $25,000, or approximately $0.01 per share, to our initial stockholders. The founders'
shares held by our initial stockholders includes an aggregate of up to 375,000 shares subject to forfeiture to the extent that
the underwriters' over-allotment option is not exercised in full or in part, so that our initial stockholders will continue
to own 20.0% of our issued and outstanding shares after this offering (not including the representative shares described below
and assuming the initial stockholders do not purchase units in this offering).
In March 2020, we
also issued to designees of EarlyBirdCapital an aggregate of 150,000 shares of common stock, which we refer to throughout this
prospectus as the "representative shares," at a price of $0.0001 per share. The representative shares are deemed to
be underwriters' compensation by FINRA pursuant to Rule 5110 of the FINRA Manual.
In addition, our initial
stockholders and EarlyBirdCapital have agreed that they and/or their designees will purchase from us an aggregate of 3,250,000
private warrants (2,750,000 private warrants by our initial stockholders and/or their designees and 500,000 private warrants by
EarlyBirdCapital and/or its designees) at a price of $1.00 per warrant, for an aggregate purchase price of $3.25 million in a private
placement that will occur simultaneously with the closing of this offering. They have also agreed that if the over-allotment option
is exercised by the underwriters in full or in part, they and/or their designees will purchase from us an additional number of
private warrants (up to a maximum of 300,000 private warrants at $1.00 per private warrant, of which up to 253,846 private warrants
will be purchased by our initial stockholders and/or their designees and up to 46,154 private warrants will be purchased by EarlyBirdCapital
and/or its designees) in order to maintain in the trust account $10.00 per unit sold to the public in this offering. These additional
private warrants will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from
the exercise of the over-allotment option. The proceeds from the private placement of the private warrants will be added to the
proceeds of this offering and placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company,
as trustee. If we do not complete an initial business combination within 24 months from the closing of this offering, the proceeds
from the sale of the private warrants will be included in the liquidating distribution to our public stockholders and the private
warrants will be worthless.
4
Our executive offices
are located at 8556 Oakmont Lane, Indianapolis, IN 46260 and our telephone number is (317) 590 6959.
The Offering
Securities offered
10,000,000 units, at $10.00 per unit, each unit consisting of one share of common stock and one-half of one warrant, each whole warrant to purchase one share of common stock.
Listing of our securities and proposed symbols
We anticipate that the units, and the shares of common stock and warrants
once they begin separate trading, will be listed on the Nasdaq under the symbols "NOVSU", "NOVS" and "NOVSW",
respectively.
Trading commencement and separation of common stock and warrants
The units will begin trading on or promptly after the date of this prospectus. The common stock and warrants comprising the units will begin separate trading on the 90
th
day following the date of this prospectus unless EarlyBirdCapital informs us of its 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 and filed a Current Report on Form 8-K announcing when such separate trading will begin.
Once the shares of common stock and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants issuable to you upon separation of the units will be rounded down to the nearest whole number of warrants.
In no event will the common stock and warrants be traded separately until we have filed a Current Report on Form 8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering, which is anticipated to take place three business days from the date of this prospectus. If the underwriters' over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriters' over-allotment option. We will also include the Form 8-K, or amendment thereto, or in a subsequent Form 8-K, information indicating if EarlyBirdCapital, Inc. has allowed separate trading of the common stock and warrants prior to the 90
th
day after the date of this prospectus.
Units:
Number outstanding before this offering
0 units
5
Number outstanding after this offering and private placement
10,000,000 units
Shares of common stock:
Number outstanding before this offering
3,025,000 shares
1
Number to be outstanding after this offering and private placement
12,650,000 shares
2
Warrants:
Number outstanding before this offering
0 warrants
Number to be sold in private placement
3,250,000 warrants
Number to be outstanding after this offering and private placement
8,250,000 warrants
Exercisability
Each whole warrant is exercisable for one share of common stock 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 an initial business combination and 12 months from the date of this prospectus. The warrants will expire at 5:00 p.m., New York City time, on the fifth anniversary of our completion of an initial business combination, or earlier upon redemption.
We structured each unit to contain one-half of one warrant, with each whole warrant exercisable for one share of common stock, 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 an initial business combination, thus making us, we believe, a more attractive initial business combination partner for target businesses.
Exercise price
$11.50 per share, subject to adjustment as described herein. In addition, if (x) we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founders' shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our common stock 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 greater of (i) the Market Value or (ii) the price at which we issue the additional shares of common stock or equity-linked securities.
1
Represents 2,875,000
founders' shares and 150,000 representative shares. The 2,875,000 founders' shares includes an aggregate of up to
375,000 founders' shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters
in full.
2
Assumes the over-allotment
option has not been exercised and an aggregate of 375,000 founders' shares have been forfeited.
6
No warrants will be exercisable for cash unless we have an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
Redemption
We may redeem the outstanding warrants (excluding the private warrants and any additional warrants issued to our initial stockholders, officers or directors in payment of working capital loans made to us) in whole and not in part, at a price of $0.01 per warrant at any time after the warrants become exercisable, upon a minimum of 30 days' prior written notice of redemption, if, and only if, the last sales price of our shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending three business days before we send the notice of redemption; and if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.
If the foregoing conditions are satisfied and we issue a notice of redemption, each warrant holder can exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the shares of common stock may fall below the $18.00 trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued.
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 such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the 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 reported last sale price of the shares of common stock for the five 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.
7
Securities purchased, or being purchased, by insiders in connection with this offering
Our initial stockholders
        have purchased an aggregate of 2,875,000 founders' shares for an aggregate purchase price of $25,000. The 2,875,000 founders'
        shares held by our initial stockholders includes an aggregate of up to 375,000 shares of common stock subject to forfeiture to
        the extent that the over-allotment option is not exercised by the underwriters in full or in part. Our initial stockholders will
        be required to forfeit only a number of shares of common stock necessary to continue to maintain the 20.0% ownership interest in
        our shares of common stock after giving effect to the offering and exercise, if any, of the underwriters' over-allotment
        option (excluding the representative shares and any shares included in units purchased in this offering). The founders' shares
        are identical to the shares of common stock included in the units being sold in this offering. However, our initial stockholders
        and officers and directors have agreed (A) to vote any shares owned by them in favor of any proposed business combination,
        (B) not to convert any shares in connection with a stockholder vote to approve a proposed initial business combination or
        sell any shares to us in a tender offer in connection with a proposed initial business combination and (C) that the founders'
        shares will not participate in any liquidating distributions from our trust account upon winding up if a business combination is
        not consummated.
Simultaneously with the consummation of this offering, our initial stockholders and EarlyBirdCapital have committed that they and/or their designees will purchase an aggregate of 3,250,000 private warrants at $1.00 per private warrant for a total purchase price of $3,250,000 pursuant to subscription agreements with us. They have also agreed that if the over-allotment option is exercised by the underwriters in full or in part, they will purchase from us, on a pro rata basis, an additional number of private warrants (up to a maximum of 300,000 private warrants at a price of $1.00 per private warrants) in an amount necessary to maintain in the trust account $10.00 per unit sold to the public in this offering. These additional private warrants will be purchased in a private placement that will occur simultaneously with the purchase of warrants resulting from the exercise of the over-allotment option. The amounts to be paid upon consummation of the private placement will be placed in escrow with our counsel prior to the consummation of this offering. The private warrants are identical to the warrants sold in this offering except that the private warrants: (i) will not be redeemable by us and (ii) may be exercised for cash or on a cashless basis, as described in this prospectus, in each case so long as they are held by the initial purchasers or any of their permitted transferees. If the private warrants are held by holders other than the initial purchasers or any of their permitted transferees, the private warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering.
Restrictions on transfer of founders' shares and private warrantss
On the date of this prospectus, the founders' shares will be placed into an escrow account maintained in New York, New York by Continental Stock Transfer & Trust Company, acting as escrow agent. Subject to certain limited exceptions, these shares will not be transferred, assigned, sold or released from escrow (i) with respect to 50% of such shares, for a period ending on the earlier of the one-year anniversary of the date of the consummation of our initial business combination and the date on which the closing price of our common stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within a 30-trading day period following the consummation of our initial business combination and (ii) with respect to the remaining 50% of such shares, for a period ending on the one-year anniversary of the date of the consummation of our initial business combination, or earlier if, subsequent to our initial business combination, we consummate a liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property. The limited exceptions include transfers, assignments or sales (i) to our or our initial stockholders, officers, directors, consultants or their affiliates, (ii) to an entity's members upon its liquidation, (iii) to relatives and trusts for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to us for no value for cancellation in connection with the consummation of our initial business combination, or (vii) in connection with the consummation of a business combination at prices no greater than the price at which the shares were originally purchased, in each
case
(except for clause (vi) or with our prior consent) where the transferee agrees to the terms of the escrow agreement and to be bound by these transfer restrictions.
8
The purchasers of the private warrants have also agreed not to transfer, assign or sell any of the private warrants (except in connection with the same limited exceptions that the founders' shares may be transferred as described above), until after the completion of our initial business combination.
Representative shares
In March 2020, we issued to designees of EarlyBirdCapital the 150,000 representative shares. The holders of the representative shares have agreed not to transfer, assign or sell any such shares without our prior consent until the completion of our initial business combination. In addition, the holders of the representative shares have agreed (i) to waive their
conversion
rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of our initial business combination and (ii) to waive their rights to liquidating distributions from the trust account with respect to such shares if we fail to complete our initial business combination within 24 months from the closing of this offering.
Offering proceeds to be held in trust
An aggregate of $10.00 per unit sold to the public in this offering (regardless of whether or not the over-allotment option is exercised) will be placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee pursuant to an agreement to be signed on the date of this prospectus. Except as set forth below, the proceeds held in the trust account will not be released until the earlier of the completion of an initial business combination and our redemption of 100% of the outstanding public shares if we have not completed a business combination in the required time period. Therefore, except as set forth below, unless and until an initial business combination is consummated, the proceeds held in the trust account will not be available for our use for any expenses related to this offering or expenses which we may incur related to the investigation and selection of a target business and the negotiation of an agreement to acquire a target business.
Notwithstanding the
                                    foregoing, there can be released to us from the trust account any interest earned on the funds
                                    in the trust account that we need to pay our income or other tax obligations. With this exception, expenses incurred by us may
be paid prior to a business combination only from the net proceeds of this offering not held in the trust account (initially estimated
to be $650,000).
                                    Additionally, in order to meet our working capital needs following the consummation of this
                                    offering if the funds available to us are insufficient, our initial stockholders, officers,
                                    directors, initial stockholders or their affiliates may, but are not obligated to, loan us
                                    funds, from time to time or at any time, in whatever amount they deem reasonable in their
                                    sole discretion. Each loan would be evidenced by a promissory note. The notes would either
                                    be paid upon consummation of our initial business combination, without interest, or, at the
                                    holder's discretion, up to $1,500,000 of the notes may be converted into warrants at
                                    a price of $1.00 per warrant. These warrants would be identical to the private warrants. 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 other
                                    proceeds from our trust account would be used for such repayment.
9
None of the warrants may be exercised until the later of 30 days after the consummation of a business combination or 12 months from the closing of this offering and, thus, after the proceeds of the trust account have been disbursed. Accordingly, the warrant exercise price will be paid directly to us and not placed in the trust account.
Limited payments to insiders
There will be
no fees, reimbursements or other cash payments paid to our officers, directors, initial stockholders or their affiliates for any
services they render prior to, or in order to effectuate the consummation of, an initial business combination (regardless of the
type of transaction that it is) other than the following payments, none of which will be made from the proceeds of this offering
held in the trust account prior to the completion of our initial business combination:
•      repayment
        at the closing of this offering of an aggregate of $150,000 of non-interest-bearing loans made by Robert J. Laikin, our Chairman;
        and
•      reimbursement of out-of-pocket expenses incurred by them in connection with certain activities on our behalf, such as identifying and investigating possible target businesses and business combinations.
There is no limit on the amount of out-of-pocket expenses reimbursable by us. Our audit committee will review and approve all reimbursements and
payments
made to our officers, directors, initial stockholders or our or their respective affiliates, with any interested director abstaining from such review and approval.
Stockholder approval of, or tender offer in connection with, initial business combination
In connection with any
        proposed initial business combination, we will either (1) seek stockholder approval of such initial business combination at
        a meeting called for such purpose at which stockholders may seek to convert their shares, regardless of whether they vote for or
        against the proposed business combination or don't vote at all, into their pro rata share of the aggregate amount then on
        deposit in the trust account (net of taxes payable), or (2) provide our stockholders with the opportunity to sell their shares
        to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share
        of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations described
        herein. If we determine to engage in a tender offer, such tender offer will be structured so that each stockholder may tender all
        of his, her or its shares rather than some pro rata portion of his, her or its shares. The decision as to whether we will seek
        stockholder approval of a proposed business combination or will allow stockholders 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 stockholder approval. If we determine to allow stockholders
        to sell their shares to us in a tender offer, we will file tender offer documents with the SEC which will contain substantially
        the same financial and other information about the initial business combination as is required under the SEC's proxy rules.
        We will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 immediately prior
        to or upon consummation of such business combination and, if we seek stockholder approval, a majority of the outstanding shares
        of common stock voted are voted in favor of the business combination.
10
We chose our net tangible asset threshold of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under the Securities Act. However, if we seek to consummate an initial business combination with a target business that imposes any type of working capital closing condition or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial business
combination
, we may need to have more than $5,000,001 in net tangible assets upon consummation and this may force us to seek third party financing which may not be available on terms acceptable to us or at all. As a result, we may not be able to consummate such initial business combination and we may not be able to locate another suitable target within the applicable time period, if at all.
Our initial stockholders and officers and directors and their affiliates have agreed (i) to vote any shares owned by them in favor of any proposed business combination, (ii) not to convert any shares in connection with a stockholder vote to approve a proposed initial business
combination
and (iii) not to sell any shares to us in a tender offer in connection with any proposed business combination.
None of our initial stockholders, officers, directors or their affiliates has indicated any intention to purchase units in this offering or any units or shares of common stock from persons in the open market or in private transactions. However, if we hold a meeting to approve a proposed business combination and a significant number of stockholders vote, or indicate an intention to vote, against a proposed business combination, our initial stockholders, officers, directors or their affiliates could make such purchases in the open market or in private transactions in order to influence any vote held to approve a proposed initial business combination. Notwithstanding the foregoing, our officers, directors, initial stockholders and their affiliates will not make purchases of shares of common
stock
if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act, which are rules designed to prevent potential manipulation of a company's stock.
Conversion rights
In connection with any stockholder meeting called to approve a proposed initial business combination, each public stockholder will have the right, regardless of whether he is voting for or against such proposed business combination or does not vote at all, to demand that we convert his shares into a pro rata share of the trust account.
We may require public stockholders, whether they are a record holder or hold their shares in "street name," to either (i) physically tender their certificates to our transfer agent or (ii) deliver their shares to the transfer agent electronically using Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option, in each case prior to a date set forth in the tender offer documents or proxy materials
sent
in connection with the proposal to approve the business combination. There is a nominal cost associated with this 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 nominal amount and it would be up to the broker whether or not to pass this cost on to the converting holder.
11
Liquidation if no business
combination
If we are unable to complete an initial business combination by 24 months from the closing of this offering, 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 outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest not previously released to us (net of taxes payable), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. We cannot assure you that we will have funds sufficient to pay or provide for all creditors' claims. Although we are
required
to have all third parties (including any vendors or other entities we engage after this offering) and any prospective target businesses enter into agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account, there is no guarantee that they will execute such agreements. There is also no guarantee that the third parties would not challenge the enforceability of these waivers and bring claims against the trust account for monies owed them. Vincent Donargo, our Chief Financial Officer, has agreed that he will be liable to ensure that the proceeds in the trust account are not reduced below $10.00 per share by the claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us. The agreement entered into by Mr. Donargo specifically provides for two exceptions to the indemnity he has given: he will have no liability (1) as to any claimed amounts owed to a target business or vendor or other entity who has executed an agreement with us waiving any right, title, interest or claim of any kind they may have in or to any monies held in the trust account, or (2) as to any claims for indemnification by the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Marcum LLP, our independent registered public accounting firm, and the underwriters of the offering, will not execute agreements with us waiving such claims to the monies held in the trust account. We have not asked Mr. Donargo to reserve for such indemnification obligations, nor have we independently verified whether he has sufficient funds to satisfy his indemnity obligations.  Therefore, we cannot assure you that Mr. Donargo will be able to satisfy his indemnification obligations if he is required to do so.
12
The holders of the founders' shares and representative shares
will
not participate in any redemption distribution from our trust account with respect to such shares.
If we are unable to consummate an initial business combination and we expend all of the net proceeds of this offering not deposited in the trust account, we expect that the initial per-share redemption price will be approximately $10.00 (which is equal to the anticipated aggregate amount then on deposit in the trust account excluding interest earned on the funds held in the trust account). The proceeds deposited in the trust account could, however, become subject to claims of our creditors that are in preference to the claims of our stockholders. In addition, if we are forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our stockholders. Therefore, we cannot assure you
that
the actual per-share redemption price will not be less than approximately $10.00.
We will pay the costs of any subsequent liquidation from our remaining
assets
outside of the trust account. If such funds are insufficient, Mr. Laikin has contractually agreed to advance us the funds necessary to complete such liquidation (currently anticipated to be no more than approximately $15,000) and has contractually agreed not to seek repayment for such expenses.
Our initial stockholders, officers and directors have agreed that they will not propose any amendment to our amended and restated certificate of incorporation that would affect our public stockholders' ability to convert or sell their shares to us in connection with a business combination as described herein or affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination within 24 months from the closing of this offering unless we provide our public stockholders with the opportunity to convert their shares of common stock upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest not previously released to us but net of franchise and income taxes payable, divided by the number of then outstanding public shares. This redemption right shall apply in the event of the approval of any such amendment, whether proposed by our initial stockholders, executive officers, directors or any other person.
13
Risks
In making your decision on whether
to invest in our securities, you should take into account the special risks we face as a blank check company, as well as the fact
that this offering is not being conducted in compliance with Rule 419 promulgated under the Securities Act, and, therefore,
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 to offerings of blank check companies subject to Rule 419
." You should carefully consider these
and the other risks set forth in the section entitled "
Risk Factors
" beginning on page 16
of
this prospectus.
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, and accordingly only balance sheet data is presented.
14
March 16, 2020
Actual
As Adjusted
Balance Sheet Data:
Working capital (deficiency)
(1)
$
-
$
100,650,000
Total assets
(1)
1,525
100,650,000
Total liabilities
1,525
-
Value of common stock subject to possible conversion/tender
(2)
-
95,674,990
Stockholders' equity
(3)
-
5,000,010
(1)
The "as
adjusted" calculation includes $100,000,000 cash held in trust from the proceeds of this offering and the sale of the private
warrants, plus $650,000 of cash held outside the trust account.
(2)
The "as
adjusted" calculation equals the "as adjusted" total assets, less the "as adjusted" total liabilities,
less the "as adjusted" stockholders' equity, which is set to approximate the minimum net tangible assets threshold
of at least $5,000,001.
(3)
Excludes 9,567,499 shares of common stock which
                                                                                                                                     are subject to conversion in connection with our initial business combination. The actual number of shares that may be
                                                                                                                                     converted may exceed this amount provided that we have net tangible assets of at least $5,000,001 immediately prior to or
                                                                                                                                     upon consummation of the business combination. The "as adjusted" calculation equals the "as adjusted"
                                                                                                                                     total assets, less the "as adjusted" total liabilities, less the value of shares of common stock that may be
                                                                                                                                     converted in connection with our initial business combination ($10.00 per share).
The
"as adjusted" information gives effect to the sale of the units we are offering and the
sale of the private warrants, including the payment of the estimated costs of the offering from such sales and the repayment of
the accrued and other liabilities required to be repaid.
The
 "as adjusted" working capital and total assets amounts include the $100,000,000 to be held in the trust account, which,
except for limited situations described in this prospectus, will be available to us only upon the consummation of a business combination
within the time period described in this prospectus. If a business
combination
is
not so consummated, the trust account, less amounts we are permitted to withdraw from interest earned on the funds in the trust
account as described in this prospectus, will be distributed solely to our public stockholders (subject to our obligations under
Delaware law to provide for claims of creditors).
We
will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 immediately prior to
or upon consummation of such business combination and, solely if we seek stockholder
approval
,
a majority of the outstanding shares of common stock voted are voted in favor of the business combination.
15
RISK
FACTORS
An investment in our
securities involves a high degree of risk. You should consider carefully the risks described below, which we believe represent
the material risks related to the offering, together with the other information contained in this prospectus, before making a decision
to invest in our units. This prospectus also contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including
the risks described below.
Risks Associated with
Our Business
We are a newly formed company with
no operating history and, accordingly, you will not have any basis on which to evaluate our ability to achieve our business objective.
We
are a newly formed company with no operating results to date. Therefore, our ability to commence operations is dependent upon obtaining
financing through the public offering of our securities. Since we do not have an operating history, you will have no basis upon
which to evaluate our ability to achieve our business objective, which is to
acquire
an
operating business. We have not conducted any substantive discussions and we have no plans, arrangements or understandings with
any prospective acquisition candidates. We will not generate any revenues until, at the earliest, after the consummation of a business
combination.
Our independent registered
public accounting firm's report contains an explanatory paragraph that expresses substantial doubt about our ability to continue
as a "going concern."
As of March 16, 2020,
we had $1,525 in cash and no working capital. Further, we have incurred and expect to continue to incur significant costs in pursuit
of our finance and acquisition plans. Management's plans to address this need for capital through this offering are discussed
in the section of this prospectus titled
"Management's Discussion and Analysis of Financial Condition and Results
of Operations."
We cannot assure you that our plans to raise capital or to consummate an initial business combination
will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The
financial statements contained elsewhere in this prospectus do not include any adjustments that might result from our inability
to consummate this offering or our inability to continue as a going concern.
If we are unable to consummate a
business combination, our public stockholders may be forced to wait more than 24 months before receiving distributions from the
trust account.
We have 24 months from
the closing of this offering in which to complete a business combination. We have no obligation to return funds to investors prior
to such date unless we consummate a business combination prior thereto and only then in cases where investors have sought to convert
or sell their shares to us. Only after the expiration of this full time period will public security holders be entitled to distributions
from the trust account if we are unable to complete a business combination. Accordingly, investors' funds may be unavailable
to them until after such date and to liquidate your investment, public security holders may be forced to sell their public shares
or warrants, potentially at a loss.
Our public stockholders may not be
afforded an opportunity to vote on our proposed business combination.
We will either (1) seek
stockholder approval of our initial business combination at a meeting called for such purpose at which public stockholders may
seek to convert their shares, regardless of whether they vote for or against the proposed business combination or don't vote
at all, into their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable), or (2) provide
our public stockholders with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need
for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account
(net of taxes payable), in each case subject to the limitations described elsewhere in this prospectus. Accordingly, it is possible
that we will consummate our initial business combination even if holders of a majority of our public shares do not approve of the
business combination we consummate. The decision as to whether we will seek stockholder approval of a proposed business combination
or will allow stockholders 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 stockholder approval. For instance, the Nasdaq rules currently allow us to engage in a tender offer in
lieu of a stockholder meeting but would still require us to obtain stockholder approval if we were seeking to issue more than 20%
of our outstanding shares to a target business as consideration in any business combination. Therefore, if we were structuring
a business combination that required us to issue more than 20% of our outstanding shares, we would seek stockholder approval of
such business combination instead of conducting a tender offer.
16
You will not be entitled to protections
normally afforded to investors of blank check companies.
Since the net proceeds
of this offering are intended to be used to complete a business combination with a target business that has not been identified,
we may be deemed to be a "blank check" company under the United States securities laws. However, since we will have
net tangible assets in excess of $5,000,000 upon the successful consummation of this offering 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 of blank check companies such as Rule 419. Accordingly, investors will not be afforded the benefits or
protections of those rules which would, for example, completely restrict the transferability of our securities, require us
to complete a business combination within 18 months of the effective date of the initial registration statement and restrict the
use of interest earned on the funds held in the trust account. Because we are not subject to Rule 419, our units will be immediately
tradable, we will be entitled to withdraw amounts from the funds held in the trust account prior to the completion of a business
combination and we will have a longer period of time to complete such a business combination than we would if we were subject to
such rule.
If we determine to change our acquisition
criteria or guidelines, many of the disclosures contained in this prospectus would not be applicable and you would be investing
in our company without any basis on which to evaluate the potential target business we may acquire.
We could seek to deviate
from the acquisition criteria or guidelines disclosed in this prospectus although we have no current intention to do so. Accordingly,
investors may be making an investment in our company without any basis on which to evaluate the potential target business we may
acquire. Regardless of whether or not we deviate from the acquisition criteria or guidelines in connection with any proposed business
combination, investors will always be given the opportunity to convert their shares or sell them to us in a tender offer in connection
with any proposed business combination as described in this prospectus.
We may issue shares of our capital
stock or debt securities to complete a business combination, which would reduce the equity interest of our stockholders and likely
cause a change in control of our ownership.
As of the date of this
prospectus, our amended and restated certificate of incorporation will authorize the issuance of up to 30,000,000 shares of common
stock, par value $.0001 per share, and 1,000,000 shares of preferred stock, par value $.0001 per share. Immediately after this
offering and the purchase of the private warrants (assuming no exercise of the underwriters' over-allotment option), there
will be 9,100,000 authorized but unissued shares of common stock available for issuance (after appropriate reservation for the
issuance of the shares underlying the public and private warrants). Although we have no commitment as of the date of this offering,
we may issue a substantial number of additional shares of common stock or shares of preferred stock, or a combination of common
stock and preferred stock, to complete a business combination. The issuance of additional shares of common stock will not reduce
the per-share conversion amount in the trust account. The issuance of additional shares of common stock or preferred stock:
•
may significantly reduce the equity interest of investors in this offering;
•
may subordinate the rights of holders of shares of common stock if we issue shares of preferred
stock with rights senior to those afforded to our shares of common stock;
•
may
cause
a
change in control if a substantial number of shares of common stock are issued, which may affect, among other things, our ability
to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and
directors; and
•
may adversely affect prevailing market prices for our shares of common stock.
17
Similarly, if we issue
debt securities, it could result in:
•
default and foreclosure on our assets if our operating revenues after a business combination are
insufficient to repay our debt obligations;
•
acceleration of our obligations to repay the indebtedness even if we make all principal and interest
payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a
waiver or renegotiation of that covenant;
•
our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand; and
•
our inability to obtain necessary additional financing if the debt security contains covenants
restricting our ability to obtain such financing while the debt security is outstanding.
If we incur indebtedness,
our lenders will not have a claim on the cash in the trust account and such indebtedness will not decrease the per-share conversion
amount in the trust account.
If the net proceeds of this offering
not being held in trust are insufficient to allow us to operate for at least the next 24 months, we may be unable to complete a
business combination.
Of the net proceeds
of this offering, only approximately $650,000 will be available to us initially outside the trust account to fund our working
capital requirements. We believe that, upon closing of this offering, such funds will be sufficient to allow us to operate for
at least the next 24 months; however, we cannot assure you that our estimate is accurate. Accordingly, if we use all of the funds
held outside of the trust account, we may not have sufficient funds available with which to structure, negotiate or close an initial
business combination. In such event, we would need to borrow funds from initial stockholders, officers or directors or their affiliates
to operate or may be forced to liquidate. Our initial stockholders, officers, directors and their affiliates may, but are not
obligated to, loan us funds, from time to time or at any time, in whatever amount that they deem reasonable in their sole discretion
for our working capital needs. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation
of our initial business combination, without interest, or, at holder's discretion, up to $1,500,000 of the notes may be
converted into warrants at a price of $1.00 per warrant.
If third parties bring claims against
us, the proceeds held in trust could be reduced and the per-share redemption price received by stockholders may be less than $10.00.
Our placing of funds in
trust may not protect those funds from third party claims against us. Although we will seek to have all vendors and service providers
we engage and prospective target businesses we negotiate with 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 stockholders, they may not execute
such agreements. Furthermore, even if such entities execute such agreements with us, they may seek recourse against the trust account.
A court may not uphold the validity of such agreements. Accordingly, the proceeds held in trust could be subject to claims which
could take priority over those of our public stockholders. If we are unable to complete a business combination and distribute the
proceeds held in trust to our public stockholders, Vincent Donargo, our Chief Financial Officer, has agreed (subject to certain
exceptions described elsewhere in this prospectus) that he will be liable to ensure that the proceeds in the trust account are
not reduced below $10.00 per share by the claims of target businesses or claims of vendors or other entities that are owed
money by us for services rendered or contracted for or products sold to us. However, we have not asked Mr. Donargo to reserve
for such indemnification obligations, nor have we independently verified whether Mr. Donargo has sufficient funds to satisfy
its indemnity obligations. Therefore, we cannot assure you that Mr. Donargo will be able to satisfy his indemnification obligations
if he is required to do so. As a result, the per-share distribution from the trust account may be less than $10.00, plus interest,
due to such claims.
18
Additionally, if we are
forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held
in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to
the claims of third parties with priority over the claims of our stockholders. To the extent any bankruptcy claims deplete the
trust account, we may not be able to return to our public stockholders at least $10.00.
Our stockholders may be held liable
for claims by third parties against us to the extent of distributions received by them.
Our amended and restated
certificate of incorporation provides that we will continue in existence only until 24 months from the closing of this offering.
If we have not completed a business combination by such date, 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 outstanding
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
any interest not previously released to us but net of franchise and income taxes payable, divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right
to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate,
subject (in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors
and the requirements of other applicable law. We cannot assure you that we will properly assess all claims that may be potentially
brought against us. As such, our stockholders could potentially be liable for any claims to the extent of distributions received
by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of the date of distribution.
Accordingly, we cannot assure you that third parties will not seek to recover from our stockholders amounts owed to them by us.
If we are forced to file
a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, any distributions received by stockholders
could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent
conveyance." As a result, a bankruptcy court could seek to recover all amounts received by our stockholders. Furthermore,
because we intend to distribute the proceeds held in the trust account to our public stockholders promptly after expiration of
the time we have to complete an initial business combination, this may be viewed or interpreted as giving preference to our public
stockholders over any potential creditors with respect to access to or distributions from our assets. Furthermore, our board may
be viewed as having breached their fiduciary duties 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 stockholders 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 directors may decide not to enforce
Mr. Donargo's indemnification obligations, resulting in a reduction in the amount of funds in the trust account available
for distribution to our public stockholders.
In the event that the proceeds
in the trust account are reduced below $10.00 per public share and Mr. Donargo asserts that he is unable to satisfy his obligations
or that he has no indemnification obligations related to a particular claim, our independent directors would determine whether
to take legal action against Mr. Donargo to enforce such indemnification obligations. It is possible that our independent
directors in exercising their business judgment 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 stockholders may be reduced below $10.00 per share.
19
If we do not file and maintain a
current and effective prospectus relating to the common stock issuable upon exercise of the warrants, holders will only be able
to exercise such warrants on a "cashless basis."
If we do not file and maintain
a current and effective prospectus relating to the common stock issuable upon exercise of the warrants at the time that holders
wish to exercise such warrants, they will only be able to exercise them on a "cashless basis" provided that an exemption
from registration is available. As a result, the number of shares of common stock that holders will receive upon exercise of the
warrants will be fewer than it would have been had such holder exercised his warrant for cash. Further, if an exemption from registration
is not available, holders would not be able to exercise on a cashless basis and would only be able to exercise their warrants for
cash if a current and effective prospectus relating to the common stock issuable upon exercise of the warrants is available. Under
the terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions and to file and maintain a
current and effective prospectus relating to the common stock issuable upon exercise of the warrants until the expiration of the
warrants. However, we cannot assure you that we will be able to do so. If we are unable to do so, the potential "upside"
of the holder's investment in our company may be reduced or the warrants may expire worthless.
An investor will only be able to
exercise a warrant if the issuance of shares of common stock upon such exercise has been registered or qualified or is deemed exempt
under the securities laws of the state of residence of the holder of the warrants.
No warrants will be exercisable
and we will not be obligated to issue shares of common stock unless the shares of common stock issuable upon such exercise has
been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the warrants.
If the shares of common stock issuable upon exercise of the warrants are not qualified or exempt from qualification in the jurisdictions
in which the holders of the warrants reside, the warrants may be deprived of any value, the market for the warrants may be limited
and they may expire worthless if they cannot be sold.
The private warrants may be exercised
at a time when the public warrants may not be exercised.
Once the private warrants
become exercisable, such warrants may immediately be exercised on a cashless basis, at the holder's option, so long as they
are held by the initial purchasers or their permitted transferees. The public warrants, however, will only be exercisable on a
cashless basis at the option of the holders if we fail to register the shares issuable upon exercise of the warrants under the
Securities Act within 90 days following the closing of our initial business combination. Accordingly, it is possible that the holders
of the private warrants could exercise such warrants at a time when the holders of public warrants could not.
We may amend the terms of the warrants
in a manner that may be adverse to holders with the approval by the holders of at least a majority of the then outstanding warrants.
Our warrants will be issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and
us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any
ambiguity or correct any defective provision. The warrant agreement requires the approval by the holders of at least a majority
of the then outstanding warrants in order to make any change that adversely affects the interests of the registered holders.
20
A provision of our warrant agreement
may make it more difficult for us to consummate an initial business combination.
If:
•
we issue additional shares of common stock or equity-linked securities for capital raising purposes
in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20
per share of common stock,
•
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
•
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 price at which we issue the additional
shares of common stock or equity-linked securities. This may make it more difficult for us to consummate an initial business combination
with a target business.
Because we are not limited to any
particular industry, specific geographic location or any specific target businesses with which to pursue our initial business combination,
you will be unable to ascertain the merits or risks of any particular target business' operations.
Although we intend to focus on target businesses
in the smart technology innovation markets, including the 5G communications, virtual reality, artificial intelligence, cloud based
technology, machine learning and digital logistics, distribution and storage sectors, we may pursue acquisition opportunities
in any business industry or sector or geographic location. Except for the limitations that a target business have a fair market
value of at least 80% of the value of the trust account (less any taxes payable on interest earned on the trust account) and that
we are not permitted to effectuate our initial business combination with another blank check company or similar company with nominal
operations, we will have virtually unrestricted flexibility in identifying and selecting a prospective acquisition candidate. Because
we have not yet identified or approached any specific target business with respect to our initial 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 consummate 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 may not properly ascertain or assess all of the significant
risk factors or we may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our
control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.
An investment in our units may not ultimately prove to be more favorable to investors than a direct investment, if such opportunity
were available, in an acquisition target.
Past performance by our management
team may not be indicative of future performance of an investment in the Company.
Information regarding performance by, or
businesses associated with, our management team and their affiliates is presented for informational purposes only. Past performance
by our management team is not a guarantee either (i) that we will be able to identify a suitable candidate for our initial
business combination or (ii) of success with respect to any business combination we may consummate. You should not rely on
the historical record of our management team's performance as indicative of our future performance of an investment in the
company or the returns the company will, or is likely to, generate going forward.
We may seek acquisition opportunities
outside the smart technology innovation markets, which may be outside of our management's areas of expertise.
We may consider a business combination
outside the smart technology innovation markets, which may be outside of our management's areas of expertise, if a business
combination candidate is presented to us and we determine that such candidate offers an attractive acquisition opportunity for
our company. 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 relevant to such
acquisition. Accordingly, any stockholder who chooses to remain a stockholder following our initial business combination could
suffer a reduction in the value of their securities. Such stockholders are unlikely to have a remedy for such reduction in value.
21
Although we 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 specific 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 consummate 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 our initial business combination
with a target that does not meet our general criteria and guidelines, a greater number of stockholders 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 stockholder approval of the transaction is required by Nasdaq rules, or
we decide to obtain stockholder approval for business or other legal reasons, it may be more difficult for us to attain stockholder
approval of our initial business combination if the target business does not meet our general criteria and guidelines. If we are
unable to complete our initial business combination, our public stockholders may only receive $10.00 per share (whether or not
the underwriters' over-allotment option is exercised in full) or potentially less on our redemption, and our warrants will
expire worthless.
Management's flexibility in
identifying and selecting a prospective acquisition candidate, along with our management's financial interest in consummating
our initial business combination, may lead management to enter into an acquisition agreement that is not in the best interest of
our stockholders.
Subject to the requirement that our initial
business combination must be with one or more target businesses or assets having an aggregate fair market value of at least 80%
of the value of the trust account (less any taxes payable on interest earned on the trust account) at the time of the agreement
to enter into such initial business combination, we will have virtually unrestricted flexibility in identifying and selecting a
prospective acquisition candidate. Investors will be relying on management's ability to identify business combinations, evaluate
their merits, conduct or monitor diligence and conduct negotiations. Management's flexibility in identifying and selecting
a prospective acquisition candidate, along with management's financial interest in consummating our initial business combination,
may lead management to enter into an acquisition agreement that is not in the best interest of our stockholders.
We may seek acquisition opportunities
with an early stage company, a financially unstable business or an entity lacking an established record of revenue or earnings.
To the extent we complete our initial business
combination with an early stage company, a financially unstable business or an entity lacking an established record of sales or
earnings, we may be affected by numerous risks inherent in the operations of the business with which we combine. These risks include
investing in a business without a proven business model and with limited historical financial data, volatile revenues or earnings,
intense competition and difficulties in obtaining and retaining executive officers and directors. Although our officers and directors
will endeavor to evaluate the risks inherent in a particular target business, we may not be able to properly ascertain or assess
all of the significant risk factors and we may not have adequate time to complete due diligence. Furthermore, some of these risks
may be outside of our control and leave us with no ability to control or reduce the chances that those risks will adversely impact
a target business.
Our search for a business combination,
and any target business with which we ultimately consummate a business combination, may be materially adversely affected by the
recent coronavirus (COVID-19) outbreak.
In December 2019, a novel strain of
coronavirus was reported to have surfaced in Wuhan, China, which has and is continuing to spread throughout China and other parts
of the world, including the United States. On January 30, 2020, the World Health Organization declared the outbreak of the coronavirus
disease (COVID-19) a "Public Health Emergency of International Concern." On January 31, 2020, U.S. Health and Human
Services Secretary Alex M. Azar II declared a public health emergency for the United States to aid the U.S. healthcare community
in responding to COVID-19. The COVID-19 pandemic has resulted in a widespread health crisis and is adversely affecting the economies
and financial markets in the U.S. and worldwide, and could adversely affect 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 continue restrict travel, continue to 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.
Our ability to successfully effect
a 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 a business combination. While we intend to closely scrutinize any individuals we engage after a business
combination, we cannot assure you that our assessment of these individuals will prove to be correct.
Our ability to successfully
effect a 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. We cannot assure you that any
of our key personnel will remain with us for the immediate or foreseeable future. In addition, none of our officers is required
to commit any specified amount of time to our affairs and, accordingly, our officers 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 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.
22
The role of our key personnel
after a business combination, however, cannot presently be ascertained. Although some of our key personnel serve in senior management
or advisory positions following a business combination, it is likely that most, if not all, of the management of the target business
will remain in place. While we intend to closely scrutinize any individuals we engage after a business combination, we cannot assure
you that our assessment of these individuals will prove to be correct. These individuals may be unfamiliar with the requirements
of operating a 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.
Our key personnel may negotiate employment
or consulting agreements with a target business in connection with a particular business combination. These agreements may provide
for them to receive compensation following a 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 will
be able to remain with the company after the consummation of a business combination only if they are able to negotiate employment
or consulting agreements or other appropriate arrangements 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 the company after the consummation of the
business combination. The personal and financial interests of such individuals may influence their motivation in identifying and
selecting a target business.
Our 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 could have a negative impact on our ability to consummate a business combination.
Our officers and directors
will not commit their full time to our affairs. We presently expect each of our officers and directors to devote such amount of
time as they reasonably believe is necessary to our business. We do not intend to have any full-time employees prior to the consummation
of our initial business combination. The foregoing could have a negative impact on our ability to consummate our initial business
combination.
Our officers and directors may have
a conflict of interest in determining whether a particular target business is appropriate for a business combination.
Our initial stockholders
waived their right to convert their founders' shares or any other shares purchased in this offering or thereafter, or to
receive distributions from the trust account with respect to their founders' shares upon our liquidation if we are unable
to consummate a business combination. Accordingly, the shares acquired prior to this offering, as well as the private warrants
and any warrants purchased by our officers or directors in the aftermarket, will be worthless if we do not consummate a business
combination. 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 and in determining whether the terms, conditions and timing
of a particular business combination are appropriate and in our stockholders' best interest.
23
Our officers and directors or their
affiliates have fiduciary and contractual obligations and may in the future become affiliated with other entities engaged in business
activities similar to those intended to be conducted by us. Accordingly, they may have conflicts of interest in determining to
which entity a particular business opportunity should be presented.
Our officers and directors
or their affiliates have fiduciary and contractual obligations to other companies. Accordingly, they may participate in transactions
and have obligations that may be in conflict or competition with our consummation of our initial business combination. As a result,
a potential target business may be presented by our management team to another entity prior to its presentation to us and we may
not be afforded the opportunity to engage in a transaction with such target business. Additionally, our officers and directors
may in the future become affiliated with entities that are engaged in a similar business, including another blank check company
that may have acquisition objectives that are similar to ours. 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 other entities prior to its presentation to us, subject to our officers' and directors'
fiduciary duties under Delaware law. For a more detailed description of our officers' and directors' business affiliations
and the potential conflicts of interest that you should be aware of, see the sections titled "Management — Directors
and Executive Officers" and "
Management — Conflicts of Interest
."
EarlyBirdCapital may have a conflict
of interest in rendering services to us in connection with our initial business combination.
We have engaged EarlyBirdCapital
to assist us in connection with our initial business combination. We will pay EarlyBirdCapital a cash fee for such services in
an aggregate amount equal to up to 3.5% of the total gross proceeds raised in the offering only if we consummate our initial business
combination. The private warrants purchased by EarlyBirdCapital or its designees and the representative shares will also be worthless
if we do not consummate an initial business combination. These financial interests may result in EarlyBirdCapital having a conflict
of interest when providing the services to us in connection with an initial business combination.
Nasdaq may delist our securities
from quotation on its exchange which could limit investors' ability to make transactions in our securities and subject us
to additional trading restrictions.
We anticipate that our
securities will be listed on Nasdaq, a national securities exchange, upon consummation of this offering. Although, after giving
effect to this offering, we expect to meet on a pro forma basis Nasdaq's minimum initial listing standards, which generally
only requires that we meet certain requirements relating to stockholders' equity, market capitalization, aggregate market
value of publicly held shares and distribution requirements, we cannot assure you that our securities will continue to be listed
on Nasdaq in the future prior to an initial business combination. Additionally, in connection with our initial business combination,
it is likely that Nasdaq will require us to file a new initial listing application and meet its initial listing requirements as
opposed to its more lenient continued listing requirements. We cannot assure you that we will be able to meet those initial listing
requirements at that time. Nasdaq will also have discretionary authority to not approve our listing if it determines that the listing
of the company to be acquired is against public policy at that time.
If Nasdaq delists our securities
from trading on its exchange, or we are not listed in connection with our initial business combination, we could face significant
material adverse consequences, including:
•
a limited availability of market quotations for our securities;
•
reduced liquidity with respect to our securities;
•
a determination that our shares of common stock are "penny stock" which will require
brokers trading in our shares of common stock to adhere to more stringent rules, possibly resulting in a reduced level of trading
activity in the secondary trading market for our shares of common stock;
•
a limited amount of news and analyst coverage for our company; and
•
a
decreased
ability
to issue additional securities or obtain additional financing in the future.
24
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 common
stock and warrants will be listed on Nasdaq, our units, common stock and warrants will be covered securities. Although the states
are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if
there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale
of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict
the sale of securities issued by blank check companies, certain state securities regulators view blank check companies unfavorably
and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their
states. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities and we would be subject
to regulation in each state in which we offer our securities.
We are an "emerging growth
company" and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make
our shares of common stock less attractive to investors.
We are an "emerging
growth company," as defined in the JOBS Act. We will remain an "emerging growth company" for up to five years.
However, if our non-convertible debt issued within a three year period or revenues exceeds $1.07 billion, or the market value of
our shares of common stock that are held by non-affiliates exceeds $700 million on the last day of the second fiscal quarter of
any given fiscal year, we would cease to be an emerging growth company as of the following fiscal year. As an emerging growth company,
we are not required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, we have
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and we are exempt
from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved. Additionally, as an emerging growth company, we have elected to delay the adoption of new or
revised accounting standards that have different effective dates for public and private companies until those standards apply to
private companies. As such, our financial statements may not be comparable to companies that comply with public company effective
dates. We cannot predict if investors will find our shares of common stock less attractive because we may rely on these provisions.
If some investors find our shares of common stock less attractive as a result, there may be a less active trading market for our
shares and our share price may be more volatile.
It is likely we will only be able
to complete one business combination with the proceeds of this offering, which will cause us to be solely dependent on a single
business which may have a limited number of products or services.
It is likely we will consummate
a business combination with a single target business, although we have the ability to simultaneously acquire several target businesses.
By consummating a 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, 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 developments, any or all of which may have a substantial adverse
impact upon the particular industry in which we may operate subsequent to a business combination.
Alternatively, if we determine
to simultaneously acquire several businesses and such businesses 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 the business combination. With multiple business combinations,
we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and
due diligence investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation
of the operations and services or products of the acquired companies in a single operating business. If we are unable to adequately
address these risks, it could negatively impact our profitability and results of operations.
25
The ability of our stockholders to
exercise their conversion rights or sell their shares to us in a tender offer may not allow us to effectuate the most desirable
business combination or optimize our capital structure.
If our business combination
requires us to use substantially all of our cash to pay the purchase price, because we will not know how many stockholders may
exercise conversion rights or seek to sell their shares to us in a tender offer, we may either need to reserve part of the trust
account for possible payment upon such conversion, or we may need to arrange third party financing to help fund our business combination.
In the event that the acquisition involves the issuance of our stock as consideration, we may be required to issue a higher percentage
of our stock to make up for a shortfall in funds. Raising additional funds to cover any shortfall may involve dilutive equity financing
or incurring indebtedness at higher than desirable levels. This may limit our ability to effectuate the most attractive business
combination available to us.
In connection with any vote to approve
a business combination, we will offer each public stockholder the option to vote in favor of a proposed business combination and
still seek conversion of his, her or its shares.
In connection with any
vote to approve a business combination, we will offer each public stockholder (but not our initial stockholders, officers or directors)
the right to have his, her or its shares of common stock converted to cash (subject to the limitations described elsewhere in this
prospectus) regardless of whether such stockholder votes for or against such proposed business combination or does not vote at
all. The ability to seek conversion while voting in favor of our proposed business combination may make it more likely that we
will consummate a business combination.
In connection with any stockholder
meeting called to approve a proposed initial business combination, we may require stockholders who wish to convert their shares
in connection with a proposed business combination to comply with specific requirements for conversion that may make it more difficult
for them to exercise their conversion rights prior to the deadline for exercising their rights.
In connection with any
stockholder meeting called to approve a proposed initial business combination, each public stockholder will have the right, regardless
of whether he is voting for or against such proposed business combination or does not vote at all, to demand that we convert his
shares into a pro rata share of the trust account as of two business days prior to the consummation of the initial business combination.
We may require public stockholders who wish to convert their shares in connection with a proposed business combination to either
(i) tender their certificates to our transfer agent or (ii) deliver their shares to the transfer agent electronically
using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holders' option, in each
case prior to a date set forth in the tender offer documents or proxy materials sent in connection with the proposal to approve
the business combination. In order to obtain a physical stock certificate, a stockholder's broker and/or clearing broker,
DTC and our transfer agent will need to act to facilitate this request. It is our understanding that stockholders should generally
allot at least two weeks to obtain physical certificates from the transfer agent. However, because we do not have any control over
this process or over the brokers or DTC, it may take significantly longer than two weeks to obtain a physical stock certificate.
While we have been advised that it takes a short time to deliver shares through the DWAC System, we cannot assure you of this fact.
Accordingly, if it takes longer than we anticipate for stockholders to deliver their shares, stockholders who wish to convert may
be unable to meet the deadline for exercising their conversion rights and thus may be unable to convert their shares.
26
If, in connection with any stockholder
meeting called to approve a proposed business combination, we require public stockholders who wish to convert their shares to comply
with specific requirements for conversion, such converting stockholders may be unable to sell their securities when they wish to
in the event that the proposed business combination is not approved.
If we require public stockholders
who wish to convert their shares to comply with specific requirements for conversion and such proposed business combination is
not consummated, we will promptly return such certificates to the tendering public stockholders. Accordingly, investors who attempted
to convert their shares in such a circumstance will be unable to sell their securities after the failed acquisition until we have
returned their securities to them. The market price for our shares of common stock may decline during this time and you may not
be able to sell your securities when you wish to, even while other stockholders that did not seek conversion may be able to sell
their securities.
Because of our structure, other companies
may have a competitive advantage and we may not be able to consummate an attractive business combination.
We expect to encounter
intense competition from entities other than blank check companies having a business objective similar to ours, including venture
capital funds, leveraged buyout funds and operating businesses competing for acquisitions. Many of these entities are well established
and have extensive experience in identifying and effecting business combinations directly or through affiliates. Many of these
competitors possess greater technical, human and other resources than we do and our financial resources will be relatively limited
when contrasted with those of many of these competitors. While we believe that there are numerous potential target businesses that
we could acquire with the net proceeds of this offering, our ability to compete in acquiring certain sizable target businesses
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, seeking stockholder approval or engaging in a tender offer in connection
with any proposed business combination may delay the consummation of such a transaction. Additionally, our outstanding warrants,
and the future dilution they potentially represent, may not be viewed favorably by certain target businesses. Any of the foregoing
may place us at a competitive disadvantage in successfully negotiating a business combination.
We may be unable to obtain additional
financing, if required, to complete a business combination or to fund the operations and growth of the target business, which could
compel us to restructure or abandon a particular business combination.
Although we believe that
the net proceeds of this offering, together with interest earned on the funds held in the trust account available to us, will be
sufficient to allow us to consummate a business combination, because we have not yet identified any prospective target business,
we cannot ascertain the capital requirements for any particular transaction. If the net proceeds of this offering prove to be insufficient,
either because of the size of the business combination, the depletion of the available net proceeds in search of a target business,
or the obligation to convert into cash a significant number of shares from dissenting stockholders, we will be required to seek
additional financing. Such financing may not be available on acceptable terms, if at all. To the extent that additional financing
proves to be unavailable when needed to consummate a particular business combination, we would be compelled to either restructure
the transaction or abandon that particular business combination and seek an alternative target business candidate. In addition,
if we consummate a business combination, we may require additional 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 initial stockholders, officers or directors is required to provide any financing to us in connection with
or after a business combination.
Our initial stockholders will control
a substantial interest in us and thus may influence certain actions requiring a stockholder vote.
Upon consummation of our
offering, our initial stockholders will own approximately 20% of our issued and outstanding shares of common stock (assuming they
do not purchase any units in this offering). None of our officers, directors, initial stockholders or their affiliates has indicated
any intention to purchase units in this offering or any units or shares of common stock from persons in the open market or in private
transactions. However, our officers, directors, initial stockholders or their affiliates could determine in the future to make
such purchases in the open market or in private transactions, to the extent permitted by law, in order to influence the vote or
magnitude of the number of shareholders seeking to tender their shares to us. In connection with any vote for a proposed business
combination, our initial stockholders, as well as all of our officers and directors, have agreed to vote the shares of common stock
owned by them immediately before this offering as well as any shares of common stock acquired in this offering or in the aftermarket
in favor of such proposed business combination.
27
It is unlikely that there
will be an annual meeting of stockholders to elect new directors prior to the consummation of a business combination, in which
case all of the current directors will continue in office until at least the consummation of the business combination. Accordingly,
you may not be able to exercise your voting rights under corporate law for up to 24 months.
Our board of directors
is and will be divided into three classes, each of which will generally serve for a term of three years with only one class of
directors being elected in each year. It is unlikely that there will be an annual meeting of stockholders to elect new directors
prior to the consummation of a business combination, in which case all of the current directors will continue in office until at
least the consummation of the business combination. Accordingly, you may not be able to exercise your voting rights under corporate
law for up to 24 months. If there is an annual meeting, as a consequence of our "staggered" board of directors, only
a minority of the board of directors will be considered for election and our initial stockholders, because of their ownership position,
will have considerable influence regarding the outcome. Accordingly, our initial stockholders will continue to exert control at
least until the consummation of a business combination.
Our initial stockholders and the
holders of the representative shares paid a nominal price for the founders' shares and representative shares and, accordingly,
you will experience immediate and substantial dilution from the purchase of our shares of common stock.
The difference between
the public offering price per share and the pro forma net tangible book value per share of common stock after this offering constitutes
the dilution to the investors in this offering. Our initial stockholders and the holders of the representative shares acquired
the founders' shares and representative shares at a nominal price, significantly contributing to this dilution. Upon consummation
of this offering, you and the other new investors will incur an immediate and substantial dilution of approximately 83.8% or $8.38
per share (the difference between the pro forma net tangible book value per share $1.62, and the initial offering price of $10.00
per unit). This is because investors in this offering will be contributing approximately 99.98% of the total amount paid to us
for our outstanding securities after this offering but will only own approximately 79.05% of our outstanding shares of common
stock and this becomes exacerbated to the extent that public stockholders seek to convert their shares into a pro rata share of
the trust proceeds. Accordingly, the per-share purchase price you will be paying substantially exceeds our per share net tangible
book value.
Our outstanding warrants may have
an adverse effect on the market price of our common stock and make it more difficult to effect a business combination.
We will be issuing warrants
to purchase 5,000,000 shares of common stock as part of the units offered by this prospectus and private warrants to purchase 3,250,000
shares of common stock. We may also issue other warrants to our initial stockholders, officers, directors or their affiliates in
payment of working capital loans made to us as described in this prospectus. To the extent we issue shares of common stock to effect
a business combination, the potential for the issuance of a substantial number of additional shares upon exercise of these warrants
could make us a less attractive acquisition vehicle in the eyes of a target business. Such securities, when exercised, will increase
the number of issued and outstanding shares of common stock and reduce the value of the shares issued to complete the business
combination. Accordingly, our warrants may make it more difficult to effectuate a business combination or increase the cost of
acquiring the target business. Additionally, the sale, or even the possibility of sale, of the shares underlying the warrants could
have an adverse effect on the market price for our securities or on our ability to obtain future financing. If and to the extent
these warrants are exercised, you may experience dilution to your holdings.
28
We may redeem your unexpired warrants
prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.
We have the ability to
redeem outstanding warrants (excluding the private warrants and any warrants issued to our initial stockholders, officers or directors
in payment of working capital loans made to us) at any time after they become exercisable and prior to their expiration, at a price
of $0.01 per warrant, provided that the last reported sales price of the common stock equals or exceeds $18.00 per share (as adjusted
for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within a 30 trading-day period
commencing at any time after the warrants become exercisable and ending on the third business day prior to proper notice of such
redemption provided that on the date we give notice of redemption and during the entire period thereafter until the time we redeem
the warrants, we have an effective registration statement under the Securities Act covering the shares of common stock issuable
upon exercise of the warrants and a current prospectus relating to them is available. 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. Redemption of the outstanding warrants could force you (i) to exercise your warrants
and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii) to sell your warrants
at the then-current market price when you might otherwise wish to hold your warrants or (iii) to accept the nominal redemption
price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market
value of your warrants. None of the private warrants will be redeemable by us so long as they are held by the initial purchasers
or their permitted transferees.
Our management's ability to
require holders of our warrants to exercise such warrants on a cashless basis will cause holders to receive fewer shares of common
stock upon their exercise of the warrants than they would have received had they been able to exercise their warrants for cash.
If we call our public warrants
for redemption after the redemption criteria described elsewhere in this prospectus have been satisfied, our management will have
the option to require any holder that wishes to exercise his warrant (including any private warrants) to do so on a "cashless
basis." If our management chooses to require holders to exercise their warrants on a cashless basis, the number of shares
of common stock received by a holder upon exercise will be fewer than it would have been had such holder exercised his warrant
for cash. This will have the effect of reducing the potential "upside" of the holder's investment in our company.
If our security holders exercise
their registration rights, it may have an adverse effect on the market price of our shares of common stock and the existence of
these rights may make it more difficult to effect a business combination.
Our initial stockholders
are entitled to make a demand that we register the resale of the founders' shares at any time commencing three months prior
to the date on which their shares may be released from escrow. Additionally, the holders of representative shares, the private
warrants and any warrants our initial stockholders, officers, directors, or their affiliates may be issued in payment of working
capital loans made to us, are entitled to demand that we register the resale of the representative shares, private warrants and
any other warrants we issue to them (and the underlying securities) commencing at any time after we consummate an initial business
combination. The presence of these additional securities trading in the public market may have an adverse effect on the market
price of our securities. In addition, the existence of these rights may make it more difficult to effectuate a business combination
or increase the cost of acquiring the target business, as the stockholders of the target business may be discouraged from entering
into a business combination with us or will request a higher price for their securities because of the potential effect the exercise
of such rights may have on the trading market for our shares of common stock.
If we are deemed to be an investment
company, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make
it difficult for us to complete a business combination.
A company that, among other
things, is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting,
owning, trading or holding certain types of securities would be deemed an investment company under the Investment Company Act,
as amended, or the Investment Company Act. Since we will invest the proceeds held in the trust account, it is possible that we
could be deemed an investment company. Notwithstanding the foregoing, we do not believe that our anticipated principal activities
will subject us to the Investment Company Act. To this end, the proceeds held in trust may be invested by the trustee only in United States
 "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity
of 180 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. By restricting the investment of the proceeds to these instruments,
we intend to meet the requirements for the exemption provided in Rule 3a-1 promulgated under the Investment Company Act.
29
If we are nevertheless
deemed to be an investment company under the Investment Company Act, we may be subject to certain restrictions that may make it
more difficult for us to complete a business combination, including:
•
restrictions on the nature of our investments; and
•
restrictions on the issuance of securities.
In addition, we may have
imposed upon us certain burdensome requirements, including:
•
registration as an investment company;
•
adoption of a specific form of corporate structure; and
•
reporting, record keeping, voting, proxy, compliance policies and procedures and disclosure requirements
and other rules and regulations.
Compliance with these additional
regulatory burdens would require additional expense for which we have not allotted.
The determination for the offering
price of our units is more arbitrary than the pricing of securities for an operating company in a particular industry.
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 EarlyBirdCapital. Factors considered in determining the prices and terms of the units, including
the shares of common stock and warrants underlying the units, include:
•
the history and prospects of companies whose principal business is the acquisition of other companies;
•
prior offerings of those companies;
•
our prospects for acquiring an operating business at attractive values;
•
our capital structure;
•
an assessment of our management and their experience in identifying operating companies; and
•
general conditions of the securities markets at the time of the offering.
However, although these
factors were considered, the determination of our offering price is more arbitrary than the pricing of securities for an operating
company in a particular industry since we have no historical operations or financial results to compare them to.
30
Because each unit contains one-half
of one redeemable 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 redeemable warrant. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Accordingly, unless you purchase a multiple of two units, the number of warrants issuable to you upon separation of the units will
be rounded down to the nearest whole number of warrants. This is different from other offerings similar to ours whose units include
one share of common stock and one 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 an initial 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 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 they included a warrant to purchase one whole share.
If we do not conduct an adequate
due diligence investigation of a target business, we may be required to subsequently take write-downs or write-offs, restructuring,
and impairment or other charges that could have a significant negative effect on our financial condition, results of operations
and our stock price, which could cause you to lose some or all of your investment.
We must conduct a due diligence
investigation of the target businesses we intend to acquire. Intensive due diligence is time consuming and expensive due to the
operations, accounting, finance and legal professionals who must be involved in the due diligence process. Even if we conduct extensive
due diligence on a target business, this diligence may not reveal all material issues that may affect a particular target business,
and factors outside the control of the target business and outside of our control may later arise. If our diligence fails to identify
issues specific to a target business, industry or the environment in which the target business operates, 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 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 common stock. 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.
The requirement that we complete
an initial business combination within 24 months from the closing of this offering may give potential target businesses leverage
over us in negotiating a business combination.
We have 24 months from
the closing of this offering to complete an initial business combination. Any potential target business with which we enter into
negotiations concerning a business combination will be aware of this requirement. Consequently, such target business may obtain
leverage over us in negotiating a business combination, knowing that if we do not complete a business combination with that particular
target business, we may be unable to complete a business combination with any other target business. This risk will increase as
we get closer to the time limit referenced above.
We may not obtain a fairness opinion
with respect to the target business that we seek to acquire and therefore you may be relying solely on the judgment of our board
of directors in approving a proposed business combination.
We will only be required
to obtain a fairness opinion with respect to the target business that we seek to acquire if it is an entity that is affiliated
with any of our initial stockholders, officers, directors or their affiliates. In all other instances, we will have no obligation
to obtain an opinion. Accordingly, investors will be relying solely on the judgment of our board of directors in approving a proposed
business combination.
31
Resources could be spent researching
acquisitions that are not consummated, which could materially adversely affect subsequent attempts to locate and acquire or merge
with another business.
It is anticipated 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 a decision is made not to complete a specific business combination, the costs incurred up to that point
for the proposed transaction likely would not be recoverable. Furthermore, even if an agreement is reached relating to a specific
target business, we may fail to consummate the 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.
Compliance with the Sarbanes-Oxley
Act of 2002 will require substantial financial and management resources and may increase the time and costs of completing an acquisition.
Section 404 of the
Sarbanes-Oxley Act of 2002 requires that we evaluate and report on our system of internal controls and may require that we have
such system of internal controls audited beginning with our Annual Report on Form 10-K for the year ending December 31,
2021. If we fail to maintain the adequacy of our internal controls, we could be subject to regulatory scrutiny, civil or criminal
penalties and/or stockholder litigation. Any inability to provide reliable financial reports could harm our business. Section 404
of the Sarbanes-Oxley Act also requires that our independent registered public accounting firm report on management's evaluation
of our system of internal controls. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding
adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with the
Sarbanes-Oxley Act may increase the time and costs necessary to complete any such acquisition. Furthermore, any failure to implement
required new or improved controls, or difficulties encountered in the implementation of adequate controls over our financial processes
and reporting in the future, could harm our operating results or cause us to fail to meet our reporting obligations. Inferior internal
controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect
on the trading price of our stock.
If we effect a business combination
with a company located in a foreign jurisdiction, we would be subject to a variety of additional risks that may negatively impact
our operations.
If we consummate a business
combination with a target business in a foreign country, we would be subject to any special considerations or risks associated
with companies operating in the target business' home jurisdiction, including any of the following:
•
rules and regulations or currency conversion or corporate withholding taxes on individuals;
•
tariffs and trade barriers;
•
regulations related to customs and import/export matters;
•
longer payment cycles;
•
tax issues, such as tax law changes and variations in tax laws as compared to the United States;
•
currency fluctuations and exchange controls;
•
challenges in collecting accounts receivable;
•
cultural and language differences;
•
employment regulations;
•
crime, strikes, riots, civil disturbances, terrorist attacks and wars; and
•
deterioration of political relations with the United States.
We cannot assure you that
we would be able to adequately address these additional risks. If we were unable to do so, our operations might suffer.
32
If we effect a business combination
with a company located outside of the United States, the laws applicable to such company will likely govern all of our material
agreements and we may not be able to enforce our legal rights.
If we effect a business
combination with a company located outside of the United States, the laws of the country in which such company operates will govern
almost all of the material agreements relating to its operations. We cannot assure you that the target business will be able to
enforce any of its material agreements or that remedies will be available in this new jurisdiction. The system of laws and the
enforcement of existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States.
The inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business,
business opportunities or capital. Additionally, if we acquire a company located outside of the United States, it is likely that
substantially all of our assets would be located outside of the United States and some of our officers and directors might reside
outside of the United States. As a result, it may not be possible for investors in the United States to enforce their legal rights,
to effect service of process upon our directors or officers or to enforce judgments of United States courts predicated upon civil
liabilities and criminal penalties of our directors and officers under federal securities laws.
Provisions in our amended and restated
certificate of incorporation and bylaws and Delaware law may inhibit a takeover of us, which could limit the price investors might
be willing to pay in the future for our common stock and could entrench management.
Our amended and restated
certificate of incorporation and bylaws contain provisions that may discourage unsolicited takeover proposals that stockholders
may consider to be in their best interests. 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 elected in each year. As a result, at a given annual meeting
only a minority of the board of directors may be considered for election. Since our "staggered board" may prevent our
stockholders from replacing a majority of our board of directors at any given annual meeting, it may entrench management and discourage
unsolicited stockholder proposals that may be in the best interests of stockholders. Moreover, our board of directors has the ability
to designate the terms of and issue new series of preferred stock.
We are also subject to
anti-takeover provisions under Delaware law, which could delay or prevent a change of control. Together these provisions may make
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.
Because we must furnish our stockholders
with target business financial statements prepared in accordance with U.S. generally accepted accounting principles or international
financial reporting standards, we will not be able to complete a business combination with prospective target businesses unless
their financial statements are prepared in accordance with U.S. generally accepted accounting principles or international financial
reporting standards.
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. These financial statements may be required to be prepared
in accordance with, or be reconciled to, accounting principles generally accepted in the United States of America, or GAAP, or
international financial reporting standards, 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. We will include the same financial statement disclosure in connection with any tender offer documents we use, whether or
not they are required under the tender offer rules. Additionally, to the extent we furnish our stockholders with financial statements
prepared in accordance with IFRS, such financial statements will need to be audited in accordance with U.S. GAAP at the time of
the consummation of the business combination. These financial statement requirements may limit the pool of potential target businesses
we may acquire.
33
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. Stockholders therefore have no access to information about prior market history on which to base their investment
decision. Following this offering, the price of our securities may vary significantly due to one or more potential business combinations
and general market or economic conditions. Furthermore, an active trading market for our securities may never develop or, if developed,
it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.
Changes in laws or regulations, or
a failure to comply with any laws and regulations, may adversely affect our business, investments 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 and results of
operations.
There may be tax consequences to
our business combinations that may adversely affect us.
While we expect to undertake
any merger or acquisition so as to minimize taxes both to the acquired business and/or assets and us, such business combination
might not meet the statutory requirements of a tax-free reorganization, or the parties might not obtain the intended tax-free treatment
upon a transfer of shares or assets. A business combination that does not qualify for tax-free treatment could result in the imposition
of substantial taxes.
Our amended and restated certificate
of incorporation will provide, subject to limited exceptions, that the Court of Chancery of the State of Delaware will be the sole
and exclusive forum for certain stockholder litigation matters, which could limit our stockholders' ability to obtain a favorable
judicial forum for disputes with us or our directors, officers, employees or stockholders.
Our amended and restated
certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions
against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court
of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have
consented to service of process on such stockholder's counsel except any action (A) as to which the Court of Chancery
in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery
(and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such
determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for
which the Court of Chancery does not have subject matter jurisdiction, or (D) any action arising under the Securities Act,
as to which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction.
Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice
of and consented to the forum provisions in our amended and restated certificate of incorporation.
This choice of forum provision
may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any
of our directors, officers or employees, which may discourage lawsuits with respect to such claims, although our stockholders will
not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder and may
therefore bring a claim in another appropriate forum. We cannot be certain that a court will decide that this provision is either
applicable or enforceable, and if a court were to find the choice of forum provision contained in our amended and restated certificate
of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such
action in other jurisdictions, which could harm our business, operating results and financial condition.
Our amended and restated
certificate of incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted
by applicable law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce
any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum
provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which
the federal courts have exclusive jurisdiction.
34
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
The statements contained
in this prospectus that are not purely historical are forward-looking statements. Our forward-looking statements include, but are
not limited to, statements regarding our or our management'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 "anticipates," "believe,"
 "continue," "could," "estimate," "expect," "intends," "may,"
 "might," "plan," "possible," "potential," "predicts," "project,"
 "shall," "should," "would" and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus
may include, for example, statements about:
•
our ability to complete our initial business combination;
•
our success in retaining or recruiting, or changes required in, our officers, key employees or
directors following our initial business combination;
•
our officers and directors allocating their time to other businesses and potentially having conflicts
of interest with our business or in approving our initial business combination, as a result of which they would then receive expense
reimbursements and other benefits;
•
our potential ability to obtain additional financing to complete a business combination;
•
our pool of prospective target businesses;
•
the ability of our officers and directors to generate a number of potential investment opportunities;
•
potential changes in control of us if we acquire one or more target businesses for stock;
•
our public securities' potential liquidity and trading;
•
the lack of a market for our securities;
•
our expectations regarding the time during which we will be an "emerging growth company"
under the JOBS Act;
•
our use of proceeds not held in the trust account; or
•
our financial performance following this offering or following our initial business combination.
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.
35
USE
OF PROCEEDS
We estimate that the net
proceeds of this offering, in addition to the funds we will receive from the sale of the private warrants (all of which will be
deposited into the trust account), will be as set forth in the following table:
Without
Over-
Allotment
Option
Over-Allotment
Option
Exercised
Gross proceeds
From offering
$
100,000,000
$
115,000,000
From private placement
3,250,000
3,550,000
Total gross proceeds
103,250,000
119,550,000
O
ffering expenses
(1)
Underwriting discount (2.0% of gross proceeds from units offered to public)
2,000,000
(2)
2,300,000
(2)
Legal fees and expenses
250,000
250,000
Nasdaq listing fees
75,000
75,000
Printing and engraving expenses
40,000
40,000
Accounting fees and expenses
35,000
35,000
FINRA filing fee
17,750
17,750
SEC registration fee
15,000
15,000
Miscellaneous expenses
167,250
167,250
Total expenses
2,600,000
2,900,000
Net proceeds
Held in trust
100,000,000
115,000,000
Not held in trust
650,000
650,000
Total net proceeds
$
100,650,000
$
115,650,000
Amount
Percentage
U
se of net proceeds not held in trust
(3)(4)
Legal, accounting and other third-party expenses attendant to the search for target businesses and to the due diligence investigation, structuring and negotiation of a business combination
$
150,000
23.1
%
Due diligence of prospective target businesses by officers and directors
20,000
3.1
%
Legal and accounting fees relating to SEC reporting obligations
100,000
15.4
%
Working capital to cover miscellaneous expenses, including D&O insurance
380,000
58.4
%
Total
$
650,000
100.0
%
(1)
A portion of the offering expenses, including the SEC registration fee, the FINRA filing fee, the
non-refundable portion of the Nasdaq listing fee and a portion of the legal and audit fees, have been paid from the loan we received
from our initial stockholders described below. These funds will be repaid out of the proceeds of this offering available to us.
(2)
No discounts or commissions will be paid with respect to the purchase of the private warrants.
(3)
The amount of proceeds
not held in trust will remain constant at approximately $650,000 even if the over-allotment is exercised. The amount in the table
above does not include interest available to us from the trust account. The proceeds held in the trust account may be invested
only in U.S. government treasury obligations with a maturity of 180 days or less or in money market funds meeting certain conditions
under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. We estimate
the pre-tax interest earned on the trust account will be approximately $
[
•
]
per year, assuming an interest rate of
[
•
]
%
per year; however, we can provide no assurances regarding this amount.
36
(4)
These 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 initial business combination based upon the level of complexity of that business combination.
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 be deducted
from our excess working capital.
Our initial stockholders
and EarlyBirdCapital have committed that they and/or their designees will purchase the private warrants (for an aggregate purchase
price of $3,250,000) from us on a private placement basis simultaneously with the consummation of this offering. They have also
agreed that if the over-allotment option is exercised by the underwriters in full or in part, they will purchase from us an additional
number of private warrants (up to a maximum of 300,000 private warrants at a price of $1.00 per private warrant) necessary to maintain
in the trust account $10.00 per unit sold to the public in this offering. These additional private warrants will be purchased in
a private placement that will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment
option. The private warrants are identical to the warrants sold in this offering subject to certain limited exceptions as described
elsewhere in this prospectus. All of the proceeds we receive from these purchases will be placed in the trust account described
below.
$100,000,000, or $115,000,000
if the over-allotment option is exercised in full, of net proceeds of this offering and the sale of the private warrants, will
be placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, New York, New York,
as trustee. The funds held in trust will be invested only in United States "government securities" within the meaning
of Section 2(a)(16) of the Investment Company Act having a maturity of 180 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, so that we are not deemed to be an investment company under the Investment Company Act. Except with respect
to interest earned on the funds held in the trust account that may be released to us to pay our income or other tax obligations, the proceeds will not be released from the trust account
until the earlier of the completion of a business combination or our redemption of 100% of the outstanding public shares if we
have not completed a business combination in the required time period. The proceeds held in the trust account may be used as consideration
to pay the sellers of a target business with which we complete a business combination. Any amounts not paid as consideration to
the sellers of the target business may be used to finance operations of the target business.
Other than the repayment
of the $150,000 loan from Mr. Laikin (none of which payments will be made from the proceeds of this offering held in the trust
account prior to the completion of our initial business combination), no compensation of any kind will be paid to our initial stockholders,
officers, directors or any of their respective affiliates, for services rendered to us prior to or in connection with the consummation
of our initial business combination (regardless of the type of transaction that it is). However, such entity and individuals will
receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying
potential target businesses, performing business due diligence on suitable target businesses and business combinations as well
as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations.
Our audit committee will review and approve all reimbursements and payments made to our initial stockholders, officers, directors
or our or their respective affiliates, with any interested director abstaining from such review and approval. There is no limit
on the amount of such expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available proceeds
not deposited in the trust account and interest earned on the funds in the trust account that we are entitled to withdraw, such
expenses would not be reimbursed by us unless we consummate an initial business combination. Since the role of present management
after a business combination is uncertain, we have no ability to determine what remuneration, if any, will be paid to those persons
after a business combination.
Regardless of whether the
over-allotment option is exercised in full, the net proceeds from this offering available to us out of trust for our working capital
requirements in searching for a business combination will be approximately $650,000. We intend to use the proceeds for miscellaneous
expenses such as paying for director and officer liability insurance premiums, for due diligence, legal, accounting and other expenses
of structuring and negotiating business combinations, as well as for reimbursement of any out-of-pocket expenses incurred by our
initial stockholder, officers and directors in connection with activities on our behalf as described above. The allocation of the
net proceeds available to us outside of the trust account represents our best estimate of the intended uses of these funds. In
the event that our assumptions prove to be inaccurate, we may reallocate some of such proceeds within the above described categories.
37
We may use substantially
all of the net proceeds of this offering, including the funds held in the trust account, to acquire a target business and to pay
our expenses relating thereto, including a fee payable to EarlyBirdCapital upon consummation of our initial business combination
for assisting us in connection with our initial business combination, as described under the section titled "
Underwriting
 — Business Combination Marketing Agreement
." To the extent that our capital stock is used in whole or in part as
consideration to effect a business combination, the proceeds held in the trust account which are not used to consummate a business
combination will be disbursed to the combined company and will, along with any other net proceeds not expended, be used as working
capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including
continuing or expanding the target business' operations, for strategic acquisitions and for marketing, research and development
of existing or new products.
To the extent we are unable
to consummate a business combination, we will pay the costs of liquidation from our remaining assets outside of the trust account.
If such funds are insufficient, Mr. Laikin has agreed to advance us the funds necessary to complete such liquidation (currently
anticipated to be no more than $15,000) and has agreed not to seek repayment of such expenses.
As of April 28, 2020,
Mr. Laikin had loaned us an aggregate of $22,525, which was used to pay a portion of the expenses of this offering referenced
in the line items above for SEC registration fee, FINRA filing fee, the non-refundable portion of Nasdaq listing fee and a portion
of the audit fees. The loan is due on the earlier of March 1, 2021, the consummation of this offering or the abandonment
of this offering. The loan will be payable without interest. The loan will be repaid out of the proceeds of this offering available
to us for payment of offering expenses.
We believe that, upon consummation
of this offering, we will have sufficient available funds to operate for the next 24 months, assuming that a business combination
is not consummated during that time. However, if necessary, in order to meet our working capital needs following the consummation
of this offering, our initial stockholders, officers, directors and their affiliates may, but are not obligated to, loan us funds,
from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or,
at holder's discretion, up to $1,500,000 of the notes may be converted into warrants at a price of $1.00 per warrant. The
warrants would be identical to the private warrants. 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 other than the interest earned thereon would be used for such repayment.
A public stockholder will
be entitled to receive funds from the trust account (including interest earned on his, her or its portion of the trust account
to the extent not previously released to us) only in the event of (i) our redemption of 100% of the outstanding public shares
if we have not completed a business combination in the required time period, (ii) if that public stockholder converts such
shares, or sells such shares to us in a tender offer, in connection with a business combination which we consummate or (iii) we
seek to amend any provisions of our amended and restated certificate of incorporation that would affect our public stockholders'
ability to convert or sell their shares to us in connection with a business combination as described herein or affect the substance
or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination within 24 months from
the closing of this offering. This redemption right shall apply in the event of the approval of any such amendment to our amended
and restated certificate of incorporation, whether proposed by our initial stockholders, executive officers, directors or any other
person. In no other circumstances will a public stockholder have any right or interest of any kind to or in the trust account.
DIVIDEND
POLICY
We have not paid any cash
dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and
general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business
combination will be within the discretion of our board of directors at such time. It is the present intention of our board of directors
to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate
declaring any dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may
be limited by restrictive covenants we may agree to in connection therewith. In addition, our board of directors is not currently
contemplating and does not anticipate declaring any stock dividends in the foreseeable future, except if we increase the size of
the offering pursuant to Rule 462(b) under the Securities Act, in which case we will effect a stock dividend immediately
prior to the consummation of the offering in such amount as to maintain the ownership of our initial stockholders at 20.0% of our
issued and outstanding shares of our common stock upon the consummation of this offering (not including the private warrants and
underlying securities and the representative shares and assuming the initial stockholders do not purchase units in this offering).
38
DILUTION
The difference between the public offering
price per share, assuming no value is attributed to the warrants included in the units we are offering by this prospectus and the
private warrants, and the pro forma net tangible book value per 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 warrants. 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 shares of common stock which may be converted into cash or sold in a tender
offer), by the number of outstanding shares of common stock.
At March 16, 2020, our net tangible
book value was $
0.00
, or approximately $(0.00) per share of common stock. After giving effect
to the sale of 10,000,000 shares of common stock included in the units we are offering by this prospectus, the sale of the private
warrants and founders shares and the deduction of underwriting commissions and estimated expenses of this offering, our pro forma
net tangible book value at March 16, 2020 would have been $5,000,0
10
or $
1.62
per share, representing an immediate increase in net tangible book value (as decreased by the value of the approximately
4,999,695
shares of common stock that may be converted to cash and assuming no exercise of the underwriters' over-allotment option)
of $
1.62
per share to our initial stockholders and an immediate dilution of $
8.38
per share or
83.8
% to our public stockholders not exercising their conversion rights. The decrease
attributable to public shares subject to conversion is included in the calculation below at $10.00 per share, as all public stockholders
have the right to convert.
The following table illustrates the dilution
to the new investors on a per-share basis, assuming no value is attributed to the warrants included in the units or the private
warrants:
Public offering price
$
10.00
Net tangible book value before this offering
(1)
$
(0.00
)
Increase attributable to public stockholders, private sales
and founders shares
1.62
Pro forma net tangible book value after this offering
1.62
Dilution to public stockholders
$
8.38
Percentage of dilution to public stockholders
83.8
%
39
The following table sets forth information
with respect to our existing stockholders and the public stockholders:
Shares
Total Consideration
Average Price per
Share
Number
Purchased
Percentage
Amount
Percentage
Initial stockholders
2,500,000
​
(1)
19.76
%
$
25,000
0.02
%
$
0.01
Representative shares
150,000
1.19
%
$
15
0.00
%
$
0.0001
Public stockholders
10,000,000
79.05
%
$
100,000,000
99.98
%
$
10.00
Total
12,650,000
100.0
%
$
100,025,015
100.0
%
(1)
Assumes the over-allotment option has not been exercised and an aggregate of 375,000 founders'
shares have been forfeited as a result thereof.
The pro forma net tangible book value after
the offering is calculated as follows:
Numerator:
Net tangible book value before the offering
$
-
Net proceeds from this offering, private placement and founders shares
103,275,000
Less: Offering costs and underwriting fee
(2,600,000
)
Less: Proceeds held in trust subject to conversion/tender
(
95,674,990
)
$
5,000,0
10
Denominator:
Shares of common stock outstanding prior to this offering, including representative shares
2,500,000
​
(1)
Shares of common stock included in the units offered
10,000,000
Representative Shares
150,000
Less: Shares subject to conversion/tender
(
9,567,499
)
3,082,501
(1)
Assumes the over-allotment option has not been exercised and an aggregate of 375,000 founders'
shares have been forfeited as a result thereof.
40
CAPITALIZATION
The following table sets forth our capitalization
at March 16, 2020 and as adjusted to give effect to the sale of our units, the private warrants and the founders shares and
the application of the estimated net proceeds derived from the sale of such securities:
March 16, 2020
Actual
As Adjusted
(1)
Note payable to related party
(2)
$
1,525
$
—
Common stock, $.0001 par value, –0– and 9,567,499 shares which are subject to possible conversion/tender
(3)
—
95,674,990
Stockholders' equity:
Preferred stock, $.0001 par value, 1,000,000 shares authorized; none issued or outstanding
—
—
Common stock, $.0001 par value, 30,000,000 shares authorized; no shares issued and outstanding, actual; 3,082,501 shares
(4)
issued and outstanding (excluding 9,567,499 shares subject to possible conversion/tender), as adjusted
—
308
Additional paid-in capital
—
4,999,702
Accumulated deficit
—
—
Total stockholders' equity:
—
5,000,010
Total capitalization
$
1,525
$
100,675,000
(1)
Includes the $3.25 million we will receive from the sale of the private warrants and $25,000
                                                            for the sale of the founders shares.
(2)
Represents
                                         amount drawn upon under the $150,000 promissory note as of March 16, 2020 issued to Robert
                                         J. Laikin, our Chairman. The note is non-interest bearing and is payable on the earlier
                                         to occur of March 1, 2021, the consummation of this offering, or the abandonment of this
                                         offering. Subsequent to March 16, 2020, we have drawn an additional $21,000 under the
                                         promissory note.
(3)
Upon
the consummation of our initial business combination, we will provide our stockholders (but not our initial stockholders, officers
or directors) with the opportunity to convert or sell their public shares for cash equal to their pro rata share of the aggregate
amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination,
including interest not previously released to us (less taxes payable), subject to the limitations described herein whereby our
net tangible assets will be maintained at a minimum of $5,000,010.
The actual number of shares that
may be converted may exceed the 9,567,499
shares indicated
provided that we have net tangible
assets of at least $5,000,010 immediately prior to or upon consummation of the business combination
.
(4)
Assumes the over-allotment option has not been exercised and an aggregate of 375,000 founders'
shares have been forfeited as a result thereof.
41
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
We
were formed on March 5, 2020 for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more target businesses.
Although we may
pursue an initial business combination in any industry or geographic location, we currently intend to focus on opportunities to
capitalize on the ability of our management team to identify, acquire and drive the operations of the business in the smart technology
innovations market. Specifically, we intend to target smart technology innovation companies that are at the forefront of high technology
and are enabling the future evolution of 5G communication, virtual reality, artificial intelligence, cloud computing, machine learning
and hardware and software distribution and value-added customized logistics services.
We intend to utilize cash derived from
the proceeds of this offering, our securities, debt or a combination of cash, securities and debt, in effecting a business combination.
The issuance of additional shares of common stock or preferred stock:
•
may significantly reduce the equity interest of our stockholders;
•
may subordinate the rights of holders of shares of common stock if we issue shares of preferred
stock with rights senior to those afforded to our shares of common stock;
•
will likely cause a change in control if a substantial number of our shares of common stock are
issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely
will also result in the resignation or removal of our present officers and directors; and
•
may adversely affect prevailing market prices for our securities.
Similarly, if we issue debt securities,
it could result in:
•
default and foreclosure on our assets if our operating revenues after a business combination are
insufficient to pay our debt obligations;
•
acceleration of our obligations to repay the indebtedness even if we have made all principal and
interest payments when due if the debt security contains covenants that required the maintenance of certain financial ratios or
reserves and we breach any such covenant without a waiver or renegotiation of that covenant;
•
our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand; and
•
our inability to obtain additional financing, if necessary, if the debt security contains covenants
restricting our ability to obtain additional financing while such security is outstanding.
We have neither engaged in any operations
nor generated any revenues to date. Our entire activity since inception has been to prepare for our proposed fundraising through
an offering of our equity securities.
We are an emerging growth company as defined
in the JOBS Act. As an emerging growth company, we have elected to delay the adoption of new or revised accounting standards that
have different effective dates for public and private companies until those standards apply to private companies. As such, our
financial statements may not be comparable to companies that comply with public company effective dates.
42
Liquidity and Capital Resources
As
indicated in the accompanying financial statements, at March 16, 2020, we had $1,525 in cash and no working
capital
. Further, we have incurred and expect to continue to
incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty
through this offering. We cannot assure you that our plans to raise capital or to consummate an initial business combination
will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going
concern.
Our liquidity needs have been satisfied
to date through the payment of certain of our deferred offering costs with the $25,000 purchase price of the founders' shares
and loans from Robert J. Laikin, our Chairman, in an aggregate amount of $1,525 as of March 16, 2020 and an additional $21,000
subsequent to March 16, 2020 that are more fully described below. We estimate that the net proceeds from (i) the sale of the units
in this offering, after deducting offering expenses of approximately $600,000 and underwriting discounts and commissions of $2,000,000
(or $2,300,000 if the over-allotment option is exercised in full) and (ii) the sale of the private warrants for a purchase price
of $3,250,000 (or $3,550,000 if the over-allotment option is exercised in full) will be $103,250,000 (or $118,550,000 if the over-allotment
option is exercised in full). Of this amount, $100,000,000 (or $115,000,000 if the over-allotment option is exercised in full)
will be held in the trust account. The remaining $650,000 will not be held in trust.
We may use substantially all of the net
proceeds of this offering, including the funds held in the trust account, to acquire a target business and to pay our expenses
relating thereto, including a fee payable to EarlyBirdCapital, upon consummation of our initial business combination for assisting
us in connection with our initial business combination, as described under the section titled "
Underwriting — Business
Combination Marketing Agreement
." To the extent that our capital stock is used in whole or in part as consideration to
effect a business combination, the remaining proceeds held in the trust account as well as any other net proceeds not expended
will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a
variety of ways including continuing or expanding the target business' operations, for strategic acquisitions and for marketing,
research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders'
fees which we had incurred prior to the completion of our business combination if the funds available to us outside of the trust
account were insufficient to cover such expenses.
We believe that, upon consummation of this
offering, the approximate $650,000 of net proceeds not held in the trust account, together with the interest earned on the trust
account that is available to us, will be sufficient to allow us to operate for at least the next 24 months, assuming that a business
combination is not consummated during that time. Over this time period, we will be using these funds for identifying and evaluating
prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the
offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of
prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business
combination. We anticipate that we will incur approximately:
•
$150,000 of expenses for the search for target businesses and for the legal, accounting and other
third-party expenses attendant to the due diligence investigations, structuring and negotiating of a business combination;
•
$20,000 of expenses for the due diligence and investigation of a target business by our officers
and directors;
•
$100,000 of expenses in legal and accounting fees relating to our SEC reporting obligations; and
•
$380,000 for general working capital that will be used for miscellaneous expenses, including D&O
insurance and third party consulting fees.
If our estimates of the above costs are
less than the actual costs, we may have insufficient funds available to operate our business prior to our initial business combination.
Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become
obligated to redeem a significant number of our public shares upon consummation of our initial business combination, in which case
we may issue additional securities or incur debt in connection with such business combination. We do not have a maximum debt leverage
ratio or a policy with respect to how much debt we may incur. The amount of debt we will be willing to incur will depend on the
facts and circumstances of the proposed business combination and market conditions at the time of the potential business combination.
At this time, we are not party to any arrangement or understanding with any third party with respect to raising additional funds
through the sale of our securities or the incurrence of debt. Subject to compliance with applicable securities laws, we would only
consummate such financing simultaneously with the consummation of our initial business combination. In the current economic environment,
it has become especially difficult to obtain acquisition financing. Additionally, following our initial business combination, if
cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.
43
Related Party Transactions
As of March 16, 2020, Robert W. Laikin,
our Chairman, has loaned an aggregate of $1,525 to us, on a non-interest-bearing basis, for payment of offering expenses on our
behalf pursuant to a $150,000 promissory note. Subsequent to March 16, 2020, Mr. Laikin loaned us an additional $21,000 under
the promissory note. The loan will be payable without interest on the earlier to occur of March 1, 2021, the consummation of this
offering, or the abandonment of this offering. If the offering is consummated, the loan will be repaid out of the proceeds of
this offering not being placed in trust.
Our initial stockholders and EarlyBirdCapital
have committed that they and/or their designees will purchase an aggregate of 3,250,000 private warrants at $1.00 per private warrant
(for a total purchase price of $3,250,000) from us. This purchase will take place on a private placement basis simultaneously with
the consummation of this offering. They have also agreed that if the over-allotment option is exercised by the underwriters in
full or in part, they and/or their designees will purchase from us an additional number of private warrants (up to a maximum of
300,000 private warrants at a price of $1.00 per private warrant) necessary to maintain in the trust account $10.00 per unit sold
to the public in this offering. These additional private warrants will be purchased in a private placement that will occur simultaneously
with the purchase of units resulting from the exercise of the over-allotment option.
We do not believe we will need to raise
additional funds following this offering in order to meet the expenditures required for operating our business. However, in order
to finance transaction costs in connection with an intended initial business combination, our initial stockholders, officers, directors
or their affiliates may, but are not obligated to, loan us funds as may be required. If we consummate an initial business combination,
we would repay such loaned amounts; provided that up to $1,500,000 of such loans may be convertible into warrants of the post business
combination entity at a price of $1.00 per warrant at the option of the lender. These additional warrants would be identical to
the private warrants. 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.
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, 2021. As of the date
of this prospectus, we have not completed an assessment, nor have our auditors tested our systems, of internal controls. We expect
to assess the internal controls of our target business or businesses prior to the completion of our initial business combination
and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that we maintain
an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. Target businesses we may consider for a 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.
44
Because it will take time, management involvement
and perhaps outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements
and market expectations for our operation of a target business, we may incur significant expense in meeting our public reporting
responsibilities, particularly in the areas of designing, enhancing, or remediating internal and disclosure controls. Doing so
effectively may also take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing reporting.
Once our management's report on internal
controls is complete, we will retain our independent auditors to audit and render an opinion on such report when required by Section 404.
The independent auditors may identify additional issues concerning a target business's internal controls while performing
their audit of internal control over financial reporting.
Quantitative and Qualitative Disclosures about Market Risk
The net proceeds of this offering, including
amounts in the trust account, will be invested in United States "government securities" within the meaning of Section 2(a)(16)
of the Investment Company Act having a maturity of 180 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. Due
to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.
Off-Balance Sheet Arrangements; Commitments and Contractual
Obligations; Quarterly Results
As of the date of this prospectus, we did
not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments
or contractual obligations. No unaudited quarterly operating data is included in this prospectus as we have conducted no operations
to date.
45
PROPOSED
BUSINESS
General
We are a Delaware blank check company incorporated
on March 5, 2020 formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination with one or more target businesses. We do not have any specific business combination
under consideration, and we have not (nor has anyone on our behalf), directly or indirectly, contacted any prospective target business
or had any substantive discussions, formal or otherwise, with respect to such a transaction.
We will seek to capitalize on the significant
experience and contacts of our management team to complete our initial business combination. We believe our management team's
distinctive background and experience in both the public and private markets could have a significant impact on our ability to
consummate an initial business combination. Although we may pursue an initial business combination with a target business in any
industry or geographic location, we currently intend to focus on opportunities in the smart technology innovations market. Specifically,
we intend to target companies that are at the forefront of high technology and are enabling the future evolution of 5G communication,
virtual reality, artificial intelligence, cloud computing, machine learning, hardware and software distribution and value-added
customized logistics services.
Our management team has significant hands-on
experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data
assets and intellectual property that already exist within most high-tech companies. Additionally, our management team has operated
and invested in leading global technology companies across their corporate life cycles, and developed deep relationships with key
large multi-national organizations and investors. We believe that these relationships and our officers' and directors'
know-how present a significant opportunity to help drive strategic dialogue, access new customer relationships and improve operating
results following the completion of our initial business combination.
The past performance of the members of
our management team and board of directors is not a guarantee that we will be able to identify a suitable candidate for our initial
business combination or of success with respect to any business combination we may consummate. You should not rely on the historical
record of the performance of our management or any of its affiliates' performance as indicative of our future performance.
Business Strategy
Our business strategy is to identify and
complete our initial business combination with a company that complements the experience of our management team and can benefit
from our management team's operational expertise. Our selection process is expected to leverage our management team's
relationship network and unique smart technology innovation industry expertise, including proven deal-sourcing and structuring
capabilities, to provide us with a multitude of business combination opportunities. Our management team has experience:
·
operating companies, setting and changing strategies, and identifying, mentoring and recruiting
world-class talent;
·
developing and growing companies, both organically and inorganically, and expanding the product
ranges and geographic footprints of a number of businesses;
·
sourcing, structuring, acquiring and selling businesses and achieving synergies to create stockholder
value;
·
establishing a wide deal flow and efficient methodology of screening superior M&A targets worldwide
utilizing various relationships with leading private equity firms, venture capital firms and venture arms of technology companies
who have various portfolio investments that are potential acquisition candidates;
·
partnering with industry-leading companies to increase sales and improve the competitive position
of those companies;
·
addressing business and technological changes in an evolving global smart technology innovation
market landscape;
46
·
assessing the leading global market opportunities
for connectivity solutions;
·
evaluating the viability of emerging smart technology innovation business models;
·
fostering relationships with sellers, capital providers and target management teams; and
·
accessing the equity and debt capital markets across various business cycles, including financing
businesses and assisting companies with the transition to public ownership.
Following the completion of this offering,
we intend to begin the process of communicating with our management team and board of director's network of relationships
to articulate the parameters for our search for a potential target initial business combination and begin the process of pursuing
and reviewing potential opportunities.
Competitive Strengths
We believe the reputations and experience
of our officers and directors and our ability to leverage their sourcing, valuation, diligence and execution capabilities will
provide us with a significant pipeline of opportunities form which to evaluate and select a business that will benefit from our
expertise. Our competitive strengths include the following:
Industry Experience
Our management team consists of experienced
deal makers, operators, and investors. Our Chairman, Robert J. Laikin, has over 20 years of experience operating a public company
in the technology hardware, software, distribution and value-added customized logistic services marketplace. In 1989, Mr. Laikin
founded Brightpoint, Inc.(Nasdaq:CELL), a global leader in device lifecycle services to the wireless and high-tech industries
and lead the company through the rapidly changing technology-driven industry during the 23 years leading to its acquisition by
Ingram Micro Inc.(NYSE:IM) in 2012 for $1.1 billion. Mr. Laikin currently serves as Chairman of the Board of Washington Prime
Group, Inc., (NYSE: WPG), an industry-leading multi-faceted, retail real estate owner, developer and manager, and is a co-founder
and managing member of L7 Investment, LLC, a privately held real estate investment vehicle.
Larry
M Paulson, our Chief Executive Officer, has over 30 years of global senior management experience in wireless technology with Nokia
Oy (NYSE:NOK), Brightpoint Inc. (Nasdaq:CELL) and most recently Qualcomm Inc. (Nasdaq:QCOM), all global leaders in their field
in their respective time periods. In his most recent role with Qualcomm, Mr. Paulson was responsible for a broad set of customers
in semi conductor and software sales for mobile, Industrial IOT, automobile, voice and music, wifi mesh and networking, smart
watches, smart home, consumer IOT, AR and VR and computing segments
.
Alternative Path to Becoming Public
We believe our structure will make us an
attractive business combination partner to prospective target businesses that desires to become a publicly listed company. A merger
with us will offer a target business an alternative process to a public listing rather than the traditional initial public offering
process. We believe that the target businesses may favor this alternative, which we believe is less expensive, while offering greater
certainty of execution than the traditional initial public offering. Furthermore, once a proposed business combination is approved
by our shareholders and the transaction is consummated, 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
that could prevent the offering from occurring. Once public, we believe the target business would have greater access to capital
and additional means of creating management incentives that are better aligned with shareholders' interests than it would
as a private company. A public company can offer further benefits by augmenting a company's profile among potential new customers
and vendors and aid in attracting talented management. With public company corporate governance standards, a target business may
become attractive to the public investors.
47
Strong and Stable Financial Position
with Flexibility.
With funds in the trust account of $100
million (or approximately $115 million if the over-allotment option is exercised in full) available to use for a business combination,
we offer a target business a variety of options such as providing the owners of a target business with shares in a public company
and a public means to sell such shares, 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 consummate 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, since we have
no specific business combination under consideration, we have not taken any steps to secure third party financing and there can
be no assurance that it will be available to us.
Acquisition Strategy
Based on the collective business and acquisition
experiences of our management team, we will seek to identify and target businesses at the forefront of high technology and are
enabling the future evolution of 5G communication, virtual reality, artificial intelligence, cloud computing, machine learning,
distribution, and value-added customized logistic services in which our management can assist in its growth and development. We
intend to acquire a target business or businesses that our management team believes can achieve long-term appreciation. Given our
management team's collective track record of transactions and industry contacts, we believe we can identify potential targets
and successfully negotiate and consummate our initial business combination, although we cannot provide any assurance that an initial
business combination will be consummated. In addition, we believe the target business will benefit from our involvement, including
through the potential strategic relationships we can introduce, as well by our assisting the target in areas such as corporate
financing, global expansion, vendor and customer growth. Our selection process will also leverage our team's network of industry,
private equity and venture capital relationships as well as relationships with management teams of public and private companies,
investment bankers, attorneys and accountants that we believe should provide us with significant acquisition transaction opportunities.
Opportunities in the Smart Technology Innovation Markets
Our management believes that in recent
years, a wide range of technological breakthroughs have accelerated cycles of change, radically impacting industries and business
models across the world. The transformative effects of innovations as diverse as 5G communications, virtual reality, artificial
intelligence, cloud computing, machine learning, hardware and software distribution and value-added customized logistics services
have upended industries both large and small. We believe there are significant opportunities in the smart technology innovation
markets due to the following factors:
·
Technologies becoming more affordable and accessible
Consumers and businesses are benefiting
from the falling costs of technologies. From smart phones, to self-driving cars, to smart manufacturing, to gene sequencing, new
applications of the technologies are becoming more affordable than ever.
·
Emerging technologies driving continued industry growth
The smart technology innovation markets
continue to evolve rapidly, which has fostered innovation in products, services and business models globally. Technologies such
as 5G networks, virtual reality, artificial intelligence, cloud computing, machine learning and digital distribution, storage and
logistics have made remarkable advancements in the last decade and are on the verge of some major breakthroughs. We believe that
these exciting developments will continue to allow the industries to keep up its growth momentum.
48
·
Businesses increasingly using technologies to improve productivities
The widespread adoption of consumer-centric
technologies has over time driven down the costs of research and development and production, improved data security, and eased
the learning curve for business users. As technology infrastructure becomes more readily available and cost effective, traditional
businesses are more willing to improve their operations through the use of technologies.
Investment Criteria
We have identified the following criteria that we believe are
important in evaluating candidates for our initial business combination:
·
Operating Stability with Significant Growth Potential
. We will generally seek to
acquire businesses that have demonstrated operational stability with consistent historical growth in their financial results, and
which are expected to continue to do so for the foreseeable future. We may pursue businesses with owners who would be interested
in a reverse merger, which is a combination effected via an exchange of equity, that could leave most or all our existing cash
available as capital to support growth efforts.
·
Leadership Position in its Industry
.
We will generally seek to identify businesses
that have leadership positions in its industry or a defensible niche with a target market as a result of industry leading differentiated
technology or other competitive advantages.
·
Unrealized Potential for Shareholder Value Creation
. We will seek target businesses
that are both initially attractive investment candidates and that possess the potential for ongoing shareholder value creation
in the long term. Examples of post-acquisition value creating activities include operational improvements in sales and marketing,
increasing operating efficiency and reducing costs. Other examples include value created through add-on acquisitions or divestitures,
or by lowering the cost of capital by opening up new sources of debt or equity financing.
·
Has the Potential to Grow Through Further Acquisition Opportunities
. We will generally
seek to acquire a business that has the potential to grow inorganically through additional acquisitions.
·
Innovate within an existing market.
We will seek a company who is innovating product or business modeling within an existing market sparing the risk and burden
of developing a new and yet to be proven marketplace.
·
Enterprise Value
. We intend to focus on companies with valuations between $200,000,000
and $500,000,000, as such companies generally have proven business models and offer long-term work adjustment return potential.
·
Has a Committed and Capable Management Team
. We will generally seek to acquire a
business with a professional management team whose interest are aligned with those of our investors. Where necessary, we may also
look to complement and enhance the capabilities of the target business's management team by recruiting additional talent
through our network of contacts.
·
Benefit from Being a Publicly Traded Company
.
We will primarily seek a target
that we believe will benefit from being publicly traded and will be able to effectively utilize the broader access to capital and
the public profile that are associated with being a publicly traded company.
49
Effecting
a Business
Combination
General
We are not presently engaged in, and we
will not engage in, any substantive commercial business for an indefinite period of time following this offering. We intend to
utilize cash derived from the proceeds of this offering and the private placement of private warrants, our capital stock, debt
or a combination of these in effecting a business combination which has not yet been identified. Accordingly, investors in this
offering are investing without first having an opportunity to evaluate the specific merits or risks of any one or more business
combinations. A business combination may involve the acquisition of, or merger with, a company which does not need substantial
additional capital, but which desires to establish a public trading market for its shares, while avoiding what it may deem to be
adverse consequences of undertaking a public offering itself. These include time delays, significant expense, loss of voting control
and compliance with various federal and state securities laws. In the alternative, we may seek to consummate a business combination
with a company that may be financially unstable or in its early stages of development or growth. While we may seek to effect simultaneous
business combinations with more than one target business, we will probably have the ability, as a result of our limited resources,
to effect only a single business combination.
We Have Not Identified a Target Business
To date, we have not selected any target
business on which to concentrate our search for a business combination. None of our officers, directors, promoters and other affiliates
has engaged in any substantive discussions on our behalf with representatives of other companies regarding the possibility of a
potential merger, capital stock exchange, asset acquisition or other similar business combination with us. Additionally, we have
not engaged or retained any agent or other representative to identify or locate such companies. As a result, we cannot assure you
that we will be able to locate a target business or that we will be able to engage in a business combination with a target business
on favorable terms or at all.
Subject to our management team's
fiduciary obligations and the fair market value requirement described below, we will have virtually unrestricted flexibility in
identifying and selecting a prospective acquisition candidate. We have not established any specific attributes or criteria (financial
or otherwise) for prospective target businesses other than as described above. Accordingly, there is no basis for investors in
this offering to evaluate the possible merits or risks of the target business with which we may ultimately complete a business
combination. 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.
Sources of Target Businesses
While we have not yet selected a target
business with which to consummate our initial business combination, we believe based on our management's business knowledge
and past experience that there are numerous potential candidates. We expect that our principal means of identifying potential target
businesses will be through the extensive contacts and relationships of our initial stockholders, officers and directors. While
our officers and directors are not required to commit any specific amount of time in identifying or performing due diligence on
potential target businesses, our officers and directors believe that the relationships they have developed over their careers and
their access to our initial stockholders' contacts and resources will generate a number of potential business combination
opportunities that will warrant further investigation. We also anticipate that target business candidates will be brought to our
attention from various unaffiliated sources, including investment bankers, venture capital funds, private equity funds, leveraged
buyout funds, management buyout funds and other members of the financial community. 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 they think we may be interested in on an unsolicited basis, since many of these sources will have read this
prospectus and know what types of businesses we are targeting.
Our officers and directors must present
to us all target business opportunities that have a fair market value of at least 80% of the assets held in the trust account (less
any taxes payable on the interest earned on the trust account) at the time of the agreement to enter into the initial business
combination, subject to any fiduciary or contractual obligations. While we do not presently anticipate engaging the services of
professional firms or other individuals that specialize in business acquisitions on any formal basis (other than EarlyBirdCapital
as described elsewhere in this prospectus), 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. In no event, however, will our initial stockholders, officers, directors or their respective affiliates
be paid any compensation prior to, or for any services they render in order to effectuate, the consummation of an initial business
combination (regardless of the type of transaction that it is) other than the repayment of the $150,000 loan and reimbursement
of any out-of-pocket expenses. Our audit committee will review and approve all reimbursements and payments made to our initial
stockholders, officers, directors or our or their respective affiliates, with any interested director abstaining from such review
and approval.
50
We have no present intention to enter into
a business combination with a target business that is affiliated with any of our officers or directors. However, we are not restricted
from entering into any such transactions and may do so if (i) such transaction is approved by a majority of our disinterested
independent directors and (ii) we obtain an opinion from an independent investment banking firm, or another independent entity
that commonly renders valuation opinions, that the business combination is fair to our unaffiliated stockholders from a financial
point of view.
Selection of a Target Business and
Structuring of a Business Combination
Subject to our management team's
fiduciary obligations and the limitations that a target business have a fair market value of at least 80% of the balance in the
trust account (less any taxes payable on the interest earned on the trust account) at the time of the execution of a definitive
agreement for our initial business combination, as described below in more detail, and that we must acquire a controlling interest
in the target business, our management will have virtually unrestricted flexibility in identifying and selecting a prospective
target business. We have not established any specific attributes or criteria (financial or otherwise) for prospective target businesses
other than as described above under the caption "
Investment Criteria
." In evaluating a prospective target business,
our management may consider a variety of factors, including one or more of the following:
•
financial condition and results of operation;
•
growth potential;
•
brand recognition and potential;
•
experience and skill of management and availability of additional personnel;
•
capital requirements;
•
competitive position;
•
barriers to entry;
•
stage of development of the products, processes or services;
•
existing distribution and potential for expansion;
•
degree of current or potential market acceptance of the products, processes or services;
•
proprietary aspects of products and the extent of intellectual property or other protection for
products or formulas;
•
impact of regulation on the business;
•
regulatory environment of the industry;
•
costs associated with effecting the business combination;
51
•
industry leadership, sustainability of market share and attractiveness of market industries in
which a target business participates; and
•
macro competitive dynamics in the industry within which the company competes.
These criteria are not intended to be exhaustive.
Any evaluation relating to the merits of a particular business combination will be based, to the extent relevant, on the above
factors as well as other considerations deemed relevant by our management in effecting a business combination consistent with our
business objective. In evaluating a prospective target business, we will conduct an extensive due diligence review which will encompass,
among other things, meetings with incumbent management and inspection of facilities, as well as review of financial and other information
which is made available to us. This due diligence review will be conducted either by our management or by unaffiliated third parties
we may engage, although we have no current intention to engage any such third parties.
The time and costs required to select and
evaluate a target business and to structure and complete the business combination cannot presently be ascertained with any degree
of certainty. Any costs incurred with respect to the identification and evaluation of a prospective target business with which
a business combination is not ultimately completed will result in a loss to us and reduce the amount of capital available to otherwise
complete a business combination.
Fair Market Value of Target Business
The Nasdaq rules require that the
target business or businesses that we acquire must collectively have a fair market value equal to at least 80% of the balance of
the funds in the trust account (less any taxes payable on the interest earned on the trust account) at the time of the execution
of a definitive agreement for our initial business combination. Notwithstanding the foregoing, if we are not then listed on the
Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value test.
We currently anticipate structuring a business
combination to acquire 100% of the equity interests or assets of the target business or businesses. We may, however, structure
our initial business combination where we merge directly with the target business or a newly formed subsidiary or where we acquire
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 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 stockholders prior to the
business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed
to the target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we could acquire a 100% controlling
interest in the target; however, as a result of the issuance of a substantial number of new shares, our stockholders immediately
prior to our initial business combination could own less than a majority of our outstanding shares subsequent to 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 valued for purposes
of the 80% of trust account balance test.
The fair market value of the target will
be determined by our board of directors based upon one or more standards generally accepted by the financial community (such as
actual and potential sales, earnings, cash flow and/or book value). The proxy solicitation materials or tender offer documents
used by us in connection with any proposed transaction will provide public stockholders with our analysis of the fair market value
of the target business, as well as the basis for our determinations. If our board is not able to independently determine that the
target business has a sufficient fair market value, we will obtain an opinion from an unaffiliated, independent investment banking
firm, or another independent entity that commonly renders valuation opinions, with respect to the satisfaction of such criteria.
We will not be required to obtain an opinion from an investment banking firm as to the fair market value if our board of directors
independently determines that the target business complies with the 80% threshold.
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Lack of Business Diversification
We may seek to effect a business combination
with more than one target business, although we expect to complete our business combination with just one business. Therefore,
at least initially, the prospects for our success may be entirely dependent upon the future performance of a single business operation.
Unlike other entities which may have the resources to complete several business combinations of entities operating in multiple
industries or multiple areas of a single industry, it is probable that we will not have the resources to diversify our operations
or benefit from the possible spreading of risks or offsetting of losses. By consummating a business combination with only a single
entity, our lack of diversification may:
•
subject us to numerous economic, competitive and regulatory developments, any or all of which may
have a substantial adverse impact upon the particular industry in which we may operate subsequent to a business combination, and
•
result in our dependency upon the performance of a single operating business or the development
or market acceptance of a single or limited number of products, processes or services.
If we determine to simultaneously acquire
several businesses and such businesses 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 acquisitions, which may make it more difficult
for us, and delay our ability, to complete the business combination. With multiple acquisitions, we could also face additional
risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence investigations (if
there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services
or products of the acquired companies in a single operating business.
Limited Ability to Evaluate the Target
Business' Management
Although we intend to scrutinize the management
of a prospective target business when evaluating the desirability of effecting a business combination, we cannot assure you that
our assessment of the target business' management will prove to be correct. In addition, we cannot assure you that the future
management will have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role
of our officers and directors, if any, in the target business following a business combination cannot presently be stated with
any certainty. While it is possible that some of our key personnel will remain associated in senior management or advisory positions
with us following a business combination, it is unlikely that they will devote their full-time efforts to our affairs subsequent
to a business combination. Moreover, they would only be able to remain with the company after the consummation of a business combination
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 them to receive compensation
in the form of cash payments and/or our securities for services they would render to the company after the consummation of the
business combination. While the personal and financial interests of our key personnel may influence their motivation in identifying
and selecting a target business, their ability to remain with the company after the consummation of a business combination will
not be the determining factor in our decision as to whether or not we will proceed with any potential business combination. Additionally,
we cannot assure you that our officers and directors will have significant experience or knowledge relating to the operations of
the particular target business.
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 any such additional managers we do recruit will have the requisite
skills, knowledge or experience necessary to enhance the incumbent management.
53
Stockholders May Not Have the
Ability to Approve an Initial Business Combination
In connection with any proposed business
combination, we will either (1) seek stockholder approval of our initial business combination at a meeting called for such
purpose at which stockholders may seek to convert their shares, regardless of whether they vote for or against the proposed business
combination or don't vote at all, into their pro rata share of the aggregate amount then on deposit in the trust account
(net of taxes payable), or (2) provide our stockholders with the opportunity to sell their shares to us by means of a tender
offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then
on deposit in the trust account (net of taxes payable), in each case subject to the limitations described herein. The decision
as to whether we will seek stockholder approval of a proposed business combination or will allow stockholders 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 stockholder approval. If we determine
to engage in a tender offer, such tender offer will be structured so that each stockholder may tender all of his, her or its shares
rather than some pro rata portion of his, her or its shares. In that case, we will file tender offer documents with the SEC which
will contain substantially the same financial and other information about the initial business combination as is required under
the SEC's proxy rules. Whether we seek stockholder approval or engage in a tender offer, we will consummate our initial business
combination only if we have net tangible assets of at least $5,000,001 immediately prior to or upon consummation of such business
combination and, if we seek stockholder approval, a majority of the outstanding shares of common stock voted are voted in favor
of the business combination.
We chose our net tangible asset threshold
of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under the Securities Act of 1933, as amended.
However, if we seek to consummate an initial business combination with a target business that imposes any type of working capital
closing condition or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial
business combination, we may need to have more than $5,000,001 in net tangible assets upon consummation and this may force us to
seek third party financing which may not be available on terms acceptable to us or at all. As a result, we may not be able to consummate
such initial business combination and we may not be able to locate another suitable target within the applicable time period, if
at all. Public stockholders may therefore have to wait 24 months from the closing of this offering in order to be able to receive
a pro rata share of the trust account.
Our initial stockholders, officers and
directors have agreed (1) to vote any shares of common stock owned by them in favor of any proposed business combination,
(2) not to convert any shares of common stock in connection with a stockholder vote to approve a proposed initial business
combination and (3) not sell any shares of common stock in any tender in connection with a proposed initial business combination.
None of our officers, directors, initial
stockholders or their affiliates has indicated any intention to purchase units or shares of common stock in this offering or from
persons in the open market or in private transactions. However, if we hold a meeting to approve a proposed business combination
and a significant number of stockholders vote, or indicate an intention to vote, against such proposed business combination or
that they wish to convert their shares, our officers, directors, initial stockholders or their affiliates could make such purchases
in the open market or in private transactions in order to influence the vote and reduce the number of conversions. Notwithstanding
the foregoing, our officers, directors, initial stockholders and their affiliates will not make purchases of shares of common stock
if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act, which are rules designed
to stop potential manipulation of a company's stock.
Conversion Rights
At any meeting called to approve an initial
business combination, public stockholders may seek to convert their shares, regardless of whether they vote for or against the
proposed business combination or do not vote at all, into their pro rata share of the aggregate amount then on deposit in the trust
account as of two business days prior to the consummation of the initial business combination, less any taxes then due but not
yet paid. Alternatively, we may provide our public stockholders with the opportunity to sell their shares of our common stock to
us through a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the
aggregate amount then on deposit in the trust account, less any taxes then due but not yet paid.
54
Our initial stockholders and our officers
and directors will not have conversion rights with respect to any shares of common stock owned by them, directly or indirectly,
whether acquired prior to this offering or purchased by them in this offering or in the aftermarket. Additionally, the holders
of the representative shares will not have conversion rights with respect to the representative shares.
We may require public stockholders, whether
they are a record holder or hold their shares in "street name," to either (i) tender their certificates to our
transfer agent or (ii) deliver their shares to the transfer agent electronically using Depository Trust Company's DWAC
(Deposit/Withdrawal At Custodian) System, at the holder's option, in each case prior to a date set forth in the proxy materials
sent in connection with the proposal to approve the business combination.
There is a nominal cost associated with
the above-referenced delivery 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 nominal amount and it would be up to the broker whether or not to pass this
cost on to the holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise
conversion rights. The need to deliver shares is a requirement of exercising conversion rights regardless of the timing of when
such delivery must be effectuated. However, in the event we require stockholders seeking to exercise conversion rights prior to
the consummation of the proposed business combination and the proposed business combination is not consummated this may result
in an increased cost to stockholders.
Any proxy solicitation materials we furnish
to stockholders in connection with a vote for any proposed business combination will indicate whether we are requiring stockholders
to satisfy such certification and delivery requirements. Accordingly, a stockholder would have from the time the stockholder received
our proxy statement up until the vote on the proposal to approve the business combination to deliver his shares if he wishes to
seek to exercise his conversion rights. This time period varies depending on the specific facts of each transaction. However, as
the delivery process can be accomplished by the stockholder, whether or not he is a record holder or his shares are held in "street
name," in a matter of hours by simply contacting the transfer agent or his broker and requesting delivery of his shares through
the DWAC System, we believe this time period is sufficient for an average investor. However, we cannot assure you of this fact.
Please see the risk factor titled "
In connection with any stockholder meeting called to approve a proposed initial business
combination, we may require stockholders who wish to convert their shares in connection with a proposed business combination to
comply with specific requirements for conversion that may make it more difficult for them to exercise their conversion rights prior
to the deadline for exercising their rights
" for further information on the risks of failing to comply with these requirements.
Any request to convert such shares once
made, may be withdrawn at any time up to the vote on the proposed business combination or the expiration of the tender offer. Furthermore,
if a holder of public shares delivered his certificate in connection with an election of their conversion and subsequently decides
prior to the applicable date not to elect to exercise such rights, he may simply request that the transfer agent return the certificate
(physically or electronically).
If the initial business combination is
not approved or completed for any reason, then our public stockholders who elected to exercise their conversion rights would not
be entitled to convert their shares for the applicable pro rata share of the trust account. In such case, we will promptly return
any shares delivered by public holders.
Liquidation if No Business Combination
Our amended and restated certificate of
incorporation provides that we will have only 24 months from the closing of this offering to complete an initial business combination.
If we have not completed an initial business combination by such date, 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
outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including any interest not previously released to us but net of taxes payable, divided by the number of then outstanding public
shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive
further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject
(in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors and the
requirements of other applicable law.
55
Our initial stockholders, officers and
directors have agreed that they will not propose any amendment to our amended and restated certificate of incorporation that would
affect our public stockholders' ability to convert or sell their shares to us in connection with a business combination as
described herein or affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
a business combination within 24 months from the closing of this offering unless we provide our public stockholders with the opportunity
to convert their shares of common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest not previously released to us but net of franchise and income taxes payable,
divided by the number of then outstanding public shares. This redemption right shall apply in the event of the approval of any
such amendment, whether proposed by our initial stockholders, officers, directors or any other person.
Under the Delaware General Corporation
Law, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received
by them in a dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption
of 100% of our outstanding public shares in the event we do not complete our initial business combination within the required time
period may be considered a liquidation distribution under Delaware law. If the corporation complies with certain procedures set
forth in Section 280 of the Delaware General Corporation Law intended to ensure that it makes reasonable provision for all
claims against it, including a 60-day notice period during which any third-party claims can be brought against the corporation,
a 90-day period during which the corporation may reject any claims brought, and an additional 150-day waiting period before any
liquidating distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is
limited to the lesser of such stockholder's pro rata share of the claim or the amount distributed to the stockholder, and
any liability of the stockholder would be barred after the third anniversary of the dissolution. It is our intention to redeem
our public shares as soon as reasonably possible following our 24
th
month, and, therefore, we do not intend to comply
with those procedures. As such, our stockholders could potentially be liable for any claims to the extent of distributions received
by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of such date.
Furthermore, if the pro rata portion of
our trust account distributed to our public stockholders upon the redemption of 100% of our public shares in the event we do not
complete our initial business combination within the required time period is not considered a liquidation distribution under Delaware
law and such redemption distribution is deemed to be unlawful, then pursuant to Section 174 of the Delaware General Corporation
Law, the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead
of three years, as in the case of a liquidation distribution.
Because we will not be complying with Section 280
of the Delaware General Corporation Law, Section 281(b) of the Delaware General Corporation Law requires us to adopt
a plan, based on facts known to us at such time that will provide for our payment of all existing and pending claims or claims
that may be potentially brought against us within the subsequent ten years. However, because we are a blank check company, rather
than an operating company, and our operations will be limited to searching for prospective target businesses to acquire, the only
likely claims to arise would be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses.
We are required to seek to have all third
parties (including any vendors or other entities we engage after this offering) and any prospective target businesses enter into
agreements with us waiving any right, title, interest or claim of any kind they may have in or to any monies held in the trust
account. As a result, the claims that could be made against us will be limited, thereby lessening the likelihood that any claim
would result in any liability extending to the trust. We therefore believe that any necessary provision for creditors will be reduced
and should not have a significant impact on our ability to distribute the funds in the trust account to our public stockholders.
Nevertheless, Marcum LLP, our independent registered public accounting firm, and the underwriters of the offering, will not execute
agreements with us waiving such claims to the monies held in the trust account. Furthermore, there is no guarantee that other vendors,
service providers and prospective target businesses will execute such agreements. Nor is there any guarantee that, even if they
execute such agreements with us, they will not seek recourse against the trust account. Vincent Donargo, our Chief Financial Officer,
has agreed that he will be liable to ensure that the proceeds in the trust account are not reduced below $10.00 per share by the
claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered or contracted
for or products sold to us, but we cannot assure you that he will be able to satisfy his indemnification obligations if he is required
to do so. We have not asked Mr. Donargo to reserve for such indemnification obligations, nor have we independently verified
whether Mr. Donargo has sufficient funds to satisfy its indemnity obligations. Therefore, we cannot assure you that Mr. Donargo
will be able to satisfy his indemnification obligations if he is required to do so. Additionally, the agreement Mr. Donargo
entered into specifically provides for two exceptions to the indemnity it has given: it will have no liability (1) as to any
claimed amounts owed to a target business or vendor or other entity who has executed an agreement with us waiving any right, title,
interest or claim of any kind they may have in or to any monies held in the trust account, or (2) as to any claims for indemnification
by the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. As a result,
if we liquidate, the per-share distribution from the trust account could be less than $10.00 due to claims or potential claims
of creditors.
56
We anticipate notifying the trustee of
the trust account to begin liquidating such assets promptly after our 24
th
month and anticipate it will take no more
than ten business days to effectuate such distribution. The holders of the founders' shares have waived their rights to participate
in any liquidation distribution from the trust account with respect to such shares. There will be no distribution from the trust
account with respect to our warrants, including the private warrants, which will expire worthless. We will pay the costs of any
subsequent liquidation from our remaining assets outside of the trust account. If such funds are insufficient, Mr. Laikin
has contractually agreed to advance us the funds necessary to complete such liquidation (currently anticipated to be no more than
approximately $15,000) and has contractually agreed not to seek repayment for such expenses.
If we are unable to complete an initial
business combination and expend all of the net proceeds of this offering, other than the proceeds deposited in the trust account,
and without taking into account interest, if any, earned on the trust account, the initial per-share redemption price would be
$10.00. As discussed above, the proceeds deposited in the trust account could become subject to claims of our creditors that are
in preference to the claims of public stockholders.
Our public stockholders shall be entitled
to receive funds from the trust account only in the event of our failure to complete a business combination within the required
time period, if the stockholders seek to have us convert or purchase their respective shares upon a business combination which
is actually completed by us or upon certain amendments to our amended and restated certificate of incorporation prior to consummating
an initial business combination. In no other circumstances shall a stockholder have any right or interest of any kind to or in
the trust account.
If we are forced to file a bankruptcy case
or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held in the trust account could be subject
to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority
over the claims of our stockholders. To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will
be able to return to our public stockholders at least $10.00 per share.
If we are forced to file a bankruptcy case
or an involuntary bankruptcy case is filed against us which is not dismissed, any distributions received by stockholders could
be viewed under applicable debtor/creditor and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent
conveyance." As a result, a bankruptcy court could seek to recover all amounts received by our stockholders. Furthermore,
because we intend to distribute the proceeds held in the trust account to our public stockholders promptly after 24 months from
the closing of this offering, this may be viewed or interpreted as giving preference to our public stockholders over any potential
creditors with respect to access to or distributions from our assets. Furthermore, our board may be viewed as having breached their
fiduciary duties 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 stockholders 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.
Amended and Restated Certificate
of Incorporation
Our amended and restated certificate of
incorporation contains certain requirements and restrictions relating to this offering that will apply to us until the consummation
of our initial business combination. These provisions cannot be amended without the approval of a majority of our stockholders.
If we seek to amend any provisions of our amended and restated certificate of incorporation that would affect our public stockholders'
ability to convert or sell their shares to us in connection with a business combination as described herein or affect the substance
or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination within 24 months from
the closing of this offering, we will provide dissenting public stockholders with the opportunity to convert their public shares
in connection with any such vote. This conversion right shall apply in the event of the approval of any such amendment, whether
proposed by any officer, director or director nominee, or any other person. Our initial stockholders, officers and directors have
agreed to waive any conversion rights with respect to any founders' shares and any public shares they may hold in connection
with any vote to amend our amended and restated certificate of incorporation. Specifically, our amended and restated certificate
of incorporation provides, among other things, that:
•
we shall either (1) seek stockholder approval of our initial business combination at a meeting
called for such purpose at which stockholders may seek to convert their shares, regardless of whether they vote for or against
the proposed business combination or don't vote at all, into their pro rata share of the aggregate amount then on deposit
in the trust account (net of taxes payable), or (2) provide our stockholders with the opportunity to sell their shares to
us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of
the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations described
herein;
57
•
we will consummate our initial business combination only if we have net tangible assets of at least
$5,000,001 immediately prior to or upon consummation of such business combination and, if we seek stockholder approval, a majority
of the outstanding shares of common stock voted are voted in favor of the business combination;
•
if our initial business combination is not consummated within 24 months from the closing of this
offering, then we will redeem all of the outstanding public shares and thereafter liquidate and dissolve our company;
•
upon the consummation of this offering, $100.0 million, or approximately $115 million if the over-allotment
option is exercised in full, shall be placed into the trust account;
•
we may not consummate any other business combination, merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar transaction prior to our initial business combination; and
•
prior to our initial business combination, we may not issue additional stock that participates
in any manner in the proceeds of the trust account, or that votes as a class with the common stock sold in this offering on an
initial business combination.
Competition
In identifying, evaluating and selecting
a target business, we may encounter intense competition from other entities having a business objective similar to ours. Many of
these entities are well established and have extensive experience identifying and effecting business combinations directly or through
affiliates. Many of these competitors possess greater technical, human and other resources than us and our financial resources
will be relatively limited when contrasted with those of many of these competitors. While we believe there may be numerous potential
target businesses that we could acquire with the net proceeds of this offering, our ability to compete in acquiring certain sizable
target businesses may be limited by our available financial resources.
The following also may not be viewed favorably
by certain target businesses:
•
our obligation to seek stockholder approval of a business combination or engage in a tender offer
may delay the completion of a transaction;
•
our obligation to convert or repurchase shares of common stock held by our public stockholders
may reduce the resources available to us for a business combination; and
•
our outstanding warrants, and the potential future dilution they represent.
58
Any of these factors may place us at a
competitive disadvantage in successfully negotiating a business combination. Our management believes, however, that our status
as a public entity and potential access to the United States public equity markets may give us a competitive advantage over privately
held entities having a similar business objective as ours in acquiring a target business with significant growth potential on favorable
terms.
If we succeed in effecting a business combination,
there will be, in all likelihood, intense competition from competitors of the target business. We cannot assure you that, subsequent
to a business combination, we will have the resources or ability to compete effectively.
Facilities
We currently maintain our principal executive
offices at 8556 Oakmont Lane, Indianapolis, Indiana 46260 which is provided to us by Robert J. Laikin, our Chairman for
no fee. We consider our current office space, combined with the other office space otherwise available to our executive officers,
adequate for our current operations.
Employees
We have two executive officers. These individuals
are not obligated to devote any specific number of hours to our matters and intend to devote only as much time as they deem necessary
to our affairs. The amount of time they will devote in any time period will vary based on whether a target business has been selected
for the business combination and the stage of the business combination process the company is in. Accordingly, once a suitable
target business to acquire has been located, management may spend more time investigating such target business and negotiating
and processing the business combination (and consequently spend more time on our affairs) than had been spent prior to locating
a suitable target business. We presently expect our executive officers to devote such amount of time as they reasonably believe
is necessary to our business. We do not intend to have any full-time employees prior to the consummation of a business combination.
Periodic Reporting and Audited Financial Statements
We have registered our units, common stock
and warrants under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and
current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual report will contain financial
statements audited and reported on by our independent registered public accountants.
We will provide stockholders with audited
financial statements of the prospective target business as part of any proxy solicitation materials or tender offer documents sent
to stockholders to assist them in assessing the target business. These financial statements will need to be prepared in accordance
with or reconciled to United States generally accepted accounting principles or international financial reporting standards as
promulgated by the International Accounting Standards Board. We cannot assure you that any particular target business identified
by us as a potential acquisition candidate will have the necessary financial statements. To the extent that this requirement cannot
be met, we may not be able to acquire the proposed target business.
We may be required to have our internal
control procedures audited for the fiscal year ending December 31, 2021 as required by the Sarbanes-Oxley Act. A target company
may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal controls. The development
of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary
to complete any such acquisition.
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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, and we
and the members of our management team have not been subject to any such proceeding in the 12 months preceding the date of this
prospectus.
Comparison to Offerings of Blank Check Companies Subject
to Rule 419
The following table compares and contrasts
the terms of our offering and the terms of an offering of blank check companies under Rule 419 promulgated by the SEC assuming
that the gross proceeds, underwriting discounts and underwriting expenses for the Rule 419 offering are the same as this offering
and that the underwriters will not exercise their over-allotment option. None of the terms of a Rule 419 offering will apply
to this offering because we will have net tangible assets in excess of $5,000,000 upon the successful consummation of this offering
and will file a Current Report on Form 8-K, including an audited balance sheet demonstrating this fact.
Terms of the Offering
Terms Under a Rule 419 Offering
Escrow of offering proceeds
$100,000,000 of the proceeds from this offering and the sale of the private warrants will be deposited into a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee
$88,200,000 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.
Investment of net proceeds
The $100,000,000 of the proceeds of this offering and the sale of the private warrants held in trust will only be invested in United States "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act with a maturity of 180 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.
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.
Limitation on fair value or net assets of target business
Our initial business combination must occur with one or more target businesses that together have a fair market value of at least 80% of the assets held in the trust account at the time of the agreement to enter into the initial business combination. Notwithstanding the foregoing, if we are not then listed on the Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value test.
We would be restricted from acquiring a target business unless the fair value of such business or net assets to be acquired represent at least 80% of the maximum offering proceeds.
Trading of securities issued
The units may commence trading on or promptly after the date of this prospectus. The shares of common stock and warrants comprising the units will begin to trade separately on the 90
th
day after the date of this prospectus unless EarlyBirdCapital informs us of its decision to allow earlier separate trading, provided we have filed with the SEC a Current Report on Form 8-K, which includes an audited balance sheet reflecting our receipt of the proceeds of this offering, including any proceeds we receive from the exercise of the over-allotment option, if such option is exercised prior to the initial filing of such Current Report on Form 8-K. If the over-allotment option is exercised after the initial filing of such Current Report on Form 8-K, we will file an amendment to the Form 8-K to provide updated financial information to reflect the exercise and consummation of the over-allotment option. We will also include in this Form 8-K, an amendment thereto, or in a subsequent Form 8-K, information indicating if EarlyBirdCapital has allowed separate trading of the shares of common stock and warrants prior to the 90
th
day after the date of this prospectus.
No trading of the units or the underlying shares of common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.
60
Terms of the 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 a business combination or 12 months from the closing of this offering and, accordingly, will be exercised only after the trust account has been terminated and distributed
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 either (1) give our stockholders the opportunity to vote on the business combination or (2) provide our public stockholders with the opportunity to sell their shares of our common stock to us in a tender offer for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, less taxes. If we hold a meeting to approve a proposed business combination, we will send each stockholder a proxy statement containing information required by the SEC. Alternatively, if we do not hold a meeting and instead conduct a tender offer, we will conduct such tender offer in accordance with 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 as we would have included in a proxy statement.
A prospectus containing information 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 the post-effective amendment, to decide whether he or she elects to remain a stockholder of the company or require the return of his or her investment. If the company has not received the notification by the end of the 45
th
business day, funds and interest or dividends, if any, held in the trust or escrow account would automatically be returned to the stockholder. Unless a sufficient number of investors elect to remain investors, all of the deposited funds in the escrow account must be returned to all investors and none of the securities will be issued.
61
Terms of the Offering
Terms Under a Rule 419 Offering
Business combination deadline
Pursuant to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination within 24 months from the closing of this offering, 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 outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest not released to us but net of franchise and income taxes payable, divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
If an acquisition has not been consummated within 18 months after the effective date of the initial registration statement, funds held in the trust or escrow account would be returned to investors.
Interest earned
    on the funds in the trust account
There can be released
                                    to us, from time to time, any interest earned on the funds in the trust account that we may
                                    need to pay our tax obligations. The remaining interest earned on the funds in the trust account
                                    will not be released until the earlier of the completion of a business combination and our
                                    liquidation upon failure to effect a business combination within the allotted time.
All interest
    earned on the funds in the trust account will be held in trust for the benefit of public stockholders until the earlier of
    the completion of a business combination and our liquidation upon failure to effect a business combination within the allotted
    time.
Release of funds
Except for any interest
    earned on the funds in the trust account released to us for our tax obligations and working capital requirements as described
    in this prospectus, the proceeds held in the trust account will not be released to us until the earlier of the completion
    of a business combination and our liquidation upon failure to effect a business combination within the allotted time.
The proceeds held
    in the escrow account would not be released to the company until the earlier of the completion of a business combination or
    the failure to effect a business combination within the allotted time.
62
MANAGEMENT
Directors and Executive Officers
Our current directors and executive officers
are as follows:
Name
Age
Title
Robert J. Laikin
56
Chairman
Larry M. Paulson
66
Chief Executive Officer and Director
Vincent Donargo
59
Chief Financial Officer
Heather Goodman
47
Director
Brad Bostic
45
Director
Robert
J. Laikin
has served as our Chairman of the Board since our inception. Mr. Laikin currently serves as the
non-executive Chairman of the Board of Washington Prime Group Inc. (NYSE:WPG), where he has held a director role since May 2014.
Mr. Laikin held the Lead Independent Director role at Washington Prime Group Inc. until the position was eliminated by the
Board in 2016 and he at that time became Chairman of the Board. Mr. Laikin has also been the managing member of L7 Investments
LLC, a closely held company that invests primarily in multi-family apartments as well as single-purpose buildings, hotels, divestitures
and single-family homes, since January 2016. Mr. Laikin served as Executive Advisor to the CEO and Government Relations
Executive of Ingram Micro Inc. (NYSE:IM), a wholesale technology distributor and supply-chain management and mobile device lifecycle
services company, from November 2012 to December 2019. Previously Mr. Laikin served as the founder, Chief Executive
Officer and member of the board of directors of Brightpoint, Inc. (Nasdaq:CELL) from August 1989 until it was acquired
by Ingram Macro Inc. in November 2012. Mr. Laikin holds a Bachelor of Science from Indiana University. We believe Mr. Laikin
is well-qualified to serve as our Chairman because of his significant experience in the areas of executive leadership, corporate
management, retail, real estate, business strategy and corporate finance, banking, financing, accounting, corporate management,
general business and global business operations, accounting, corporate governance, public company compliance, political/governmental
matters, audit/compliance, entrepreneurism, real estate development, sales, charitable/philanthropic matters, marketing, risk management/insurance,
legal, investor, media and public relations, negotiation and deal structure.
Larry M. Paulson
has served
as our Chief Executive Officer and a member of our board of directors since our inception. He has also served as principal and
founder of Rancho Santa Fe Solutions , a wireless industry consulting company he founded in February 2010. From 2013 to January 2020,
Mr. Paulson was with Qualcomm (Nasdaq:QCOM) where he served as Vice President of Product Management (2013-16), Vice President
and President India and SAARC (2016-2018) and Vice President Sales NA and Australia (2018-Jan 2020). Prior to Qualcomm, he served
as Executive Vice President and Chief Marketing officer of Brightpoint, Inc., a provider of worldwide distribution and integrated
logistics services to the wireless communications industry, from 2010 to 2013. Prior to that he served with Nokia (NYSE:NOK) from
1987 to 2010 where he had numerous roles including global Senior Vice President and General Manager CDMA Product line. Mr. Paulson
holds a BA in Communications from Point Park University. We believe Mr. Paulson is well-qualified to serve on our board of
directors because of his more than thirty years of global senior management positions in the tech industry with expertise in wireless
communications.
Vincent
Donargo
has served as our Chief Financial Officer since our inception. Since December 2019, Mr. Donargo
has been providing financial advisory and consulting services to private clients. From May 2019 to December 2019, Mr. Donargo
served as Executive Vice President and Chief Financial Officer of the Celadon Group Inc. (OTC:CGIPQ). From November 2017 to
April 2019, he was Vice President and Chief Accounting Officer of the Celadon Group Inc., where he was brought in to assist
with Celadon Group's financial restructuring. Celadon Group filed a voluntary petition for bankruptcy on December 8,
2019. From August 2016 to November 2017, Mr. Donargo was Executive Vice President and Chief Financial Officer of
Beaulieu Group LLC, a North American carpet and flooring manufacturing company, where he assisted the company with its financial
restructuring process. Beaulieu Group LLC filed a voluntary petition for bankruptcy on July 16, 2017. Prior to joining Beaulieu
Group, Mr. Donargo held senior finance positions at several publicly-traded companies, including Executive Vice President
and Chief Financial Officer of Brightstar Corporation from April, 2014 to August 2016 and Executive Vice President, Chief
Financial Officer and Treasurer of Brightpoint, Inc. from September 2005 until it was acquired by Ingram Macro Inc. in
November 2012. From 1998 to 2005, Mr. Donargo was the strategic business unit controller, director of finance and corporate
controller of Aearo Company, a safety products manufacturing company. Prior to that, from 1990 to 1998, Mr. Donargo was employed
in various financial positions with National Starch and Chemical Company, a specialty chemical manufacturing company. Mr. Donargo
holds a BA in Accounting from Rutgers University.
63
Heather
Goodman
has served as a member of our board of directors since our inception. Since March 2007, Ms. Goodman
has served as the Chief Operating Officer and President of True Capital Management, a boutique multi-family office specializing
in business management and investment advisory services for athletes, entertainers and high net worth individuals. Previously Ms. Goodman
acted as Financial Advisor at Morgan Stanley Smith Barney from February 2002 to February 2007. Ms. Goodman holds
a BS in Business Administration with an emphasis in Accounting from California Polytechnic State University, San Luis Obispo. She
is a Certified Public Accountant and maintains Series 63, 65 and life insurance licenses. We believe Ms. Goodman is well-qualified
to serve as a director given her experience in building infrastructures which have created scalable platforms to achieve goals.
Brad
Bostic
has served as a member of our board of directors since our inception. Mr. Bostic has served as the Chairman
and Chief Executive Officer of hc1, a bioinformatics company with more than 1,000 health systems and diagnostic laboratory sites
utilizing its machine-learning powered software, since founding hc1 in 2011. Mr. Bostic has also served as the Managing Director
of Health Cloud Capital since June 2017, where he leads the deployment of Health Cloud Capital Fund I, a special purpose vehicle
targeting SaaS bioinformatics businesses that can be consolidated with hc1. Mr. Bostic has been responsible for forging strategic
partnerships for hcl with global healthcare technology leaders including Quest Diagnostics, Appriss Health, CliniSys, and Amazon
Web Services and leading healthcare organizations including Cleveland Clinic, University of Washington Health System, Sonora Quest
Labs, and Sonic Healthcare. Mr. Bostic has served on the board of directors of TechPoint Indiana, an advisory body advising
technology companies headquartered in Indiana, since January 2015 and Eskenazi Health Foundation, a non-profit organization
aiming to promote a vital, healthy Indianapolis community, since December 2017. Mr. Bostic holds a BS in Business at
Indiana University with a concentration in Informatics. We believe Mr. Bostic is well-qualified to serve on our board of directors
given his expertise in the technology industry.
Our board of directors is divided into
three classes with only one class of directors being elected in each year and each class serving a three-year term. The term of
office of the first class of directors, consisting of Mr. Bostic, will expire at our first annual meeting of stockholders.
The term of office of the second class of directors, consisting of Ms. Goodman, will expire at the second annual meeting.
The term of office of the third class of directors, consisting of Mr. Laikin, will expire at the third annual meeting.
Executive Compensation
No executive officer has received any cash
compensation for services rendered to us.
No compensation or fees of any kind will
be paid to our initial stockholders, members of our management team or their respective affiliates, for services rendered prior
to or in connection with the consummation of our initial business combination (regardless of the type of transaction that it is).
However, they will receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf,
such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations
as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations.
There is no limit on the amount of out-of-pocket expenses reimbursable by us.
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 stockholders, to the extent then known, in the proxy solicitation materials furnished
to our stockholders. However, the amount of such compensation may not be known at the time of the stockholder meeting held to consider
an initial business combination, as it will be up to the directors of the post-combination business to determine executive and
director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in a Current
Report on Form 8-K or a periodic report, as required by the SEC.
64
Director Independence
Nasdaq listing standards require that a
majority of our board of directors be independent. An "independent director" is defined generally as a person other
than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion
of the company's board of directors, would interfere with the director's exercise of independent judgment in carrying
out the responsibilities of a director. Our board of directors has determined that Messrs. Laikin and Bostic and Ms. Goodman
are "independent directors" as defined in the Nasdaq listing standards and applicable SEC rules.
Our independent directors will have regularly
scheduled meetings at which only independent directors are present.
Any affiliated transactions will be on
terms no less favorable to us than could be obtained from independent parties. Our board of directors will review and approve all
affiliated transactions with any interested director abstaining from such review and approval.
Audit Committee
Prior to the consummation of this offering,
we will establish an audit committee of the board of directors. Messrs. Laikin and Bostic and Ms. Goodman will serve
as members of our audit committee, and Heather Goodman will chair 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. Each of Messrs. Laikin
and Bostic and Ms. Goodman meet the independent director standard under Nasdaq listing standards and under Rule 10-A-3(b)(1) of
the Exchange Act. The audit committee's duties, which are specified in our Audit Committee Charter, include, but are not
limited to:
•
reviewing and discussing with management and the independent auditor the annual audited financial
statements, and recommending to the board whether the audited financial statements should be included in our Form 10-K;
•
discussing with management and the independent auditor significant financial reporting issues and
judgments made in connection with the preparation of our financial statements;
•
discussing with management major risk assessment and risk management policies;
•
monitoring the independence of the independent auditor;
•
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;
•
reviewing and approving all related-party transactions;
•
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
auditor, including the fees and terms of the services to be performed;
•
appointing or replacing the independent auditor;
•
determining the compensation and oversight of the work of the independent auditor (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; and
65
•
approving reimbursement of expenses incurred by our management team in identifying potential target
businesses.
Financial Experts on Audit Committee
Each member of the audit committee is financially
literate and our board of directors has determined that Messrs. Laikin and Bostic and Ms. Goodman qualify as an "audit
committee financial experts," as defined under rules and regulations of the SEC, which generally is any person who has
past employment experience in finance or accounting, requisite professional certification in accounting, or other comparable experience
or background that results in the individual's financial sophistication.
Nominating Committee
Effective upon the date of this prospectus,
we will establish a nominating committee of the board of directors, which will consist of Messrs. Laikin and Bostic and Ms. Goodman,
each of whom is an independent director under Nasdaq's listing standards. Mr. Laikin will chair the nominating committee.
The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors.
The nominating committee considers persons identified by its members, management, stockholders, investment bankers and others.
Guidelines for Selecting Director
Nominees
The guidelines for selecting nominees,
which are specified in the Nominating Committee Charter, generally provide that persons to be nominated:
•
should have demonstrated notable or significant achievements in business, education or public service;
•
should possess the requisite intelligence, education and experience to make a significant contribution
to the board of directors and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and
•
should have the highest ethical standards, a strong sense of professionalism and intense dedication
to serving the interests of the stockholders.
The Nominating Committee will consider
a number of qualifications relating to management and leadership experience, background and integrity and professionalism in evaluating
a person's candidacy for membership on the board of directors. The nominating committee may require certain skills or attributes,
such as financial or accounting experience, to meet specific board needs that arise from time to time and will also consider the
overall experience and makeup of its members to obtain a broad and diverse mix of board members. The nominating committee does
not distinguish among nominees recommended by stockholders and other persons.
Compensation Committee
Effective upon the date of this prospectus,
we will establish a compensation committee of the board of directors, which will consist of Messrs. Laikin and Bostic and
Ms. Goodman, each of whom is an independent director under Nasdaq's listing standards. Mr. Bostic will chair the
compensation committee. The compensation committee's duties, which are specified in our Compensation Committee Charter, include,
but are not limited to:
•
reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief
Executive Officer's compensation, evaluating our Chief Executive Officer's performance in light of such goals and objectives
and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;
•
reviewing and approving the compensation of all of our other executive officers;
66
•
reviewing our executive compensation policies and plans;
•
implementing and administering our incentive compensation equity-based remuneration plans;
•
assisting management in complying with our proxy statement and annual report disclosure requirements;
•
approving all special perquisites, special cash payments and other special compensation and benefit
arrangements for our executive officers and employees;
•
if required, producing a report on executive compensation to be included in our annual proxy statement;
and
•
reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.
Code of Ethics
Effective upon consummation of this offering,
we will adopt a code of ethics that applies to all of our executive officers, directors and employees. The code of ethics codifies
the business and ethical principles that govern all aspects of our business.
Conflicts of Interest
In general, officers and directors of a
corporation incorporated under the laws of the State of Delaware are required to present business opportunities to a corporation
if:
•
the corporation could financially undertake the opportunity;
•
the opportunity is within the corporation's line of business; and
•
it would not be fair to the corporation and its stockholders for the opportunity not to be brought
to the attention of the corporation.
Our amended and restated certificate of
incorporation provides that:
•
except as may be prescribed by any written agreement with us, 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
•
our officers and directors will not be liable to our company or our stockholders for monetary damages
for breach of any fiduciary duty by reason of any of our activities to the fullest extent permitted by Delaware law.
Our officers and directors
are, and may in the future become, affiliated with other companies. In order to minimize potential conflicts of interest which
may arise from such other corporate affiliations, each of our officers and directors has contractually agreed, pursuant to a written
agreement with us, until the earliest of our execution of a definitive agreement for a business combination, our liquidation or
such time as he ceases to be an officer or director, to present to our company for our consideration, prior to presentation to
any other entity, any suitable business opportunity which may reasonably be required to be presented to us, subject to any fiduciary
or contractual obligations he might have as of the date of this prospectus.
67
The following table summarizes
the relevant fiduciary or contractual obligations of our officers and directors:
Name of Individual
Name of Affiliated Entity
Robert J. Laikin
Washington Prime Group Inc.
L7 Investments LLC
Eskenazi Health Foundation
Larry M. Paulson
Rancho Santa Fe Solutions LLC
Heather Goodman
True Capital Management
Brad Bostic
hc1.com
Health Cloud Capital
Eskenazi Health Foundation
TechPoint
Bostech Ventures
BEA Holdings
Investors should also be aware of the following
additional potential conflicts of interest:
•
None of our officers and directors is required to commit their full time to our affairs and, accordingly,
they may have conflicts of interest in allocating their time among various business activities.
•
Unless we consummate our initial business combination, our officers, directors and initial stockholders
will not receive reimbursement or repayment for any out-of-pocket expenses incurred by them, or loans made to us, to the extent
that such expenses exceed the amount of available proceeds not deposited in the trust account or interest earned on the trust account
funds that are available to us.
•
The founders' shares beneficially owned by our initial stockholders will be released from
escrow only if a business combination is successfully completed, and the private warrants purchased by our initial stockholders,
and any warrants which our officers or directors may purchase in the aftermarket will expire worthless if a business combination
is not consummated. Additionally, our officers and directors and affiliates will not receive liquidation distributions from the
trust account with respect to any of the founders' shares. Furthermore, our initial stockholders have agreed that the private
warrants will not be sold or transferred by them until after we have completed a business combination.
For the foregoing reasons, our board may
have a conflict of interest in determining whether a particular target business is appropriate to effect a business combination
with.
To further minimize conflicts of interest,
we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our officers, directors
or initial stockholders unless we have obtained an opinion from an independent investment banking firm, or another independent
entity that commonly renders valuation opinions, that the business combination is fair to our unaffiliated stockholders from a
financial point of view. We will also need to obtain the approval of a majority of our disinterested independent directors. Furthermore,
in no event will any of our initial stockholders, members of our management team or their respective affiliates be paid any compensation
prior to, or for any services they render in order to effectuate, the consummation of an initial business combination (regardless
of the type of transaction that it is) other than the repayment of the $150,000 loan and reimbursement of any out-of-pocket expenses.
68
PRINCIPAL
STOCKHOLDERS
The following table sets forth information
regarding the beneficial ownership of our shares of common stock as of the date of this prospectus and as adjusted to reflect the
sale of our shares of common stock included in the units offered by this prospectus and included in the private warrants (assuming
none of the individuals listed purchase units in this offering), by:
•
each person known by us to be the beneficial owner of more than 5% of our outstanding shares of
common stock;
•
each of our officers and directors; and
•
all of our 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 shares of common stock beneficially
owned by them. The following table does not reflect record of beneficial ownership of the warrants included in the units offered
by this prospectus or the private warrants as these warrants are not exercisable within 60 days of the date of this prospectus.
Prior to Offering
After Offering
(2)
Name and Address of Beneficial Owner
(1)
Amount and
Nature of
Beneficial
Ownership
Approximate
Percentage of
Outstanding
Shares of
Common
Stock
Amount and
Nature of
Beneficial
Ownership
Approximate
Percentage of
Outstanding
Shares of
Common Stock
Robert J. Laikin
318,130
11.1%
276,505
2.2%
Larry M. Paulson
272,987
9.5%
237,362
1.9%
Vincent Donargo
181,991
6.3%
158,366
1.3%
Heather Goodman
100,000
3.5%
86,875
*
Bradley Bostic
(3)
136,493
4.7%
118,868
*
Jeffrey Foster
(4)
272,987
9.5%
237,362
1.9%
Louis Conforti
(5)
181,991
6.3%
158,366
1.3%
All directors and executive officers as a group (five individuals)
1,009,601
35.1%
7.1%
*
Less than 1%.
(1)
Unless otherwise indicated, the business address of each
of the individuals is 8556 Oakmont Lane, Indianapolis, IN 46260.
(2)
Assumes no exercise of the over-allotment option and,
therefore, the forfeiture of an aggregate of 375,000 shares of common stock.
(3)
Bradley Bostic
                                         holds the founders shares through BEA Holdings, LLC of which he is the managing director.
                                         Consequently, Mr. Bostic has voting and dispositive control over the shares held by BEA
                                         Holdings, LLC and may be deemed to be the beneficial owner of such. He disclaims beneficial
                                         ownership of any shares other than to the extent he may have a pecuniary interest therein,
                                         directly or indirectly.
(4)
Jeffrey Foster holds the founders shares through New Frontier LLC of which he is the manager. Consequently,
Mr. Foster has voting and dispositive control over the shares held by New Frontier LLC and may be deemed to be the beneficial owner
of such. He disclaims beneficial ownership of any shares other than to the extent he may have a pecuniary interest therein, directly
or indirectly. New Frontier LLC's address is PO Box 162625, Austin, TX 78716.
(5)
Mr.
                                         Conforti's address is 4857 South Greenwood Ave,
                                         Chicago, IL 60615.
Immediately after this offering, our initial
stockholders will beneficially own approximately 20% of the then issued and outstanding shares of common stock (assuming they do
not purchase any units offered by this prospectus). None of our initial stockholders, officers, directors and initial stockholders
has indicated to us that it or they intend to purchase our securities in the offering. Because of the ownership block held by our
initial stockholders, officers, directors and initial stockholders, such individuals may be able to effectively exercise influence
over all matters requiring approval by our stockholders, including the election of directors and approval of significant corporate
transactions other than approval of our initial business combination.
If the underwriters do not exercise all
or a portion of the over-allotment option, an aggregate of 375,000 founders' shares will be forfeited. Only a number of shares
necessary to maintain the 20% ownership interest in our shares of common stock after giving effect to the offering and the exercise,
if any, of the underwriters' over-allotment option (not including the private warrants and representative shares and assuming
they do not purchase any units in this offering) will be necessary.
69
All of the founders' shares outstanding
prior to the date of this prospectus will be placed in escrow with Continental Stock Transfer & Trust Company, as escrow
agent, until (i) with respect to 50% of such shares, the earlier of one year after the date of the consummation of our initial
business combination and the date on which the closing price of our common stock equals or exceeds $12.50 per share (as adjusted
for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period
commencing after our initial business combination and (ii) with respect to the remaining 50% of such shares, one year after
the date of the consummation of our initial business combination, or earlier if, subsequent to our initial business combination,
we consummate a liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders having
the right to exchange their shares of common stock for cash, securities or other property. Up to 375,000 of the founders'
shares may also be released from escrow earlier than this date for cancellation if the over-allotment option is not exercised in
full as described above.
During the escrow period, the holders of
these shares will not be able to sell or transfer their securities except for transfers, assignments or sales (i) among our
initial stockholders or to our initial stockholders' members, officers, directors, consultants or their affiliates, (ii) to
a holder's stockholders or members upon its liquidation, (iii) by bona fide gift to a member of the holder's immediate
family or to a trust, the beneficiary of which is the holder or a member of the holder's immediate family, for estate planning
purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations
order, (vi) to us for no value for cancellation in connection with the consummation of our initial business combination, or
(vii) in connection with the consummation of a business combination at prices no greater than the price at which the shares
were originally purchased, in each case (except for clause (vi) or with our prior consent) where the transferee agrees to
the terms of the escrow agreement and to be bound by these transfer restrictions, but will retain all other rights as our stockholders,
including, without limitation, the right to vote their shares of common stock and the right to receive cash dividends, if declared.
If dividends are declared and payable in shares of common stock, such dividends will also be placed in escrow. If we are unable
to effect a business combination and liquidate, there will be no liquidation distribution with respect to the founders' shares.
Our initial stockholders and EarlyBirdCapital
have committed that they and/or their designees will purchase the 3,250,000 private warrants (for a total purchase price of $3,250,000)
from us. These purchases will take place on a private placement basis simultaneously with the consummation of this offering. They
have also agreed that if the over-allotment option is exercised by the underwriters in full or in part, they and/or their designees
will purchase from us an additional number of private warrants (up to a maximum of 300,000 private warrants) necessary to maintain
in the trust account $10.00 per unit sold to the public in this offering. These additional private warrants will be purchased in
a private placement that will occur simultaneously with the purchase of warrants resulting from the exercise of the over-allotment
option. The private warrants are identical to the warrants included in the units sold in this offering except that they: (i) will
not be redeemable by us and (ii) may be exercised for cash or on a cashless basis, as described in this prospectus, so long
as they are held by the initial purchasers or any of their permitted transferees. If the private warrants are held by holders other
than the initial purchasers or any of their permitted transferees, the private warrants will be redeemable by us and exercisable
by the holders on the same basis as the warrants included in the units being sold in this offering. The initial purchasers have
agreed not to transfer, assign or sell any of the private warrants (except in connection with the same limited exceptions that
the founders' shares may be transferred as described above) until after the completion of our initial business combination.
In the event of a liquidation prior to our initial business combination, the private warrants will likely be worthless.
In order to meet our working capital needs
following the consummation of this offering, our officers, directors and their affiliates may, but are not obligated to, loan us
funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or,
at holder's discretion, up to $1,500,000 of the notes may be converted into warrants at a price of $1.00 per warrant. The
warrants would be identical to the private warrants. 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 other than the interest earned thereon would be used for such repayment.
Our executive officers and our initial
stockholders are our "promoters," as that term is defined under the federal securities laws.
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CERTAIN
TRANSACTIONS
In March 2020, we issued 2,875,000
shares of common stock to our initial stockholders for $25,000 in cash, at a purchase price of approximately $0.01 per share,
in connection with our organization. If the underwriters do not exercise all or a portion of their over-allotment option, our initial
stockholders will forfeit up to an aggregate of 375,000 shares of common stock in proportion to the portion of the over-allotment
option that was not exercised.
If the underwriters determine the size
of the offering should be increased (including pursuant to Rule 462(b) under the Securities Act) or decreased, a share
dividend or a contribution back to capital, as applicable, would be effectuated in order to maintain our initial stockholders'
ownership at a percentage of the number of shares to be sold in this offering.
Our initial stockholders and EarlyBirdCapital
have committed that they and/or their designees will purchase, pursuant to written subscription agreements with us, the 3,250,000
private warrants (for a total purchase price of $3,250,000) from us. This purchase will take place on a private placement basis
simultaneously with the consummation of this offering. They have also agreed that if the over-allotment option is exercised by
the underwriters in full or in part, they and/or their designees will purchase from us an additional number of private warrants
(up to a maximum of 300,000 private warrants) necessary to maintain in the trust account $10.00 per unit sold to the public in
this offering. These additional private warrants will be purchased in a private placement that will occur simultaneously with the
purchase of units resulting from the exercise of the over-allotment option. The purchase price for the private warrants will be
delivered to an escrow account at least 24 hours prior to the closing of this offering and will be deposited into the trust account
simultaneously with the consummation of the offering. The private warrants will be identical to the warrants included in the units
sold in this offering except that they: (i) will not be redeemable by us and (ii) may be exercised for cash or on a cashless
basis, as described in this prospectus, so long as they are held by the initial purchaser or any of their permitted transferees.
Once the private warrants are transferred to anyone other than a permitted transferee, the private warrants will be redeemable
by us and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering. Our purchasers
have agreed not to transfer, assign or sell any of the private warrants (except to certain permitted transferees) until after the
completion of our initial business combination. Furthermore, they have agreed (A) to vote the private warrants in favor of
any proposed business combination, (B) not to convert any private warrants in connection with a stockholder vote to approve
a proposed initial business combination or sell any private warrants to us in a tender offer in connection with a proposed initial
business combination and (C) that the private warrants shall not participate in any liquidating distribution from our trust
account upon winding up if a business combination is not consummated. In the event of a liquidation prior to our initial business
combination, the private warrants will likely be worthless.
In order to meet our working capital needs
following the consummation of this offering, our initial stockholders, officers and directors or their affiliates may, but are
not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion.
Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination,
without interest, or, at holder's discretion, up to $1,500,000 of the notes may be converted into warrants at a price of
$1.00 per warrant. The warrants would be identical to the private warrants. 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 other than the interest earned thereon would be used for such repayment.
The holders of our founders' shares
issued and outstanding on the date of this prospectus, as well as the holders of the private warrants and any warrants our initial
stockholders, officers, directors or their affiliates may be issued in payment of working capital loans made to us (and all underlying
securities), will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of
this offering. The holders of a majority of these securities are entitled to make up to two demands that we register such securities.
The holders of the majority of the founders' shares can elect to exercise these registration rights at any time commencing
three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority
of the private warrants and warrants issued in payment of working capital loans made to us (or underlying securities) can elect
to exercise these registration rights at any time after we consummate a business combination. In addition, the holders have certain
 "piggy-back" registration rights with respect to registration statements filed subsequent to our consummation of a
business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.
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As of March 16, 2020, Mr. Laikin
had loaned us an aggregate of $1,525 under the $150,000 promissory note to cover expenses related to this offering. Subsequent
to March 16, 2020, Mr. Laikin loaned us an additional $21,000 under the promissory note. We intend to repay the loans from the
proceeds of this offering not being placed in trust upon consummation of this offering.
We will enter into agreements with our
officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended and
restated certificate of incorporation.
Other than the repayment of the $150,000
loan, no compensation or fees of any kind will be paid to our initial stockholders, members of our management team or their respective
affiliates, for services rendered prior to or in connection with the consummation of our initial business combination (regardless
of the type of transaction that it is). However, such individuals will receive reimbursement for any out-of-pocket expenses incurred
by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence
on suitable target businesses and business combinations as well as traveling to and from the offices, plants or similar locations
of prospective target businesses to examine their operations. There is no limit on the amount of out-of-pocket expenses reimbursable
by us.
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 stockholders, to the extent then known, in the proxy solicitation materials furnished
to our stockholders. However, the amount of such compensation may not be known at the time of the stockholder meeting held to consider
an initial business combination, as it will be up to the directors of the post-combination business to determine executive and
director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in a Current
Report on Form 8-K or a periodic report, as required by the SEC.
All ongoing and future transactions between
us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less favorable
to us than are available from unaffiliated third parties. Such transactions will require prior approval by a majority of our uninterested
 "independent" directors or the members of our board who do not have an interest in the transaction, in either case
who had access, at our expense, to our attorneys or independent legal counsel. We will not enter into any such transaction unless
our disinterested "independent" directors determine that the terms of such transaction are no less favorable to us
than those that would be available to us with respect to such a transaction from unaffiliated third parties.
Related Party Policy
Our Code of Ethics requires us to avoid,
wherever possible, all related party transactions that could result in actual or potential conflicts of interests, except under
guidelines approved by the board of directors (or the audit committee). Related-party transactions are defined as transactions
in which (1) the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (2) we or
any of our subsidiaries is a participant, and (3) any (a) executive officer, director or nominee for election as a director,
(b) greater than 5% beneficial owner of our shares of common stock, or (c) immediate family member, of the persons referred
to in clauses (a) and (b), has or will have a direct or indirect material interest (other than solely as a result of being
a director or a less than 10% beneficial owner of another entity). A conflict of interest situation can arise when a person takes
actions or has interests that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest
may also arise if a person, or a member of his or her family, receives improper personal benefits as a result of his or her position.
Our audit committee, pursuant to its written
charter, will be responsible for reviewing and approving related-party transactions to the extent we enter into such transactions.
The audit committee will consider all relevant factors when determining whether to approve a related party transaction, including
whether the related party transaction is on terms no less favorable to us than terms generally available from an unaffiliated third-party
under the same or similar circumstances and the extent of the related party's interest in the transaction. No director may
participate in the approval of any transaction in which he is a related party, but that director is required to provide the audit
committee with all material information concerning the transaction. We also require each of our directors and executive officers
to complete a directors' and officers' questionnaire that elicits information about related party transactions.
These procedures are intended to determine
whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part
of a director, employee or officer.
To further minimize conflicts of interest,
we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our initial stockholders,
officers or directors unless we have obtained an opinion from an independent investment banking firm, or another independent entity
that commonly renders valuation opinions, that the business combination is fair to our unaffiliated stockholders from a financial
point of view. We will also need to obtain approval of a majority of our disinterested independent directors.
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DESCRIPTION OF SECURITIES
General
As of the date of this prospectus, we will
be authorized to issue 30,000,000 shares of common stock, par value $0.0001, and 1,000,000 shares of preferred stock, par value
$0.0001. As of the date of this prospectus, 3,025,000 shares of common stock are outstanding. No shares of preferred stock are
currently outstanding. The following description summarizes the material terms of our securities. Because it is only a summary,
it may not contain all the information that is important to you. For a complete description you should refer to our amended and
restated certificate of incorporation, bylaws and the form of warrant agreement, which are filed as exhibits to the registration
statement of which this prospectus is a part, and to the applicable provisions of Delaware law.
Units
Each unit consists of one share of common
stock and one-half of one warrant. Each whole warrant entitles the holder to purchase one share of common stock. Pursuant to the
warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares of common stock. This means that
only a whole warrant may be exercised at any given time by a warrantholder. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants
issuable to you upon separation of the units will be rounded down to the nearest whole number of warrants.
The shares of common stock and warrants
will begin to trade separately on the 90
th
day after the date of this prospectus unless EarlyBirdCapital, Inc.
informs us of its decision to allow earlier separate trading, provided that in no event may the shares of common stock and warrants
be traded separately until we have filed with the SEC a Current Report on Form 8-K which includes an audited balance sheet
reflecting our receipt of the gross proceeds of this offering. Once the shares of common stock and warrants commence separate trading,
holders will have the option to continue to hold units or separate their units into the component pieces.
We will file a Current Report on Form 8-K
which includes an audited balance sheet promptly upon the consummation of this offering. The audited balance sheet will reflect
proceeds we receive from the exercise of the over-allotment option, if the over-allotment option is exercised on the date of this
prospectus. If the over-allotment option is exercised after the date of this prospectus, we will file an amendment to the Form 8-K
to provide updated financial information to reflect the exercise of the over-allotment option. We will also include in this Form 8-K,
an amendment thereto, or in a subsequent Form 8-K information indicating if EarlyBirdCapital, Inc. has allowed separate
trading of the shares of common stock and warrants prior to the 90
th
day after the date of this prospectus.
Common Stock
Our stockholders of record are entitled
to one vote for each share held on all matters to be voted on by stockholders. In connection with any vote held to approve our
initial business combination, our initial stockholders, as well as all of our officers and directors, have agreed to vote their
respective shares of common stock owned by them immediately prior to this offering and any shares purchased in this offering or
following this offering in the open market in favor of the proposed business combination.
We will consummate our initial business
combination only if we have net tangible assets of at least $5,000,001 immediately prior to or upon consummation of such business
combination and, solely if a vote is held to approve a business combination, a majority of the outstanding shares of common stock
voted are voted in favor of the business combination.
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 elected in each year. There is no cumulative voting with respect to the election of directors, with the result
that the holders of more than 50% of the shares eligible to vote for the election of directors can elect all of the directors
.
Pursuant to our amended and restated certificate
of incorporation, if we do not consummate an initial business combination by 24 months from the closing of this offering, our corporate
existence will cease except for the purposes of winding up our affairs and liquidating. If we are forced to liquidate prior to
an initial business combination, our public stockholders are entitled to share ratably in the trust account, based on the amount
then held in the trust account.
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Our initial stockholders, officers and
directors have agreed to waive their rights to participate in any liquidation distribution from the trust account occurring upon
our failure to consummate an initial business combination with respect to the founder's shares. Our initial stockholders,
officers and directors will therefore not participate in any liquidation distribution from the trust account with respect to such
shares. They will, however, participate in any liquidation distribution from the trust account with respect to any shares of common
stock acquired in, or following, this offering.
Our stockholders have no conversion, preemptive
or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares of common stock, except
that public stockholders have the right to sell their shares to us in a tender offer or have their shares of common stock converted
to cash equal to their pro rata share of the trust account in connection with the consummation of our business combination. Public
stockholders who sell or convert their stock into their share of the trust account still have the right to exercise the warrants
that they received as part of the units.
Preferred Stock
There are no shares of preferred stock
outstanding. Our amended and restated certificate of incorporation authorizes the issuance of 1,000,000 shares of preferred stock
with such designation, rights and preferences as may be determined from time to time by our board of directors. No shares of preferred
stock are being issued or registered in this offering. Accordingly, our board of directors is empowered, without stockholder approval,
to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting
power or other rights of the holders of common stock. However, the underwriting agreement prohibits us, prior to a business combination,
from issuing preferred stock which participates in any manner in the proceeds of the trust account, or which votes as a class with
the common stock on a business combination. We may issue some or all of the preferred stock to effect a business combination. In
addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of us.
Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the
future.
Warrants
No warrants are currently outstanding.
Each whole warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share, subject
to adjustment as discussed below, at any time commencing on the later of 30 days after the completion of an initial business combination
or 12 months from the closing of this offering. However, no warrants will be exercisable for cash unless we have an effective and
current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus
relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common
stock issuable upon exercise of the public warrants is not effective within a specified period following the consummation of our
initial business combination, warrant holders may, until such time as there is an effective registration statement and during any
period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant
to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that
exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In
the event of such cashless exercise, each holder would pay the exercise price by surrendering the warrants for that number of shares
of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying
the warrants, multiplied by the 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" for this purpose will mean the average reported last
sale price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise. The warrants
will expire on the fifth anniversary of our completion of an initial business combination, at 5:00 p.m., New York City time, or
earlier upon redemption or liquidation.
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The private warrants, as well as any warrants
underlying additional units we issue to our initial stockholders, officers, directors or their affiliates in payment of working
capital loans made to us, will be identical to the warrants underlying the units being offered by this prospectus except that such
warrants will be exercisable for cash or on a cashless basis, at the holder's option, and will not be redeemable by us, in
each case so long as they are still held by our initial stockholders or its permitted transferees.
We may call the warrants for redemption
(excluding the private warrants and any warrants underlying additional units issued to our initial stockholders, officers, directors
or their affiliates in payment of working capital loans made to us), in whole and not in part, at a price of $0.01 per warrant,
•
at any time after the warrants become exercisable,
•
upon not less than 30 days' prior written notice of redemption to each warrant holder,
•
if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days
within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day
prior to the notice of redemption to warrant holders; and
•
if, and only if, there is a current registration statement in effect with respect to the shares
of common stock underlying such warrants.
The right to exercise will be forfeited
unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a
record holder of a warrant will have no further rights except to receive the redemption price for such holder's warrant upon
surrender of such warrant.
The redemption criteria for our warrants
have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price
and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share
price declines as a result of our redemption call, the redemption will not cause the share price to drop below the exercise price
of the warrants.
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 such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of
common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying
the warrants, multiplied by the 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" for this purpose shall mean the average reported
last sale price of the shares of common stock for the 5 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.
The warrants will be issued in registered
form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant
agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval, by written consent or vote, of the holders of at least a majority of the then
outstanding public warrants in order to make any change that adversely affects the interests of the registered holders.
The exercise price and number of shares
of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except as described
below, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices.
In addition, if (x) we issue additional
shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective
issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our initial stockholders
or their affiliates, without taking into account any founders' shares held by them prior to such issuance), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of our initial business combination on the date of the consummation of our initial business combination (net of
redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the
nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which we issue the additional
shares of common stock or equity-linked securities.
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The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price,
by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have
the rights or privileges of holders of shares of common stock and any voting rights until they exercise their warrants and receive
shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled
to one vote for each share held of record on all matters to be voted on by stockholders.
Warrant holders may elect to be subject
to a restriction on the exercise of their warrants such that an electing warrant holder would not be able to exercise their warrants
to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares of
common stock outstanding.
No fractional shares will be issued upon
exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share,
we will, upon exercise, round up to the nearest whole number the number of shares of common stock to be issued to the warrant holder.
Dividends
We have not paid any cash dividends on
our shares of common stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination
will be within the discretion of our then board of directors. It is the present intention of our board of directors to retain all
earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends in
the foreseeable future.
Our Transfer Agent and Warrant Agent
The transfer agent for our securities and
warrant agent for our warrants is Continental Stock Transfer & Trust Company, 1 State Street, New York, New York 10004.
Listing of our Securities
We intend to apply to have our units, common
stock and warrants listed on Nasdaq under the symbols "NOVSU," "NOVS," and "NOVSW," respectively.
If approved for listing, we anticipate that our units will be listed on Nasdaq on or promptly after the effective date of the registration
statement. Following the date the common stock and warrants are eligible to trade separately, we anticipate that the common stock
and warrants will be listed separately and as a unit on Nasdaq.
Certain Anti-Takeover Provisions of
Delaware Law and our Amended and Restated Certificate of Incorporation and By-Laws
Staggered board of directors
Our amended and restated certificate of
incorporation provides that our board of directors will be classified into three classes of directors of approximately equal size.
As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at
two or more annual meetings.
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Special meeting of stockholders
Our bylaws provide that special meetings
of our stockholders may be called only by a majority vote of our board of directors, by our president or by our chairman or by
our secretary at the request in writing of stockholders owning a majority of our issued and outstanding capital stock entitled
to vote.
Advance notice requirements for stockholder
proposals and director nominations
Our bylaws provide that stockholders seeking
to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder's notice will
need to be delivered to our principal executive offices not later than the close of business on the 60
th
day nor earlier
than the close of business on the 90
th
day prior to the scheduled date of the annual meeting of stockholders. In the
event that less than 70 days' notice or prior public disclosure of the date of the annual meeting of stockholders is given,
a stockholder's notice shall be timely if delivered to our principal executive offices not later than the 10
th
day following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us.
Our bylaws also specify certain requirements as to the form and content of a stockholders' meeting. These provisions may
preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors
at our annual meeting of stockholders.
Authorized but Unissued Shares
Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control
of us by means of a proxy contest, tender offer, merger or otherwise.
Exclusive Forum Selection
Our amended and restated certificate of
incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery
in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that
there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not
consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is
vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery
does not have subject matter jurisdiction or (D) any action arising under the Securities Act, as to which the Court of Chancery
and the federal district court for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside
of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder's
counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in
the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is
enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders
will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder and
therefore bring a claim in another appropriate forum. Additionally, we cannot be certain that a court will decide that this provision
is either applicable or enforceable, and if a court were to find the choice of forum provision contained in our amended and restated
certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving
such action in other jurisdictions, which could harm our business, operating results and financial condition.
Our amended and restated certificate of
incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted by applicable
law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or
liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision
will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the
federal courts have exclusive jurisdiction.
77
Limitation on Liability and Indemnification
of Directors and Officers
Our amended and restated certificate of
incorporation provides that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law
as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation provides that
our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors, unless
they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law,
authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit
from their actions as directors.
We will enter into agreements with our
officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended and
restated certificate of incorporation. Our bylaws also will permit us to secure insurance on behalf of any officer, director or
employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit indemnification.
We will purchase a policy of directors' and officers' liability insurance that insures our directors and officers against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify
the directors and officers.
These provisions may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of
reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might
otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent
we pay the costs of settlement and damage awards against directors and officers 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
directors and officers.
Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing
provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.
78
SHARES
ELIGIBLE FOR FUTURE SALE
Immediately after this offering, we will
have 12,650,000 shares of common stock outstanding, or 14,525,000 shares if the over-allotment option is exercised in full. Of
these shares, the 10,000,000 shares sold in this offering, or 11,500,000 shares if the over-allotment option is exercised in full,
will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by
one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining shares are restricted
securities under Rule 144, in that they were issued in private transactions not involving a public offering. All of those
shares have been placed in escrow and will not be transferable until they are released except in limited circumstances described
elsewhere in this prospectus.
Rule 144
A person who has beneficially owned restricted
shares of common stock or warrants for at least six months would be entitled to sell their securities provided that (i) such
person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale
and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale. Persons
who have beneficially owned restricted shares of common stock for at least six months but who are our affiliates at the time of,
or 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 a number of shares that does not exceed the greater of either of the following:
•
1% of the number of shares of common stock then outstanding, which will equal 126,500 shares
                                                                                                                                                     immediately after this offering (or 145,250 if the over-allotment option is exercised in full); and
•
the average weekly trading volume of the shares of common stock during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale.
Sales 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
Historically, the SEC staff had taken the
position that Rule 144 is not available for the resale of securities initially issued by companies that are, or previously
were, blank check companies, like us. The SEC has codified and expanded this position in the amendments discussed above by prohibiting
the use of Rule 144 for resale of securities issued by any shell companies (other than business combination related shell
companies) or any issuer that has been at any time previously a shell company. The SEC has provided an important exception to this
prohibition, however, if the following conditions are met:
•
the issuer of the securities that was formerly a shell company has ceased to be a shell company;
•
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act;
•
the issuer of the securities has filed all Exchange Act reports and material required to be filed,
as applicable, during the preceding 12months (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.
79
As a result, it is likely that pursuant
to Rule 144, our initial stockholders will be able to sell their founders' shares freely without registration one year
after we have completed our initial business combination assuming it is not an affiliate of ours at that time.
Registration Rights
The holders of the founders' shares
and representative shares issued and outstanding on the date of this prospectus, as well as the holders of the private warrants
and any warrants our initial stockholders, officers, directors or their affiliates may be issued in payment of working capital
loans made to us (and all underlying securities), will be entitled to registration rights pursuant to an agreement to be signed
prior to or on the effective date of this offering. The holders of a majority of these securities are entitled to make up to two
demands that we register such securities. The holders of the majority of the founders' shares can elect to exercise these
registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released
from escrow. The holders of a majority of the representative shares, private warrants and warrants issued to our initial stockholders,
officers, directors or their affiliates in payment of working capital loans made to us (or underlying securities) can elect to
exercise these registration rights at any time after we consummate a business combination. Notwithstanding anything to the contrary,
EarlyBirdCapital may only make a demand on one occasion and only during the five-year period beginning on the effective date of
the registration statement of which this prospectus forms a part. In addition, the holders have certain "piggy-back"
registration rights with respect to registration statements filed subsequent to our consummation of a business combination; provided,
however, that EarlyBirdCapital may participate in a "piggy-back" registration only during the seven-year period beginning
on the effective date of the registration statement of which this prospectus forms a part. We will bear the expenses incurred in
connection with the filing of any such registration statements.
80
MATERIAL
U.S. FEDERAL TAX CONSIDERATIONS
The following are the material U.S. federal
income and estate tax considerations with respect to your ownership and disposition of our units or components thereof, which we
refer to collectively as our securities, assuming you purchase the securities in this offering and will hold them as capital assets
within the meaning of the Internal Revenue Code of 1986, as amended (the "Code").
This discussion does not address all of
the U.S. federal income and estate tax considerations that may be relevant to you in light of your particular circumstances, and
it does not describe all of the tax consequences that may be relevant to persons subject to special rules, such as:
•
certain financial institutions;
•
insurance companies;
•
dealers and traders in securities or foreign currencies;
•
persons holding our securities as part of a hedge, straddle, conversion transaction or other integrated
transaction;
•
former citizens or residents of the United States;
•
U.S. persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;
•
partnerships or other entities classified as partnerships for U.S. federal income tax purposes;
•
persons liable for the alternative minimum tax; and
•
tax-exempt organizations.
The following does not discuss any aspect
of state, local or non-U.S. taxation. This discussion is based on current provisions of the Code, Treasury regulations, judicial
opinions, published positions of the U.S. Internal Revenue Service ("IRS") and all other applicable authorities, all
of which are subject to change, possibly with retroactive effect.
If an entity that is treated as a partnership
for U.S. federal income tax purposes holds our securities, the tax treatment of a partner will generally depend on the status of
the partner and the activities of the entity. If you are a partner in such an entity, you should consult your tax advisor.
WE URGE PROSPECTIVE INVESTORS TO CONSULT
THEIR TAX ADVISORS REGARDING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. INCOME, ESTATE AND OTHER TAX CONSIDERATIONS WITH RESPECT
TO ACQUIRING, HOLDING AND DISPOSING OF OUR SECURITIES.
Each unit will be treated for U.S. federal
income tax purposes as an investment unit consisting of one share of our common stock and one-half of one warrant, with each whole
warrant entitling the warrant holder to acquire one share of our common stock, subject to adjustment. In determining your basis
for the one share of common stock and one-half of one warrant composing a unit, you should allocate your purchase price for the
unit between the components on the basis of their relative fair market values at the time of issuance.
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Personal Holding Company Status
We could be subject to United States federal
income tax at rates in excess of those generally applicable to corporations on a portion of our income if we are determined to
be a personal holding company, or PHC, for United States federal income tax purposes. A U.S. corporation will generally be classified
as a PHC for United States federal income tax purposes in a given taxable year if (i) at any time during the last half of
such taxable year, five or fewer individuals (without regard to their citizenship or residency and including as individuals for
this purpose certain entities such as certain tax-exempt organizations, pension funds, and charitable trusts) own or are deemed
to own (pursuant to certain constructive ownership rules) more than 50% of the stock of the corporation by value and (ii) at
least 60% of the corporation's adjusted ordinary gross income, as determined for United States federal income tax purposes,
for such taxable year consists of PHC income (which includes, among other things, dividends, interest, certain royalties, annuities
and, under certain circumstances, rents).
Depending on the date and size of our initial
business combination, it is possible that at least 60% of our adjusted ordinary gross income may consist of PHC income as discussed
above. In addition, depending on the concentration of ownership of our stock in the hands of individuals, including the members
of our initial stockholders and certain tax-exempt organizations, pension funds, and charitable trusts, it is possible that more
than 50% of our stock will be owned or deemed owned (pursuant to the constructive ownership rules) by such persons during the last
half of a taxable year. Thus, no assurance can be given that we will not become a PHC following this offering or in the future.
If we are or were to become a PHC in a given taxable year, we would be subject to an additional PHC tax, currently 20%, on our
undistributed PHC income, which generally includes our taxable income, subject to certain adjustments.
U.S. Holders
This section is addressed to U.S. holders
of our securities. For purposes of this discussion, you are a "U.S. holder" if you are a beneficial owner of a security
that is:
•
an individual citizen or resident of the United States for U.S. federal income tax purposes;
•
a corporation, or other entity taxable as a corporation, created or organized in, or under the
laws of, the United States or any state thereof or the District of Columbia; or
•
an estate or trust the income of which is subject to U.S. federal income taxation regardless of
its source.
Dividends and Distributions
As discussed under "Dividend Policy"
above, we do not anticipate that any dividends will be paid in the foreseeable future. If we do make distributions on our common
stock, such distributions generally will be treated as dividends for U.S. federal income tax purposes to the extent of our current
or accumulated earnings and profits. Distributions in excess of our current or accumulated earnings and profits generally will
first reduce your basis in the common stock (but not below zero) and then will be treated as gain realized on the sale or other
disposition of the common stock (as described in the first paragraph under "— Sale or Other Disposition or Conversion
of Common Stock" below).
The conversion feature of the common stock
described under "Proposed Business — Effecting a Business Combination — Conversion Rights" may be viewed
as a position with respect to substantially similar or related property which diminishes your risk of loss and thereby affects
your ability to satisfy the holding period requirements for the dividends received deduction or the preferential tax rate on qualified
dividend income with respect to the time period prior to the approval of an initial business combination.
82
Sale or Other Disposition or Conversion of Common
Stock
Gain or loss you realize on the sale or
other disposition of our common stock (other than conversion into cash but including a liquidation in the event we do not consummate
a business combination within the required time) will be capital gain or loss. The amount of your gain or loss will be equal to
the difference between your tax basis in the common stock disposed of and the amount realized on the disposition. The deductibility
of capital losses is subject to limitations. Any capital gain or loss you realize on a sale or other disposition of our common
stock will generally be long-term capital gain or loss if your holding period for the common stock is more than one year. However,
the conversion feature of the common stock described under "Proposed Business — Effecting a Business Combination —
Conversion Rights" could affect your ability to satisfy the holding period requirements for the long-term capital gain tax
rate with respect to the time period prior to the approval of an initial business combination.
If you convert your common stock into a
right to receive cash as described in "Proposed Business — Effecting a Business Combination — Conversion Rights,"
the conversion generally will be treated as a sale of common stock described in the preceding paragraph (rather than as a dividend
or distribution). The conversion will, however, be treated as a dividend or distribution and taxed as described in "—
Dividends and Distributions" above if your percentage ownership in us (including shares that you are deemed to own under
certain attribution rules, such as the shares into which the warrants are exercisable) after the conversion is not meaningfully
reduced from what your percentage ownership was prior to the conversion. If you have a relatively minimal stock interest and, taking
into account the effect of conversion by other stockholders, your percentage ownership in us is reduced as a result of the conversion,
you may be regarded as having suffered a meaningful reduction in interest. For example, the IRS has ruled that even a small reduction
in the stockholder's proportionate interest constituted a "meaningful reduction" in a transaction in which a
holder held less than 1% of the shares of a corporation and did not have management control over the corporation. You should consult
your own tax advisor as to whether conversion of your common stock will be treated as a sale or as a dividend under the Code and,
if you actually or constructively own 5% (or, if our stock is not then publicly traded, 1%) or more of our common stock before
conversion, whether you are subject to special reporting requirements with respect to such conversion.
Sale or Other Disposition, Exercise or Expiration
of Warrants
Upon the sale or other disposition of a
warrant (other than by exercise), you will generally recognize capital gain or loss equal to the difference between the amount
realized on the sale or other disposition and your tax basis in the warrant. This capital gain or loss will be long-term capital
gain or loss if, at the time of the sale or other disposition, the warrant has been held by you for more than one year. The deductibility
of capital losses is subject to limitations.
In general, you will not be required to
recognize income, gain or loss upon exercise of a warrant for cash for its exercise price. Your basis in a share of common stock
received upon exercise will be equal to the sum of (1) your basis in the warrant and (2) the exercise price of the warrant.
Your holding period in the shares received upon exercise will commence on the day after you exercise the warrants (or possibly
the date of exercise). Although there is no direct legal authority as to the U.S. federal income tax treatment of an exercise of
a warrant on a cashless basis, we intend to take the position that such exercise will not be taxable, either because the exercise
is not a gain realization event or because it qualifies as a tax-free recapitalization. In the former case, the holding period
of the common stock should commence on the day after the warrant is exercised (or possibly the date of exercise). In the latter
case, the holding period of the common stock would include the holding period of the exercised warrants. However, our position
is not binding on the IRS and the IRS may treat a cashless exercise of a warrant as a taxable exchange. You are urged to consult
your own tax advisor as to the consequences of an exercise of a warrant on a cashless basis.
If a warrant expires without being exercised,
you will recognize a capital loss in an amount equal to your basis in the warrant. Such loss will be long-term capital loss if,
at the time of the expiration, the warrant has been held by you for more than one year. The deductibility of capital losses is
subject to limitations.
Constructive Dividends on Warrants
As discussed under "Dividend Policy"
above, we do not anticipate that any dividends will be paid in the foreseeable future. If at any time during the period you hold
warrants, however, we were to pay a taxable dividend to our stockholders and, in accordance with the anti-dilution provisions of
the warrants, the conversion rate of the warrants were increased, that increase would be deemed to be the payment of a taxable
dividend to you to the extent of our earnings and profits, notwithstanding the fact that you will not receive a cash payment. If
the conversion rate is adjusted in certain other circumstances (or in certain circumstances, there is a failure to make adjustments),
such adjustments may also result in the deemed payment of a taxable dividend to you. You should consult your tax advisor regarding
the proper treatment of any adjustments to the warrants.
83
Unearned Income Medicare Tax
A 3.8% Medicare contribution tax will generally
apply to all or some portion of the net investment income of a U.S. holder that is an individual with adjusted gross income that
exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income
tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax will also apply to all or some
portion of the undistributed net investment income of certain U.S. holders that are estates and trusts. For these purposes, dividends
and gains from the taxable dispositions of the common stock and warrants will generally be taken into account in computing such
a U.S. holder's net investment income.
Information Reporting and Backup Withholding
Information returns may be filed with the
IRS with respect to dividends or other distributions we may pay to you and proceeds from the sale or other disposition of your
shares of common stock or warrants. You will be subject to backup withholding (currently, at a rate of 24%) on these payments if
you fail to provide your taxpayer identification number to the paying agent and comply with certain certification procedures or
otherwise establish an exemption from backup withholding (e.g., as a corporation or one of several types of entities and organizations
that qualify for exemption). Backup withholding is not an additional tax. Any amounts withheld with respect to your shares of common
stock or warrants under the backup withholding rules will be refunded to you or credited against your United States federal
income tax liability, if any, by the IRS provided that certain required information is furnished to the IRS in a timely manner.
Non-U.S. Holders
This section is addressed to non-U.S. holders
of the securities. For purposes of this discussion, a "non-U.S. holder" is a beneficial owner of a security (other
than an entity treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder.
Dividends and Distributions
As discussed under "Dividend Policy"
above, we do not anticipate that any dividends will be paid in the foreseeable future. If, however, we were to pay taxable dividends
to you with respect to your shares of common stock (including any deemed distributions treated as a dividend on the warrants, as
described in "— Constructive Dividends on Warrants" below), those dividends would generally be subject to United
States withholding tax at a rate of 30% of the gross amount, unless you are eligible for a reduced rate of withholding tax under
an applicable income tax treaty and you provide proper certification of your eligibility for such reduced rate (usually on an IRS
Form W-8BEN or Form W-8BEN-E). A distribution generally will constitute a dividend for U.S. federal income tax purposes
to the extent of our current or accumulated earnings and profits as determined under the Code. Any distribution not constituting
a dividend generally will be treated first as reducing your basis in your shares of common stock and, to the extent it exceeds
your basis, as gain from the disposition of your shares of common stock treated as described under "Sale or Other Disposition
of Common Stock or Warrants" below. The full amount of any distributions to you may, however, be subject to United States
withholding tax unless the applicable withholding agent elects to withhold a lesser amount based on a reasonable estimate of the
amount of the distribution that would be treated as a dividend. In addition, if we determine that we are likely to be classified
as a "United States real property holding corporation" (see "Sale or Other Disposition of Common Stock or Warrants"
below), we will withhold at least 15% of any distribution that exceeds our current and accumulated earnings and profits as provided
by the Code.
84
Dividends we pay to you that are effectively
connected with your conduct of a trade or business within the United States (and, if certain income tax treaties apply, are
attributable to a United States permanent establishment maintained by you) generally will not be subject to United States withholding
tax if you comply with applicable certification and disclosure requirements (usually by providing an IRS Form W-8ECI). Instead,
such dividends generally will be subject to United States federal income tax, net of certain deductions, at the same graduated
individual or corporate rates applicable to United States persons. If you are a corporation, effectively connected income may also
be subject to a "branch profits tax" at a rate of 30% (or such lower rate as may be specified by an applicable income
tax treaty).
Exercise of Warrants
You generally will not be subject to U.S.
federal income tax on the exercise of the warrants into shares of common stock. However, if a cashless exercise of warrants results
in a taxable exchange, as described in "— U.S. Holders — Sale or Other Disposition, Exercise or Expiration of
Warrants," the rules described below under "Sale or Other Disposition of Common Stock or Warrants" would
apply.
Sale or Other Disposition of Common Stock or Warrants
You generally will not be subject to United
States federal income tax on any gain realized upon the sale, exchange or other disposition of our common stock (which would include
a dissolution and liquidation in the event we do not consummate an initial business combination within the required timeframe)
or warrants (including an expiration or redemption of our warrants), unless:
•
the gain is effectively connected with your conduct of a trade or business within the United States
(and, under certain income tax treaties, is attributable to a United States permanent establishment you maintain);
•
you are an individual, you hold your shares of common stock or warrants as capital assets, you
are present in the United States for 183 days or more in the taxable year of disposition and you meet other conditions, and you
are not eligible for relief under an applicable income tax treaty; or
•
we are or have been a "United States real property holding corporation" for United
States federal income tax purposes and, in the case where the shares of our common stock are regularly traded on an established
securities market, you hold or have held, directly or indirectly, at any time within the shorter of the five-year period preceding
disposition or your holding period for your shares of common stock or warrants, more than 5% of our common stock. Special rules may
apply to the determination of the 5% threshold in the case of a holder of a warrant. You are urged to consult your own tax advisors
regarding the effect of holding the warrants on the calculation of such 5% threshold. We will be classified as a United States
real property holding corporation if the fair market value of our "United States real property interests" equals or
exceeds 50% of the sum of (1) the fair market value of our United States real property interests, (2) the fair market
value of our non-United States real property interests and (3) the fair market value of any other of our assets which are
used or held for use in our trade or business. Although we currently are not a United States real property holding corporation,
we cannot determine whether we will be a United States real property holding corporation in the future until we consummate an initial
business combination.
Gain that is effectively connected with
your conduct of a trade or business within the United States generally will be subject to United States federal income tax, net
of certain deductions, at the same rates applicable to United States persons. If you are a corporation, the branch profits tax
also may apply to such effectively connected gain. If the gain from the sale or disposition of your shares of common stock or warrants
is effectively connected with your conduct of a trade or business in the United States but under an applicable income tax treaty
is not attributable to a permanent establishment you maintain in the United States, your gain may be exempt from United States
tax under the treaty. If you are described in the second bullet point above, you generally will be subject to United States federal
income tax at a rate of 30% on the gain realized, although the gain may be offset by some United States source capital losses realized
during the same taxable year. If you are described in the third bullet point above, gain recognized by you on the sale, exchange
or other disposition of shares of common stock or warrants will be subject to U.S. federal income tax on a net income basis at
normal graduated U.S. federal income tax rates. In addition, a buyer of your shares of common stock or warrants may be required
to withhold United States income tax at a rate of 15% of the amount realized upon such disposition.
85
If you convert your common stock into a
right to receive cash as described in "Proposed Business — Effecting a Business Combination — Conversion Rights,"
the conversion generally will be treated as a sale of common stock rather than as a dividend or distribution. The conversion will,
however, be treated as a dividend or distribution and taxed as described in "Dividends and Distributions" if your percentage
ownership in us (including shares that you are deemed to own under certain attribution rules, such as the shares into which the
warrants are exercisable) after the conversion is not meaningfully reduced from what your percentage ownership was prior to the
conversion. See the discussion in "— U.S. Holders — Sale or Other Disposition or Conversion of Common Stock."
You should consult your own tax advisor as to whether conversion of your common stock will be treated as a sale or as a dividend
under the Code.
Constructive Dividends on Warrants
As discussed under "Dividend Policy"
above, we do not anticipate that any dividends will be paid in the foreseeable future. If at any time during the period you hold
warrants, however, we were to pay a taxable dividend to our stockholders and, in accordance with the anti-dilution provisions of
the warrants, the conversion rate of the warrants were increased, that increase would be deemed to be the payment of a taxable
dividend to you to the extent of our earnings and profits, notwithstanding the fact that you will not receive a cash payment. If
the conversion rate is adjusted in certain other circumstances (or in certain circumstances, there is a failure to make adjustments),
such adjustments may also result in the deemed payment of a taxable dividend to you. Any resulting withholding tax attributable
to deemed dividends would be collected from other amounts payable or distributable to you. You should consult your tax advisor
regarding the proper treatment of any adjustments to the warrants.
Information Reporting and Backup Withholding
We must report annually to the IRS the
amount of dividends or other distributions we may pay to you on your shares of common stock and the amount of tax we withhold on
any such distributions regardless of whether withholding is required. The IRS may make copies of the information returns reporting
those dividends and amounts withheld available to the tax authorities in the country in which you reside pursuant to the provisions
of an applicable income tax treaty or exchange of information treaty.
The United States imposes backup withholding
on dividends and certain other types of payments to United States persons. You will not be subject to backup withholding on dividends
you receive on your shares of common stock if you provide proper certification (usually on an IRS Form W-8BEN or Form W-8BEN-E)
of your status as a non-United States person.
Information reporting and backup withholding
generally are not required with respect to the amount of any proceeds from the sale of your shares of common stock or warrants
outside the United States through a foreign office of a foreign broker that does not have certain specified connections to the
United States. However, if you sell your shares of common stock or warrants through a United States broker or the United States
office of a foreign broker, the broker will be required to report to the IRS the amount of proceeds paid to you unless you provide
appropriate certification (usually on an IRS Form W-8BEN or Form W-8BEN-E) to the broker of your status as a non-United
States person. Information reporting also would apply if you sell your shares of common stock or warrants through a foreign broker
deriving more than a specified percentage of its income from United States sources or having certain other connections to the United
States.
Backup withholding is not an additional
tax. Any amounts withheld with respect to your shares of common stock or warrants under the backup withholding rules will
be refunded to you or credited against your United States federal income tax liability, if any, by the IRS provided that certain
required information is furnished to the IRS in a timely manner.
86
Estate Tax
Common stock owned or treated as owned
by an individual who is not a citizen or resident (as defined for United States federal estate tax purposes) of the United
States at the time of his or her death, or by an entity the property of which is potentially includible in such an individual's
gross estate, will be included in the individual's gross estate for United States federal estate tax purposes and therefore
may be subject to United States federal estate tax unless an applicable estate tax treaty provides otherwise. The foregoing may
also apply to warrants.
FATCA
A
30% withholding tax will be imposed on payments to certain foreign entities of U.S.-source dividends, unless various U.S. information
reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those
entities) have been satisfied or an exemption has otherwise been established.
While withholding described in this paragraph
would have also applied to payments of gross proceeds from the sale or other disposition of our securities on or after January 1,
2019, recently proposed Treasury regulations eliminate such withholding on payments of gross proceeds entirely. Taxpayers generally
may rely on these proposed Treasury regulations until final Treasury regulations are issued. Potential investors should consult
their tax advisors regarding the possible implications of this withholding tax on their investment in the units.
87
UNDERWRITING
We are offering the units described in
this prospectus through the underwriters named below. EarlyBirdCapital, Inc. is acting as representative of the underwriters.
We have entered into an underwriting agreement with the representative. Subject to the terms and conditions of the underwriting
agreement, the underwriters have agreed to purchase, and we have agreed to sell to the underwriters, the number of units listed
next to each of its name in the following table:
Underwriter
Number of
Units
EarlyBirdCapital, Inc.
[•]
[•]
[•]
[•]
[•]
Total
[•]
The underwriting agreement provides that
the underwriters must buy all of the units if they buy any of them. However, the underwriters are not required to purchase the
units covered by the option to purchase additional units as described below.
Our units are offered subject to a number
of conditions, including:
•
receipt and acceptance of our units by the underwriters; and
•
the underwriters' right to reject orders in whole or in part.
In connection with this offering, the underwriters
or securities dealers may distribute prospectuses electronically.
Option To Purchase Additional Units
We have granted the underwriters an over-allotment
option to buy up to an aggregate of 1,500,000 additional units. The underwriters have 45 days from the date of this prospectus
to exercise this option. If the underwriters exercise this option, they will purchase additional units approximately in proportion
to the amounts specified in the table above.
Underwriting Discount
Units sold by the underwriters to the public
will initially be offered at the initial offering price set forth on the cover of this prospectus. Any units sold by the underwriters
to securities dealers may be sold at a discount of up to $[•] per unit from the initial public offering price and the dealers
may reallow a concession not in excess of $[•] per unit to other dealers. Sales of units made outside of the United States
may be made by affiliates of the underwriters. After completion of this offering, if the underwriters still hold any units sold
by us to them in this offering, the representative may change the offering price and the other selling terms. Upon execution of
the underwriting agreement, the underwriters will be obligated to purchase the units at the prices and upon the terms stated therein.
The following table shows the per unit
and total underwriting discount we will pay to the underwriters assuming both no exercise and full exercise of the underwriters'
over-allotment option to purchase up to 1,500,000 additional units.
No Exercise
Full Exercise
Per Unit
$
0.20
$
0.20
Total
$
2,000,000
$
2,300,000
88
We estimate that the total expenses of
the offering payable by us, not including the underwriting discount, will be approximately $600,000.
We have agreed to pay for the FINRA-related
fees and expenses of the underwriters' legal counsel, not to exceed $15,000, the expenses of transaction "bibles"
and lucite cube "mementos," not to exceed $3,000, and the expenses of investigations and background checks, not to
exceed $3,500 per individual, representing an aggregate payment of up to $50,000, all of which are included in the total estimated
expenses of $600,000.
Business Combination Marketing Agreement
We have engaged EarlyBirdCapital as an
advisor in connection with our business combination to assist us in holding meetings with our shareholders to discuss the potential
business combination and the target business' attributes, introduce us to potential investors that are interested in purchasing
our securities in connection with our initial business combination, assist us in obtaining shareholder approval for the business
combination and assist us with our press releases and public filings in connection with the business combination. We will pay EarlyBirdCapital
a cash fee for such services upon the consummation of our initial business combination in an amount equal to 3.5% of the gross
proceeds of this offering; provided that up to 30% of the fee may be allocated in our sole discretion to other third parties who
are investment banks or financial advisory firms not participating in this offering that assist us in identifying and consummating
an initial business combination. Additionally, we will pay EarlyBirdCapital a cash fee equal to 1.0% of the total consideration
payable in the proposed business combination if it introduces us to the target business with which we complete a business combination;
provided that the foregoing fee will not be paid prior to the date that is 90 days from the effective date of the registration
statement of which this prospectus forms a part, unless FINRA determines that such payment would not be deemed underwriters'
compensation in connection with this offering pursuant to FINRA Rule 5110(c)(3)(B)(ii).
Representative Shares
In March 2020, we issued to designees
of EarlyBirdCapital the 150,000 representative shares for nominal consideration. The holders of the representative shares have
agreed not to transfer, assign or sell any such shares without our prior consent until the completion of our initial business combination.
In addition, the holders of the representative shares have agreed (i) to waive their conversion rights (or right to participate
in any tender offer) with respect to such shares in connection with the completion of our initial business combination and (ii) to
waive their rights to liquidating distributions from the trust account with respect to such shares if we fail to complete our initial
business combination within 24 months from the closing of this offering.
The representative shares have been deemed
compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the effectiveness
of the registration statement of which this prospectus forms a part pursuant to Rule 5110(g)(1) of the FINRA Manual.
Pursuant to FINRA Rule 5110(g)(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.
We have granted the holders of these shares
the registration rights as described under the section "
Shares Eligible for Future Sale — Registration Rights
."
Private warrants
EarlyBirdCapital has committed that it
and/or its designees will purchase from us 500,000 private warrants for a total purchase price of $500,000. This purchase will
take place on a private placement basis simultaneously with the consummation of this offering. EarlyBirdCapital has also agreed
that if the over-allotment option is exercised by the underwriters in full or in part, it and/or its designees will purchase from
us an additional number of private warrants (up to a maximum of 46,154 private warrants) necessary to maintain in the trust account
$10.00 per unit sold to the public in this offering. The private warrants have been deemed compensation by FINRA and are therefore
subject to a 180-day lock-up pursuant to FINRA Rule 5110(g)(1). Additionally, the private warrants purchased by EarlyBirdCapital
may not be 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 180-day period following the
effective date of this prospectus except to any selected dealer participating in the offering and the bona fide officers or partners
of the underwriter and any such participating selected dealer. EarlyBirdCapital has agreed that the private warrants it purchases
will not be sold or transferred by it (except to certain permitted transferees) until after we have completed an initial business
combination. We have granted the holders of private warrants, including EarlyBirdCapital, the registration rights as described
under the section "
Shares Eligible for Future Sale — Registration Rights
." In compliance with FINRA Rule 5110(f)(2)(H),
the EarlyBirdCapital registration rights are limited to demand and "piggy back" rights for periods of five and seven
years, respectively, from the effective date of this prospectus with respect to the registration under the Securities Act of the
private warrants and the underlying securities.
89
Indemnification
We have agreed to indemnify the underwriter
against certain liabilities, including certain liabilities under the Securities Act. If we are unable to provide this indemnification,
we have agreed to contribute to payments the underwriter may be required to make in respect of those liabilities.
Nasdaq Listing
We intend to apply to have our units listed
on the Nasdaq under the symbol "NOVSU" and, once the common stock and warrants begin separate trading, under the symbols
 "NOVS" and "NOVSW," respectively.
Price Stabilization, Short Positions
In connection with this offering, the underwriters
may engage in activities that stabilize, maintain or otherwise affect the price of units during and after this offering, including:
•
stabilizing transactions;
•
short sales;
•
purchases to cover positions created by short sales;
•
imposition of penalty bids; and
•
syndicate covering transactions.
Stabilizing transactions consist of bids
or purchases made for the purpose of preventing or retarding a decline in the market price of our units while this offering is
in progress. Stabilization transactions permit bids to purchase the underlying security so long as the stabilizing bids do not
exceed a specified maximum. These transactions may also include making short sales of our units, which involve the sale by the
underwriters of a greater number of units than they are required to purchase in this offering and purchasing units on the open
market to cover short positions created by short sales. Short sales may be "covered short sales," which are short positions
in an amount not greater than the underwriters' option to purchase additional units referred to above, or may be "naked
short sales," which are short positions in excess of that amount.
The underwriters may close out any covered
short position by either exercising their option, in whole or in part, or by purchasing units in the open market. In making this
determination, the underwriters will consider, among other things, the price of units available for purchase in the open market
as compared to the price at which they may purchase units through the over-allotment option.
90
Naked short sales are short sales made
in excess of the over-allotment option. 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 that could adversely affect investors who purchased in this offering.
The underwriters also may impose a penalty
bid. This occurs when a particular underwriter repays to the representative of the underwriters a portion of the underwriting discount
received by it because the representative has repurchased units sold by or for the account of that underwriter in stabilizing or
short covering transactions.
These stabilizing transactions, short sales,
purchases to cover positions created by short sales, the imposition of penalty bids and syndicate covering transactions may have
the effect of raising or maintaining the market price of our units or preventing or retarding a decline in the market price of
our units. As a result of these activities, the price of our units may be higher than the price that otherwise might exist in the
open market. The underwriters may carry out these transactions on Nasdaq, in the over-the-counter market or otherwise. Neither
we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on
the price of the units. Neither we, nor the underwriters, make any representation that the underwriter will engage in these stabilization
transactions or that any transaction, once commenced, will not be discontinued without notice.
Determination of Offering Price
Prior to this offering, there was no public
market for our units. The initial public offering price will be determined by negotiation between us and the representative of
the underwriters. The principal factors to be considered in determining the initial public offering price include:
•
the information set forth in this prospectus and otherwise available to the representative;
•
our history and prospects and the history and prospects for the industry in which we compete;
•
our past and present financial performance;
•
our prospects for future earnings and the present state of our development;
•
the general condition of the securities market at the time of this offering;
•
the recent market prices of, and demand for, publicly traded units of generally comparable companies;
and
•
other factors deemed relevant by the underwriters and us.
Neither we nor the underwriters can assure
investors that an active trading market will develop for our units, warrants or common stock or that the units will trade in the
public market at or above the initial public offering price.
Affiliations
EarlyBirdCapital and its 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. EarlyBirdCapital and its affiliates may from time to time in the future engage with us and perform services for us
or in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of
their various business activities, the underwriters and their respective affiliates may also 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 such investment and securities activities may involve securities
and/or instruments of us. The underwriters and their affiliates may also make investment recommendations and/or publish or express
independent research views in respect of these securities or instruments and may at any time hold, or recommend to clients that
they acquire, long and/or short positions in these securities and instruments.
91
Additional Future Arrangements
We are not under any contractual obligation
to engage any of the underwriters to provide any services for us after this offering and have no present intent to do so. However,
the underwriters may introduce us to potential target businesses or assist us in raising additional capital in the future. If any
of the underwriters provide services to us after this offering, we may pay such underwriter fair and reasonable fees that would
be determined at that time in an arm's length negotiation; provided that no agreement will be entered into with any underwriter
and no fees for such services will be paid to any underwriter prior to the date that is 90 days from the date of this prospectus,
unless FINRA determines that such payment would not be deemed underwriter's compensation in connection with this offering.
Electronic Distribution
A prospectus in electronic format may be
made available on the Internet sites or through other online services maintained by the underwriters participating in this offering,
or by their affiliates. In those cases, prospective investors may view offering terms online and, depending upon the particular
underwriter, prospective investors may be allowed to place orders online. The underwriters may agree with us to allocate a specific
number of units for sale to online brokerage account holders. Any such allocation for online distributions will be made by the
underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on any underwriter's
website and any information contained in any other website maintained by an underwriter is not part of the prospectus or the registration
statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity
as underwriter and should not be relied upon by investors.
Selling Restrictions
Canada
Resale Restrictions
We intend to distribute our securities
in the Province of Ontario, Canada (the "Canadian Offering Jurisdiction") by way of a private placement and exempt
from the requirement that we prepare and file a prospectus with the securities regulatory authorities in such Canadian Offering
Jurisdiction. Any resale of our securities in Canada must be made under applicable securities laws that will vary depending on
the relevant jurisdiction, and which may require resales to be made under available statutory exemptions or under a discretionary
exemption granted by the applicable Canadian securities regulatory authority. Canadian resale restrictions in some circumstances
may apply to resales of interests made outside of Canada. Canadian purchasers are advised to seek legal advice prior to any resale
of our securities. We may never be a "reporting issuer", as such term is defined under applicable Canadian securities
legislation, in any province or territory of Canada in which our securities will be offered and there currently is no public market
for any of the securities in Canada, and one may never develop. Canadian investors are advised that we have no intention to file
a prospectus or similar document with any securities regulatory authority in Canada qualifying the resale of the securities to
the public in any province or territory in Canada.
Representations of Purchasers
A Canadian purchaser will be required to
represent to us and the dealer from whom the purchase confirmation is received that:
•
the purchaser is entitled under applicable provincial securities laws to purchase our securities
without the benefit of a prospectus qualified under those securities laws;
•
where required by law, that the purchaser is purchasing as principal and not as agent;
•
the purchaser has reviewed the text above under Resale Restrictions; and
•
the purchaser acknowledges and consents to the provision of specified information concerning its
purchase of our securities to the regulatory authority that by law is entitled to collect the information.
92
Rights of Action — Ontario
Purchasers Only
Under Ontario securities legislation, certain
purchasers who purchase a security offered by this prospectus during the period of distribution will have a statutory right of
action for damages, or while still the owner of our securities, for rescission against us in the event that this prospectus contains
a misrepresentation without regard to whether the purchaser relied on the misrepresentation. The right of action for damages is
exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge of the facts giving rise to
the cause of action and three years from the date on which payment is made for our securities. The right of action for rescission
is exercisable not later than 180 days from the date on which payment is made for our securities. If a purchaser elects to exercise
the right of action for rescission, the purchaser will have no right of action for damages against us. In no case will the amount
recoverable in any action exceed the price at which our securities were offered to the purchaser and if the purchaser is shown
to have purchased the securities with knowledge of the misrepresentation, we will have no liability. In the case of an action for
damages, we will not be liable for all or any portion of the damages that are proven to not represent the depreciation in value
of our securities as a result of the misrepresentation relied upon. These rights are in addition to, and without derogation from,
any other rights or remedies available at law to an Ontario purchaser. The foregoing is a summary of the rights available to an
Ontario purchaser. Ontario purchasers should refer to the complete text of the relevant statutory provisions.
Enforcement of Legal Rights
All of our directors and officers as well
as the experts named herein are located outside of Canada and, as a result, it may not be possible for Canadian purchasers to effect
service of process within Canada upon us or those persons. All of our assets and the assets of those persons are located outside
of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada or to enforce a
judgment obtained in Canadian courts against us or those persons outside of Canada.
Collection of Personal Information
If a Canadian purchaser is resident in
or otherwise subject to the securities laws of the Province of Ontario, the Purchaser authorizes the indirect collection of personal
information pertaining to the Canadian purchaser by the Ontario Securities Commission (the "OSC") and each Canadian
purchaser will be required to acknowledge and agree that the Canadian purchaser has been notified by us (i) of the delivery
to the OSC of personal information pertaining to the Canadian purchaser, including, without limitation, the full name, residential
address and telephone number of the Canadian purchaser, the number and type of securities purchased and the total purchase price
paid in respect of the securities, (ii) that this information is being collected indirectly by the OSC under the authority
granted to it in securities legislation, (iii) that this information is being collected for the purposes of the administration
and enforcement of the securities legislation of Ontario, and (iv) that the title, business address and business telephone
number of the public official in Ontario who can answer questions about the OSC's indirect collection of the information
is the Administrative Assistant to the Director of Corporate Finance, the Ontario Securities Commission, Suite 1903, Box 5520,
Queen Street West, Toronto, Ontario, M5H 3S8, Telephone: (416) 593-8086, Facsimile: (416) 593-8252.
Notice to Prospective Investors in
Australia
No placement document, prospectus, product
disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission ("ASIC"),
in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure
document under the Corporations Act 2001 (the "Corporations Act") and does not purport to include the information required
for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.
93
Any offer in Australia of the shares may
only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning
of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of
the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that
it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.
The shares applied for by Exempt
Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under
the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be
required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a
disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such
Australian on-sale restrictions.
This prospectus contains general information
only and does not take account of the investment objectives, financial situation or particular needs of any particular person.
It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors
need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if
necessary, seek expert advice on those matters.
Notice to Prospective Investors in
the Dubai International Financial Centre
This prospectus relates to an Exempt Offer
in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("DFSA"). This prospectus
is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not
be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in
connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein
and has no responsibility for the prospectus. The shares to which this prospectus relates may be illiquid and/or subject to restrictions
on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not
understand the contents of this prospectus you should consult an authorized financial advisor.
Notice to Prospective Investors in
the European Economic Area
In relation to each member state of the
European Economic Area that has implemented the Prospectus Directive (each, a "relevant member state"), with effect
from and including the date on which the Prospectus Directive is implemented in that relevant member state (the "relevant
implementation date"), an offer of units described in this prospectus may not be made to the public in that relevant member
state prior to the publication of a prospectus in relation to the units that has been approved by the competent authority in that
relevant member state or, where appropriate, approved in another relevant member state and notified to the competent authority
in that relevant member state, all in accordance with the Prospectus Directive, except that, with effect from and including the
relevant implementation date, an offer of our units may be made to the public in that relevant member state at any time:
•
to any legal entity which is a qualified investor as defined in the Prospectus Directive;
•
to fewer than 100, or, if the relevant member state has implemented the relevant provisions of
the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive),
as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated
by the issuer for any such offer; or natural or legal persons (other than qualified investors as defined below) subject to obtaining
the prior consent of the underwriter for any such offer; or
•
in any other circumstances that do not require the publication by us of a prospectus pursuant to
Article 3 of the Prospectus Directive.
Each purchaser of units described in this
prospectus located within a relevant member state will be deemed to have represented, acknowledged and agreed that it is a "qualified
investor" within the meaning of Article 2(1)(e) of the Prospectus Directive.
94
For the purpose of this provision, the
expression an "offer to the public" in any relevant member state means the communication in any form and by any means
of sufficient information on the terms of the offer and the units to be offered so as to enable an investor to decide to purchase
or subscribe for the units, as the expression may be varied in that member state by any measure implementing the Prospectus Directive
in that member state, and the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto,
including the PD 2010 Amending Directive to the extent implemented by the relevant member state) and includes any relevant implementing
measure in each relevant member state, and the expression 2010 PD Amending Directive means Directive 2010/73/EU.
We have not authorized and do not authorize
the making of any offer of securities through any financial intermediary on their behalf, other than offers made by the underwriters
with a view to the final placement of the units as contemplated in this prospectus. Accordingly, no purchaser of the units, other
than the underwriters, is authorized to make any further offer of the units on behalf of us or the underwriters.
Notice to Prospective Investors in
Switzerland
The shares may not be publicly offered
in Switzerland and will not be listed on the SIX Swiss Exchange ("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 shares 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 Company or the shares 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 shares will not be supervised by, the
Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under
the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests
in collective investment schemes under the CISA does not extend to acquirers of shares.
Notice to Prospective Investors in
the United Kingdom
This prospectus is only being distributed
to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of
the Prospectus Directive that are also (i) investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities,
and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all
such persons together being referred to as a "relevant person"). The units are only available to, and any invitation,
offer or agreement to purchase or otherwise acquire such units will be engaged in only with, relevant persons. This prospectus
and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by
recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not
act or rely on this document or any of its contents.
95
Notice to Prospective Investors in
France
Neither this prospectus nor any other offering
material relating to the units described in this prospectus has been submitted to the clearance procedures of the Autorité
des Marchés Financiers or by the competent authority of another member state of the European Economic Area and notified
to the Autorité des Marchés Financiers. The units have not been offered or sold and will not be offered or sold,
directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the units
has been or will be:
•
released, issued, distributed or caused to be released, issued or distributed to the public in
France; or
•
used in connection with any offer for subscription or sale of the units to the public in France.
Such offers, sales and distributions will
be made in France only:
•
to qualified investors (investisseurs qualifiés) and/or to a restricted circle of investors
(cercle restreint d'investisseurs), in each case investing for their own account, all as defined in, and in accordance with,
Article L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code monétaire et financier;
•
to investment services providers authorized to engage in portfolio management on behalf of third
parties; or
•
in a transaction that, in accordance with article L.411-2-II-1°-or-2°-or 3° of the
French Code monétaire et financier and article 211-2 of the General Regulations (Règlement Général)
of the Autorité des Marchés Financiers, does not constitute a public offer (appel public à l'épargne).
The units may be resold directly or indirectly,
only in compliance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code monétaire et
financier.
Notice to Prospective Investors in
Hong Kong
The units may not be offered or sold in
Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the
meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii) to "professional investors" within the meaning
of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other
circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance
(Cap.32, Laws of Hong Kong) and no advertisement, invitation or document relating to the units may 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 in Hong Kong (except if permitted to do so under the laws of Hong Kong)
other than with respect to units which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional
investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made
thereunder.
Notice to Prospective Investors in
Japan
The units have not been and will not be
registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will
not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering
or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations
and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time.
For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation
or other entity organized under the laws of Japan.
Notice to Prospective Investors in
Singapore
This prospectus has not been registered
as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection
with the offer or sale, or invitation for subscription or purchase, of the units may not be circulated or distributed, nor may
the units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly,
to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act,
Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person
pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise
pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance
with conditions set forth in the SFA.
96
Where the units are subscribed or purchased
under Section 275 of the SFA by a relevant person that is:
•
a corporation (which is not an accredited investor (as defined in Section 14A 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 of the trust is an individual who is an accredited investor, shares, debentures and units of shares and debentures
of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred
within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275
of the SFA except:
•
to an institutional investor (for corporations, 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 that is made on terms that such shares,
debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration
of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for
in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified
in Section 275 of the SFA;
•
where no consideration is or will be given for the transfer; or
•
where the transfer is by operation of law.
LEGAL
MATTERS
Blank Rome LLP, New York, New York, is
acting as our counsel in connection with the registration of our securities under the Securities Act, and as such, will pass upon
the validity of the securities offered in this offering. Graubard Miller, New York, New York, is acting as counsel to the underwriters.
EXPERTS
The financial statements of Novus Capital
Corporation at March 16, 2020 and for the period from March 5, 2020 (inception) through March 16, 2020 included
in this prospectus have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report,
thereon (which contains an explanatory paragraph relating to substantial doubt about the ability of Novus Capital Corporation to
continue as a going concern as described in Note 1 to the financial statements), appearing elsewhere in this prospectus, and are
included in reliance on such report given upon such firm as experts in auditing and accounting.
97
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
. You may also read and copy any document we file with the SEC at its public reference
facility at 100 F Street, N.E., Washington, D.C. 20549.
You may also obtain copies of the documents
at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please
call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.
98
INDEX
TO FINANCIAL STATEMENTS
PAGE
Report
    of Independent Registered Public Accounting Firm
F-2
Balance
    Sheet
F-3
Statement
    of Operations
F-4
Statement
    of Changes in Stockholders' Equity
F-5
Statement
    of Cash Flows
F-6
Notes
    to Financial Statements
F-7
F
-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Shareholders and the Board of Directors of
Novus Capital Corp.
Opinion on the Financial Statements
We have audited the accompanying balance
sheet of Novus Capital Corp. (the "Company") as of
March 16
, 2020
and the related statements of operations, changes in stockholders' equity and cash flows for the period from March 5,
2020 (inception) through
March 16
, 2020 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
March 16
, 2020 and the
results of its operations and its cash flows for the period from March 5, 2020 (inception) through
March 16
,
2020, 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
more fully described in Note 1 to the financial statements, the Company's business plan is dependent upon its completion
of the proposed initial public offering described in Note 3 to the financial statements. The Company had no working capital
as of March 16, 2020 and lacks the financial resources it needs to sustain operations for a reasonable period of time, which
is considered to be one year from the issuance date of the financial statements. 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 Note 1 and 3. The financial statements do not include any adjustments that might become necessary should the Company be
unable to continue as a going concern.
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/ Marcum LLP
Marcum LLP
We have served as the Company's auditor since 2020.
New York, NY
March 26, 2020
F
-
2
NOVUS
CAPITAL CORP.
BALANCE SHEET
MARCH 16, 2020
ASSETS
Cash
$
1,525
Deferred offering costs
-
Total Assets
$
1,525
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accrued expenses
$
-
Promissory note – Related party
1,525
Total Current Liabilities
1,525
Commitments
Stockholders' Equity
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
-
Common stock, $0.0001 par value; 30,000,000 shares authorized; none issued and outstanding
-
Additional paid-in capital
-
Accumulated deficit
-
Total Stockholders' Equity
-
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,525
The accompanying notes are an integral
part of these financial statements.
F
-
3
NOVUS
CAPITAL CORP.
STATEMENT OF OPERATIONS
For the period from March 5, 2020 (inception) to March 16, 2020
Formation and operating costs
$
-
Net Loss
$
-
Weighted average shares outstanding, basic and diluted
-
Basic and diluted net loss per common share
$
0.00
The accompanying notes are an integral
part of these financial statements.
F
-
4
NOVUS
CAPITAL CORP.
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the period from MARCH 5, 2020 (inception) to MARCH 16, 2020
Additional
Total
Common Stock
Paid in
Accumulated
Stockholders'
Shares
Amount
Capital
Deficit
Equity
Balance – March 5, 2020 (inception)
-
$
-
$
-
$
-
$
-
Net Income(loss)
-
-
-
-
-
Balance – March 16, 2020
-
$
-
$
-
$
-
$
-
The accompanying notes are an integral
part of these financial statements.
F
-
5
NOVUS
CAPITAL CORP.
STATEMENT OF CASH FLOWS
For the period from march 5, 2020 (inception) to March 16, 2020
Cash Flows from Operating Activities:
Net loss
$
-
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accrued expenses
-
Net cash used in operating activities
-
Cash Flows from Financing Activities:
Proceeds from promissory note – related party
1,525
Payments of offering costs
-
Net cash used in operating activities
-
Net Change in Cash
1,525
Cash – Beginning
-
Cash – Ending
$
1,525
Non-cash investing and financing activities:
Issuance of Representative Shares
$
-
Deferred offering costs paid directly by initial stockholders from proceeds from issuance of common stock to initial stockholders
$
-
The accompanying notes are an integral
part of these financial statements.
F
-
6
Note 1 — Description of Organization and Business Operations
Novus Capital Corp. (the "Company")
was incorporated in Delaware on March 5, 2020. The Company is a blank check company formed for the purpose of entering into
a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination
with one or more businesses or entities (the "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 March 16, 2020, the Company
had not commenced any operations. All activity for the period from March 5, 2020 (inception) through March 16, 2020 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 a Business Combination, at the earliest.
The Company will generate non-operating income in the form of interest income from the proceeds derived from the Proposed Public
Offering. The Company has selected December 31 as its fiscal year end.
The Company's ability to commence
operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 10,000,000 units (the
 "Units" and, with respect to the shares of common stock included in the Units being offered, the "Public Shares")
at $10.00 per Unit (or 11,500,000 units if the underwriters' over-allotment option is exercised in full), which is discussed
in Note 3, and the sale of 3,250,000 warrants (or 3,550,000 warrants if the underwriters' over-allotment option is exercised
in full) (the "Private Warrants") at a price of $1.00 per Private Warrant in a private placement to the Company's
initial stockholders and EarlyBirdCapital, Inc. ("EarlyBirdCapital") 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
Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.
There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete
a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined
below) (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business
Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more
of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it
not to be required to register as an investment company under the Investment Company Act 1940, as amended (the "Investment
Company Act"). Upon the closing of the Proposed Public Offering, management has agreed that an amount equal to at least $10.00
per Unit sold in the Proposed Public Offering, including the proceeds from the sale of the Private Warrants, will be held in a
trust account ("Trust Account"), located in the United States and invested only in U.S. government securities, within
the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended
investment company that holds itself out as a money market fund selected by the Company meeting the conditions of 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 Trust Account, as described below.
F
-
7
The Company will provide its holders of the outstanding
Public Shares (the "public stockholders") with the opportunity to redeem all or a portion of their Public Shares upon
the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business
Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of
a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders
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 earned on the funds held in the Trust Account and not previously released
to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with
respect to the Company's warrants. The Public Shares subject to redemption will be recorded at redemption value and classified
as temporary equity upon the completion of the Proposed Offering in accordance with the Accounting Standards Codification ("ASC")
Topic 480 "Distinguishing Liabilities from Equity." The Company will proceed with a Business Combination if the Company
has net tangible assets of at least $5,000,001 immediately prior to or upon such consummation of a Business Combination and, if
the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder
vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the
Company will, pursuant to its Amended and Restated Certificate of Incorporation (the "Amended and Restated Certificate of
Incorporation"), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission
("SEC") and file tender offer documents with the SEC containing substantially the same information as would be included
in a proxy statement prior to completing a Business Combination. If, however, stockholder approval of the transaction is required
by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem
shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If
the Company seeks stockholder approval in connection with a Business Combination, the Company's initial stockholders and
EarlyBirdCapital have agreed to vote their Founder Shares (as defined in Note 5), Representative Shares (as defined in Note 7)
and any Public Shares purchased during or after the Proposed Public Offering (a) in favor of approving a Business Combination
and (b) not to convert any shares in connection with a stockholder vote to approve a Business Combination or sell any shares
to the Company in a tender offer in connection with a Business Combination. Additionally, each public stockholder may elect to
redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or don't vote at all.
The initial stockholders and EarlyBirdCapital
have agreed (a) to waive their redemption rights with respect to their Founder Shares and Public Shares held by it in connection
with the completion of a Business Combination, (b) to waive their rights to liquidating distributions from the Trust Account
with respect to the Founder Shares and Representative Shares if the Company fails to consummate a Business Combination and (c) not
to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect a public stockholders'
ability to convert or sell their shares to the Company in connection with a Business Combination or affect the substance or timing
of the Company's obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination,
unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any
such amendment.
The Company will have until 24 months from
the closing of the Proposed Public Offering to complete a Business Combination (the "Combination Period"). If the Company
is unable to complete a 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 taxes, divided by the
number of then outstanding Public Shares, which redemption will completely extinguish public stockholders' rights as stockholders
(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 stockholders and the
Company's board of directors, dissolve and liquidate, subject in each case to the Company's obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law.
In order to protect the amounts held in
the Trust Account, Vincent Donargo, our Chief Financial Officer, has agreed to 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 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 $10.00 per
Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving
any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any
claims under the Company's indemnity of the underwriters of Proposed Public Offering against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the "Securities Act"). Moreover, in the event that an executed
waiver is deemed to be unenforceable against a third party, the Insiders will not be responsible to the extent of any liability
for such third-party claims. The Company will seek to reduce the possibility that the Insiders 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 the Company does business, execute agreements with the Company waiving any right, title, interest or claim
of any kind in or to monies held in the Trust Account.
F
-
8
Going Concern Consideration
At March 16, 2020, the Company had
$1,525 of cash. The Company expects to incur significant costs in pursuit of its financing and acquisition plans. These conditions
raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the
financial statements are issued. Management plans to address this uncertainty through a Proposed Public Offering as discussed in
Note 3. There is no assurance that the Company's plans to raise capital or to consummate a Business Combination will be successful
within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this
uncertainty.
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements are
presented in in conformity with accounting principles generally accepted in the United States of America ("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, as modified by the Jumpstart Our Business Startups
Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm 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 stockholder approval of any golden parachute
payments not previously approved.
Further, Section 102(b)(1) of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt
out of such extended transition period which means that when a standard is issued or revised and it has different application dates
for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time
private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with
another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using
the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of financial statements
in conformity with GAAP requires 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 revenues and expenses during the reporting period.
Making estimates requires management to
exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or
set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly
from those estimates.
F
-
9
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 March 16, 2020.
Deferred Offering Costs
Deferred offering costs consist of legal,
accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Proposed
Public Offering and that will be charged to stockholder's 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 follows the asset and liability
method of accounting for income taxes under ASC 740, "Income Taxes." Deferred tax assets and liabilities are recognized
for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing
assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included
the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
ASC 740 prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions 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. 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 March 16, 2020.
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 is subject to income tax examinations by major
taxing authorities since inception.
There
was no provision for income taxes for the period from March 5, 2020 (inception) to March 16, 2020.
Net Loss Per Common Share
Net loss per share is computed by dividing
net loss by the weighted average number of shares of common stock outstanding during the period, excluding shares of common stock
subject to forfeiture by the initial stockholders. At March 16, 2020, the Company did not have any dilutive securities and
other contracts that could, potentially, be exercised or converted into shares of common stock 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 concentrations of credit risk consist of a cash account in a financial institution, which, at times, may
exceed the Federal Depository Insurance Coverage of $250,000. At March 16, 2020, the Company has not experienced losses on
this account and management believes the Company is not exposed to significant risks on such account.
F
-
10
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 Measurements and Disclosures," approximates
the carrying amounts represented in the accompanying 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 pronouncements, if currently adopted, would have a material effect on the Company's financial
statements.
Note 3 — Public Offering
Pursuant to the Proposed Public Offering,
the Company intends to offer for sale 10,000,000 Units (or 11,500,000 Units if the over-allotment option is exercised in full)
at a price of $10.00 per Unit. Each Unit will consist of one share of common stock and one-half of one warrant ("Public Warrant").
Each whole Public Warrant will entitle the holder to purchase one share of common stock at a price of $11.50 per share, subject
to adjustment (see Note 7).
Note 4 — Private Placement and Representative Shares
Subsequent to March 16, 2020, the initial
stockholders purchased an aggregate of 2,500,000 Founders Shares (or 2,875,000 Founders Shares if the over-allotment option is
exercised in full) at a price of $0.0087 per Founders Share, for an aggregate purchase price of $25,000 in a private placement
that will occur simultaneously with the closing of the Proposed Public Offering (see Note 8 – Subsequent Events). EarlyBirdCapital
has agreed to purchase an aggregate of 150,000 Representative Shares at a price of $0.0001 per Representative Shares, for an aggregate
purchase price of $15, in a private placement. The initial stockholders and EarlyBirdCapital have agreed to purchase 3,250,000
private warrants (2,750,000 private warrants by our initial stockholders and/or their designees and 500,000 private warrants by
EarlyBirdCapital and/or its designees) They have also agreed that if the over-allotment option is exercised by the underwriters
in full or in part, they and/or their designees will purchase from us an additional number of private warrants (up to a maximum
of 300,000 private warrants at $1.00 per private warrant, of which up to 253,846 private warrants will be purchased by our initial
stockholders and/or their designees and up to 46,154 private warrants will be purchased by EarlyBirdCapital and/or their designees)
in order to maintain in the trust account $10.0 per unit sold to the public. The proceeds from the private placement of the private
warrants will be added to the proceeds of the Proposed Public Offering to be held in the Trust Account. If the Company does not
complete a Business Combination within the Combination Period, the proceeds from the sale of the private warrants will be used
to fund the redemption of the Public Shares (subject to the requirements of applicable law).
Note 5 — Related Party Transactions
Founder Shares
Subsequent to March 16, 2020, the
initial stockholders purchased 2,875,000 shares (the "Founder Shares") of the Company's common stock for an aggregate
price of $25,000. All shares were issued and proceeds received as of March 26, 2020 (see Note 8 – Subsequent Events). The
Founder Shares include an aggregate of up to 375,000 shares subject to forfeiture by the initial stockholders to the extent that
the underwriters' over-allotment is not exercised in full or in part, so that the initial stockholders will collectively
own 20% of the Company's issued and outstanding shares after the Proposed Public Offering (assuming the initial stockholders
do not purchase any Public Shares in the Proposed Public Offering and excluding the Representative Shares).
The initial stockholders have agreed, subject
to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until, with respect to 50% of the Founder
Shares, the earlier of one year after the consummation of a Business Combination and the date on which the closing price of the
common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect
to the remaining 50% of the Founder Shares, until the one year after the consummation of a Business Combination, or earlier, in
either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar
transaction which results in all of the Company's stockholders having the right to exchange their shares of common stock
for cash, securities or other property.
F
-
11
Promissory Note — Related Party
In March 2020, the Company issued
an unsecured promissory note to Robert J. Laikin, the Company's Chairman (the "Promissory Note"), pursuant to
which the Company may borrow up to an aggregate principal amount of $150,000, of which $1,525 was outstanding under the Promissory
Note as of March 16, 2020. The Promissory Note is non-interest bearing and payable on the earlier of (i) March 1,
2021, (ii) the consummation of the Proposed Public Offering or (iii) the date on which the Company determines not to
proceed with the Proposed Public Offering.
Related Party Loans
In addition, in order to finance transaction
costs in connection with a Business Combination, or certain of the Company's officers, directors or initial stockholders
or their affiliates 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 close, 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. 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 $1,500,000 of such Working
Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant.
The warrants would be identical to the Private Warrants.
Note 6 — Commitments
Registration Rights
The holders of the Founder Shares and Representative
Shares, as well as the holders of the Private Warrants and any warrants that may be issued in payment of Working Capital Loans
made to the Company (and all underlying securities), will be entitled to registration rights pursuant to an agreement to be signed
prior to or on the effective date of Proposed Public Offering. The holders of a majority of these securities are entitled to make
up to two demands that the Company register such securities. The holders of the majority of the Founders Shares can elect to exercise
these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be
released from escrow. The holders of a majority of the Representative Shares, Private Warrants and warrants issued in payment of
Working Capital Loans (or underlying securities) can elect to exercise these registration rights at any time after the Company
consummates a Business Combination. Notwithstanding anything to the contrary, EarlyBirdCapital may only make a demand on one occasion
and only during the five-year period beginning on the effective date of the Proposed Public Offering. In addition, the holders
have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the consummation
of a Business Combination; provided, however, that EarlyBirdCapital may participate in a "piggy-back" registration
only during the seven-year period beginning on the effective date of the Proposed Public Offering. The Company will bear the expenses
incurred in connection with the filing of 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 1,500,000 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 $2,000,000 in the aggregate (or $2,300,000 in the aggregate if the underwriters'
over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering.
F
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Business Combination Marketing Agreement
The Company has engaged EarlyBirdCapital
as an advisor in connection with a Business Combination to assist the Company in holding meetings with its shareholders to discuss
the potential Business Combination and the target business' attributes, introduce the Company to potential investors that
are interested in purchasing the Company's securities in connection with a Business Combination, assist the Company in obtaining
shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection
with the Business Combination. The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of a Business
Combination in an amount equal to 3.5% of the gross proceeds of Proposed Public Offering (exclusive of any applicable finders'
fees which might become payable); provided that up to 30% of the fee may be allocated at the Company's sole discretion to
other third parties who are investment banks or financial advisory firms not participating in the Proposed Public Offering that
assist the Company in identifying and consummating a Business Combination.
Note 7 — Stockholders' Equity
Preferred
Stock —
The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per
share with such designation, rights and preferences as may be determined from time to time by the Company's board of directors.
At March 16, 2020, there were no shares of preferred stock issued or outstanding.
Common
Stock
— The Company is authorized to issue 30,000,000 shares of common stock with a par value of $0.0001 per share.
At March 16, 2020, there were no shares of common stock issued and outstanding.
Warrants
— The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination
or (b) 12 months from the closing of the Proposed Public Offering. No warrants will be exercisable for cash unless the Company
has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants
and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering
the shares of common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the
consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and
during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless
basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available.
If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.
Once the warrants become exercisable, the
Company may redeem the Public Warrants:
•
in whole and not in part;
•
at a price of $0.01 per warrant;
•
upon not less than 30 days' prior written notice of redemption;
•
if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days
within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day
prior to the notice of redemption to warrant holders; and
•
if, and only if, there is a current registration statement in effect with respect to the shares
of common stock underlying the warrants.
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If the Company calls the Public Warrants
for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a
 "cashless basis," as described in the warrant agreement.
The Private Warrants will be identical
to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Warrants and the
shares of common stock issuable upon the exercise of the Private Warrants will not be transferable, assignable or salable until
after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will
be exercisable for cash or on a cashless basis, at the holder's option, and be non-redeemable so long as they are held by
the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers
or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same
basis as the Public Warrants.
The exercise price and number of shares
of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not
be adjusted for issuances of shares of common stock at a price below their respective exercise prices. Additionally, in no event
will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within
the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any
of such funds with respect to their warrants, nor will they receive any distribution from the Company's assets held outside
of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.
In addition, if (x) the Company issues
additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of a
Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price
or effective issue price to be determined in good faith by the Company's board of directors, and in the case of any such
issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior to
such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination
(net of redemptions), and (z) the volume weighted average trading price of the Company's common stock during the 20
trading day period starting on the trading day prior to the day on which the Company consummates 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 greater of (i) the Market Value or (ii) the price at which the Company issues the additional
shares of common stock or equity-linked securities.
Representative Shares
Subsequent to March 16, 2020,
the Company issued to the designees of EarlyBirdCapital 150,000 shares of common stock (the "Representative Shares").
The Company accounted for the Representative Shares as an offering cost of the Proposed Public Offering, with a corresponding credit
to stockholders' equity. The Company estimated the fair value of Representative Shares to be
$1,304
based upon the price of the Founder Shares issued to the initial stockholders. The holders of the Representative Shares have agreed
not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, the holders have agreed
(i) to waive their redemption rights with respect to such shares in connection with the completion of a Business Combination
and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company
fails to complete a Business Combination within the Combination Period.
The Representative Shares have been deemed
compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective date
of the registration statement related to the Proposed Public Offering pursuant to Rule 5110(g)(1) of FINRA's NASD
Conduct Rules. Pursuant to FINRA Rule 5110(g)(1), these securities will not be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days
immediately following the effective date of the registration statements related to the Proposed Public Offering, nor may they be
sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration
statements related to the Proposed Public Offering except to any underwriter and selected dealer participating in the Proposed
Public Offering and their bona fide officers or partners.
Note 8 — Subsequent Events
The Company evaluated subsequent events
and transactions that occurred after the balance sheet date up to March 26, 2020, the date that the financial statements were available
to be issued. Other than as described below, the Company did not identify any subsequent events that would have required adjustment
or disclosure in the financial statements.
After March 16, 2020, the initial stockholders purchased 2,875,000
shares (the "Founder Shares") of the Company's common stock for an aggregate price of $25,000. The Founder Shares
include an aggregate of up to 375,000 shares subject to forfeiture by the initial stockholders to the extent that the underwriters'
over-allotment is not exercised in full or in part, so that the initial stockholders will collectively own 20% of the Company's
issued and outstanding shares after the Proposed Public Offering (assuming the initial stockholders do not purchase any Public
Shares in the Proposed Public Offering and excluding the Representative Shares).
Subsequent to March 16, 2020, Mr. Laikin loaned us an additional
$21,000 under the promissory note.
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10,000,000 Units
Novus
Capital Corporation
PROSPECTUS
[•]
Sole Book-Running Manager
EarlyBirdCapital, Inc.
Until
[•]
, 2020 (25 days after
the date of this prospectus), all dealers that buy, sell or trade our common stock, whether or not participating in this offering,
may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting
as underwriters and with respect to their unsold allotments or subscriptions.
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:
SEC expenses
$
15,000
FINRA expenses
17,750
Accounting fees and expenses
35,000
Printing and engraving expenses
40,000
Legal fees and expenses
250,000
Stock exchange listing and filing fees
75,000
Miscellaneous
167,250
Total
$
600,000
ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Our certificate of incorporation provides
that all directors, officers, employees and agents of the registrant shall be entitled to be indemnified by us to the fullest extent
permitted by Section 145 of the Delaware General Corporation Law.
Section 145 of the Delaware General
Corporation Law concerning indemnification of officers, directors, employees and agents is set forth below.
"Section 145. Indemnification
of officers, directors, employees and agents; insurance.
(a)
A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action,
suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in
good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.
(b)
A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or
was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by the person
in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be
made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.
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(c)
To the extent that a present or former director or officer of a corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of this
section, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys'
fees) actually and reasonably incurred by such person in connection therewith.
(d)
Any indemnification under subsections (a) and (b) of this section (unless ordered by
a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of
the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable
standard of conduct set forth in subsections (a) and (b) of this section. Such determination shall be made, with respect
to a person who is a director or officer at the time of such determination, (1) by a majority vote of the directors who are
not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such directors designated
by majority vote of such directors, even though less than a quorum, or (3) if there are no such directors, or if such directors
so direct, by independent legal counsel in a written opinion, or (4) by the stockholders.
(e)
Expenses (including attorneys' fees) incurred by an officer or director in defending any
civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay
such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized
in this section. Such expenses (including attorneys' fees) incurred by former directors and officers or other employees and
agents may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.
(f)
The indemnification and advancement of expenses provided by, or granted pursuant to, the other
subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement
of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to
action in such person's official capacity and as to action in another capacity while holding such office.
(g)
A corporation shall have power to purchase and maintain insurance on behalf of any person who is
or was director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as
such, whether or not the corporation would have the power to indemnify such person against such liability under this section.
(h)
For purposes of this section, references to "the corporation" shall include, in addition
to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers,
and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation,
or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, shall stand in the same position under this section with respect to the
resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence
had continued.
(i)
For purposes of this section, references to "other enterprises" shall include employee
benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee
benefit plan; and references to "serving at the request of the corporation" shall include any service as a director,
officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee
or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and
in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner "not opposed to the best interests of the corporation" as referred to
in this section.
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(j)
The indemnification and advancement of expenses provided by, or granted pursuant to, this section
shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
(k)
The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions
for advancement of expenses or indemnification brought under this section or under any bylaw, agreement, vote of stockholders or
disinterested directors, or otherwise. The Court of Chancery may summarily determine a corporation's obligation to advance
expenses (including attorneys' fees)."
Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the
foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment of expenses incurred or paid by a director, officer or controlling person in a successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
the court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.
Paragraph B of Article Eighth of
our certificate of incorporation provides:
"The Corporation, to the full extent
permitted by Section 145 of the GCL, as amended from time to time, shall indemnify all persons whom it may indemnify pursuant
thereto. Expenses (including attorneys' fees) incurred by an officer or director in defending any civil, criminal, administrative,
or investigative action, suit or proceeding for which such officer or director may be entitled to indemnification hereunder shall
be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking
by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to
be indemnified by the Corporation as authorized hereby."
Pursuant to the Underwriting Agreement
filed as Exhibit 1.1 to this Registration Statement, we have agreed to indemnify the Underwriter and the Underwriter has agreed
to indemnify us against certain civil liabilities that may be incurred in connection with this offering, including certain liabilities
under the Securities Act.
We will enter into indemnification agreements
with each of our officers and directors a form of which is to be filed as an exhibit to this Registration Statement. These agreements
will require us to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may
arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which
they could be indemnified.
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ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES.
During the past three years, we sold the following
ordinary shares without registration under the Securities Act:
•
In March 2020, we issued an aggregate of 2,875,000
                                         common stock shares to our initial stockholders for an aggregate purchase price of 
                                         $25,000, or approximately $0.01 per share, in connection with the Company's organization
                                         pursuant to the exemption from registration contained in Section 4(a)(2) of the
                                         Securities Act.
•
In March 2020, we  issued an aggregate of 150,000
                                         shares to designees of EarlyBirdCapital, Inc. pursuant to the exemption from registration
                                         contained in Section 4(a)(2) of the Securities Act as the shares were issued to
                                         accredited investors. The shares issued were issued with a value of $0.0001 per share.
•
Our
                                         initial stockholders and EarlyBirdCapital have committed that they and/or their designees
                                         will purchase from us an aggregate of 3,250,000 private warrants at $1.00 per private
                                         warrant (for a total purchase price of  $3,250,000). Our initial stockholders
                                         shall purchase an aggregate of 2,750,000 private warrants and EarlyBirdCapital and/or
                                         its designees shall purchase an aggregate of 500,000 private warrants. The private warrants
                                         are identical to the warrants sold in this offering except as otherwise described in
                                         this prospectus. These purchases will take place on a private placement basis simultaneously
                                         with the consummation of this offering. All of the proceeds we receive from these purchases
                                         will be placed in the trust account described below. Our initial stockholders and EarlyBirdCapital
                                         have also agreed that if the over-allotment option is exercised by the underwriters,
                                         they and/or their designees will purchase from us at a price of  $1.00 per private
                                         warrant an additional number of private warrants (up to a maximum of 300,000 private
                                         warrants; up to 253,846 private warrants by our initial stockholders and up to 46,154
                                         private warrants by EarlyBirdCapital) pro rata with the amount of the
                                         over-allotment option exercised so that at least $10.00 per unit sold to the public in
                                         this offering is held in trust regardless of whether the over-allotment option is exercised
                                         in full or part. The proceeds from the private placement of the private placement warrants
                                         will be added to the proceeds of this offering and placed into an account in the United
                                         States maintained by Continental Stock Transfer & Trust Company, as trustee. These
                                         additional private warrants will be purchased in a private placement that will occur
                                         simultaneously with the purchase of units resulting from the exercise of the over-allotment
                                         option. These issuances 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 following exhibits are filed as part of this Registration Statement:
Exhibit
No..
Description
1.1
Form of Underwriting Agreement.
1.2
Form of Business Combination
    Marketing Agreement.
3.1
Certificate
    of Incorporation.
3.2
Form of Amended and Restated
    Certificate of Incorporation.
3.3
Amended and Restated Bylaws.
4.1
Specimen Unit Certificate.
4.2
Specimen Common Stock Certificate.
4.3
Specimen Warrant Certificate.
4.4
Form of Warrant Agreement between
    Continental Stock Transfer & Trust Company and the Registrant.
5.1
Opinion of Blank Rome LLP.*
10.1.1
Form
    of Letter Agreement from the Registrant's officers and directors
10.1.2
Form
    of Letter Agreement from the Registrant's initial stockholders
10.1.3
Form
    of Letter Agreement from the Registrant's chairman
10.1.4
Form
    of Letter Agreement from the Registrant's CFO
10.2
Form of Investment Management
    Trust Agreement between Continental Stock Transfer & Trust Company and the Registrant.
10.3
Promissory Note.
10.4
Form of Registration Rights
    Agreement.
10.5.1
Form of Subscription agreement
    for private warrants by the initial stockholders.
10.5.2
Form of Subscription agreement
    for private warrants by EarlyBirdCapital, Inc.
10.6
Form of Stock Escrow Agreement.
14
Code of Ethics.
23.1
Consent of Marcum LLP.
23.2
Consent of Blank Rome LLP (included
    in Exhibit 5.1).*
24
Power of Attorney (included on signature
    page of this Registration Statement).
99.1
Audit committee charter.
99.2
Compensation committee charter.
99.3
Nominating committee charter.
*
To be filed by amendment.
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ITEM 17. UNDERTAKINGS.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:
i.
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
ii.
To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change
in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration
statement;
iii.
To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment 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.
(3)
To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(4)
That for the purpose of determining any liability under the Securities Act of 1933 in a primary
offering of securities of the 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:
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(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 the 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.
(b)
The undersigned hereby undertakes to provide to the underwriter at the closing specified in the
underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit
prompt delivery to each purchaser.
(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable.
In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by
a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
(d)
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.
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Rancho Santa Fe, California, on the 28th day of April, 2020.
NOVUS
    CAPITAL CORPORATION
By:
/s/
                                         Larry M. Paulson
Name:
Larry M. Paulson
Title:
Chief Executive
    Officer
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POWER OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints
Larry
M. Paulson
and
Vincent Donargo
his true and lawful attorney-in-fact,
with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities to sign
any and all amendments including pre- and post-effective amendments to this registration statement, any subsequent registration
statement for the same offering which may be filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended,
and pre- or post-effective amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact or his substitute,
each acting alone, may lawfully do or cause to be done by virtue thereof.
Pursuant
to the
requirements
of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
Name
Position
Date
/s/ Larry M. Paulson
Chief Executive Officer
April 28, 2020
Larry M. Paulson
(Principal Executive Officer)
/s/ Vincent Donargo
Chief Financial Officer
Vincent Donargo
(Principal Financial and Accounting Officer)
April 28, 2020
/s/ Robert J. Laikin
Chairman of the Board
Robert J. Laikin
/s/ Heather Goodman
Director
April 28, 2020
Heather Goodman
/s/ Brad Bostic
Director
April 28, 2020
Brad Bostic
II-
7